Bangladesh, Feb. 26 -- British energy giant BP is reportedly set to abandon its renewable energy targets and return to its fossil fuel roots in a dramatic shift aimed at regaining investor confidence. According to a report by the Financial Times (FT) on February 25, the company plans to announce its strategic pivot at an upcoming investor day on February 26. The move follows mounting pressure from shareholders, particularly US-based activist investor Elliott Management, which has been advocating for aggressive cost-cutting and a sharper focus on profitability.

BPs decision marks a stark departure from the transformation strategy it presented in 2020 under then-CEO Bernard Looney. That plan aimed to cut oil and gas output by 40% while ram...