Major energy firms including BP (BP.L), Chevron (CVX.N) and Saudi Aramco (2222.SE) are among the 1,500 business leaders gathering for the annual meeting in the Swiss resort, where global threats including climate change are on the agenda.
“We are demanding concrete and real climate action,” said Nicolas Siegrist, the 26-year old organiser of the protest who also heads the Young Socialists party in Switzerland.
The annual meeting of global business and political leaders officially opens in Davos on Monday.
“They 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.
The oil and gas industry has said that it needs to be part of the energy transition as fossil fuels will continue to play a major role in the world’s energy mix as countries shift to low carbon economies.
More than a hundred protesters gathered in a snowy Davos square chanted, “change your diet for the climate, eat the rich”, while some booed oil firms cited during a speech.
“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% organisation.
Smith was holding a sign saying “Stop Rosebank”, a North Sea oil and gas field she is campaigning to halt plans for.
Rising interest rates have made it harder for renewable energy developments to attract financing, giving traditional players with deep pockets a competitive advantage.
“There is still too much money to be made from fossil fuel investments,” she added.