International engineering company COWI has made a commitment to ditch projects that explore fossil fuels as part of its push towards sustainability.
It aims to transform its business and generate 100% of its revenue with sustainability-related projects within three to five years’ time.
In 2021, fossil fuel projects made up around 5% of the Group’s turnover and around 45% of the revenue came from projects that are currently not directly related to the green transition.
The company, therefore, intends to now allocate all resources to projects that move customers towards sustainability, which it believes will beat the negative financial impact of withdrawing from fossil fuels.
COWI Group CEO Lars-Peter Søbye said: “This is one of the strongest statements in COWI history and with the decision not to take on any projects which are accommodating the exploration of fossil fuels from now on, we are accepting the role as one of the frontrunners worldwide within our line of business.
“This is by far one of the boldest decisions we have made during my +30 years at COWI. But it’s the right thing to do, if we seriously want to tackle the climate crisis and this shows how we put actions behind words.”