No new tenders for oil and gas work will be accepted by the engineering firm.
In three to five years, COWI, an international engineering firm, hopes to change its business and generate 100 percent of its revenue from sustainability-related projects.
COWI will honor its existing fossil fuel contracts, but it will no longer engage in tenders for new fossil fuel projects as of immediately.
“With our decision not to take on any projects that support the exploration of fossil fuels in the future, we are adopting the position of one of the world’s frontrunners in our line of business,” says COWI “Group CEO Lars-Peter Sbye said.
“In my +30 years at COWI, this is by far one of the most daring moves we’ve taken.”
“But it’s the proper thing to do if we’re serious about addressing the climate catastrophe, and this demonstrates how we put words into action,” Sbye continued.
Exiting fossil fuel projects, according to Sbye, will have an impact on certain consumers, employees, and businesses.