BP expected to scrap renewables target in shift back to fossil fuels

The company has already scaled back its target to reduce oil and gas output – set by Auchincloss’s predecessor Bernard Looney – by the end of the decade. In 2020, the last time it presented a comprehensive strategy update, it aimed for a 40% reduction, but changed this to a 25% reduction in 2023, and is expected to reduce it further on Wednesday.

Since taking over, initially on an interim basis in September 2023, Auchincloss has scaled back investments in renewables and diluted BP's climate pledges. He is also pushing through $2bn of cost cuts, which include cutting thousands of jobs and scrapping contractors to reduce the workforce by 5%.