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.

The energy giant said it would cut planned investment in clean energy and redirect spending toward fossil fuels.

Those include activist hedge fund Elliott Management, which recently took a stake in BP with a view to pushing for significant changes.“It’s a radical shift,” Chief Executive Murray Auchincloss said in an interview.

British energy company BP has confirmed it is to slash spending on green ventures and up its oil and gas production.