Het Financieele Dagblad asked New Paradigm to share its perspective on advising the fossil fuel industry on climate-related matters. This is a nuanced issue. The firm seeks to work with willing organisations that still have a transition ahead of them and sees less of a role for itself in advising oil and gas companies that are primarily focused on preserving the status quo.
“We want to stand alongside companies and help them with their future resilience. We do not believe in a business-as-usual strategy. The laws of nature are unforgiving, and in five years’ time the world will inevitably look different as a result of climate change. We believe it pays for companies to engage with this proactively now.”
How the firm positions itself in the market is still evolving. When companies are required to comply with new sustainability regulations, they often turn to accountants and consultants, Faber notes. “A legal expert should really be part of that equation as well.”