International engineering company COWI aims to transform its business and reach 100% revenue from sustainability-related projects in three to five years’ time.
COWI will honour its current fossil fuel contracts, but effective from now, the company will no longer participate in tenders for new fossil fuel projects.
“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,” said Lars-Peter Søbye, Group CEO.
“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,” Søbye added.
Søbye acknowledged that exiting fossil fuel projects will have an impact on some customers, employees and business.
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.
This will change, said COWI’s CEO.
“world will still need roads and airports, and we will be helping our customers in these areas, but we must and will deliver solutions that make the world more sustainable, regardless of segments.
“We will still work with energy majors on their green transition, but not on projects exploring or producing fossil fuels. When it comes to establishing offshore wind or green hydrogen projects, we are pleased to assist,” said Søbye.
He added that this strategic shift also entails people development opportunities within his own company and the business in general.