09:53 AM EST, 02/24/2025 (MT Newswires) -- (Updates to include a response from a BP spokesperson to MT Newswires' comment request in the fourth paragraph.)

BP (BP) will scrap its renewable generation capacity growth target as it returns its focus on fossil fuels in a bid to drive earnings, Reuters reported Monday, citing two unnamed sources familiar with the matter.

BP Chief Executive Officer Murray Auchincloss is expected to announce during the company's capital markets day on Wednesday that the company will drop its target to increase renewable generation capacity 20-fold between 2019 and 2030 to 50 gigawatts, the report said, citing the sources.

BP will also scrap its core earnings target of $49 billion this year and instead set an annual percentage growth outlook, according to the report.

A BP spokesperson told MT Newswires that the company does not comment on speculation but confirmed that BP is set to issue its Capital Markets Update on Wednesday.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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