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 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.

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

BP has announced it will slash its renewable energy investments to focus on increasing oil and gas production. As part of what CEO Murray Auchincloss is calling a “fundamental reset”, BP has signed a deal worth $25bn (£19.