British oil giant BP reportedly will announce plans to abandon its renewable generation goals this week in an effort to boost earnings. BP CEO Murray Auchincloss will tell investors at the company’s capital market day on Wednesday that it will ditch its target to grow renewable generation capacity 20-fold by 2030 and instead refocus on

BP is set to announce at the capital markets day that it is scaling back its 2030 renewables goal to 50GW instead of a 20-fold increase.

BP has abandoned a radical attempt to reinvent itself as a green energy company, bowing to pressure from investors after its aggressive shift away from fossil fuels over the past five years backfired.

BP slashed planned investment in renewable energy and said on Wednesday it would increase annual oil and gas spending to $10 billion, in a major strategy shift aimed at boosting earnings and investor confidence.

LONDON (AP) — British energy company BP confirmed Wednesday that it would slash spending on green ventures and increase its oil and gas production, a change in direction that it hopes will bolster its flagging share price but has been met with incredulity from climate action campaigners.