The BP is expected to announce that it will cut its investment in renewable energy and focus on increasing production of oil and natural gas.

As the BBC reports, the energy giant will outline the strategy after pressure from some investors unhappy with earnings and a share price that has been lower than rivals.

Shell and Norwegian company Equinor have already cut back on their green energy plans.

On the other hand, US President Donald Trump’s “drill baby, drill” has encouraged investment in fossil fuels and a move away from low-carbon projects.

Some shareholders and environmental groups have expressed concerns about the potential increase in fossil fuel production.

Five years ago, BP set some of the most ambitious targets among major oil companies to reduce oil and gas production by 40% by 2030, while significantly increasing investment in renewable energy.

In 2023, the company reduced this oil and gas production reduction target to 25%.

Now it is expected to abandon it altogether, while confirming it is cutting investment in renewables by more than half in what was called a “fundamental reset”.

In 2024, BP’s net profit fell to $8.9 billion from $13.8 billion the year before.