  We show that two-dimensional sigma models are equivalent to certain perturbed
conformal field theories. When the fields in the sigma model take values in a
space G/H for a group G and a maximal subgroup H, the corresponding conformal
field theory is the $k\to\infty$ limit of the coset model $(G/H)_k$, and the
perturbation is related to the current of G. This correspondence allows us for
example to find the free energy for the "O(n)" (=O(n)/O(n-1)) sigma model at
non-zero temperature. It also results in a new approach to the CP^{n} model.
