BP Set to Scrap Renewable Energy Goal as It Boosts Oil and Gas

BP is expected to announce this week that it is shifting its focus back to oil and gas, ditching a target to boost renewable energy capacity generation 20-fold by 2030, sources familiar with the new strategy told Reuters on Monday. BP earlier this month pledged to fundamentally reset its strategy as it booked its lowest annual and quarterly profits in years and seeks to push up its stock performance and regain investor trust.   “Building on the actions taken in the past 12 months, we now plan to fundamentally reset our strategy…