Climate activists demonstrated against large oil companies at the World Economic Forum (WEF), claiming that these energy giants were monopolising the debate on climate change in Davos, according to a Reuters report.
Among the 1,500 corporate leaders gathered for the annual meeting in the Swiss resort are major oil companies like BP, Chevron, and Saudi Aramco, during which global issues, including climate change, will be discussed.
“We are demanding concrete and real climate action,” Nicolas Siegrist, the 26-year-old organiser of the protest who also heads the Young Socialists party in Switzerland, told Reuters.
Watch | World Business Watch: Climate activist protest in Davos over role of oil firms in WEF
On Monday in Davos, the annual gathering of top business and political figures gets underway, with the summit calling on leaders from across the globe to address immediate economic, energy and food crises while laying the groundwork for a more sustainable and resilient world.
“They (big oil firms) will be in the same room with state leaders, and they will push for their interests,” Siegrist said of the involvement of energy companies at the WEF meeting.
Fossil fuels will continue to play a significant role in the global energy mix as nations move to low-carbon economies, according to the oil and gas sector, which has stated that it must be a part of the energy transition.
In a snowy Davos square, more than a hundred protesters screamed, “Change your diet for the climate, eat the rich,” while others booed oil companies, according to the Reuters report.
“I know some of the companies are involved in alternatives, but I think governments, with their subsidies, have to skew the field in favour of alternative energy,” Heather Smith, a member of the 99 per cent organisation, told Reuters.
Smith was holding a sign saying “Stop Rosebank”, a North Sea oil and gas field she is campaigning to halt plans for.
“There is still too much money to be made from fossil fuel investments,” added Smith.
Renewable energy development financing has become more difficult to secure due to rising interest rates, giving established businesses with substantial financial resources a competitive edge.
(With inputs from agencies)
