Climate action: how can we revive the 'Spirit of Paris'?

The author calls for the G7 to revive the 'Spirit of Paris' by mandating financial disclosure of climate risks. The text advocates for the adoption of the TCFD's voluntary recommendations to help investors and lenders price climate-related risks, arguing that global decarbonization is a business necessity. It highlights the contradiction of continuing fossil fuel subsidies while renewable energy costs fall, and urges businesses to follow the Science Based Targets initiative to align with a 2°C decarbonization pathway.

• The Task Force on Climate-related Financial Disclosures (TCFD) provides voluntary recommendations designed to help organizations disclose information that allows investors, lenders, and insurance underwriters to accurately price climate-related risks and opportunities.
• There is a contradiction in current global business models where wind and solar energy are expanding rapidly while fossil fuel use continues to be subsidized.
• Renewable energy technologies are now capable of operating globally without subsidies due to a technology boom that has reduced costs and shortened time to market compared to legacy technologies, which risk becoming stranded assets.
• Businesses are encouraged to adopt the Science Based Targets initiative, established in 2015, to set greenhouse gas emissions reduction targets consistent with a 2°C decarbonization pathway.

APA

Starace, F. (2017). Climate action: how can we revive the 'Spirit of Paris'? World Economic Forum. https://www.weforum.org/stories/climate-action/reviving-the-spirit-of-paris/

Chicago

Starace, Francesco. Climate action: how can we revive the 'Spirit of Paris'? World Economic Forum, 2017. https://www.weforum.org/stories/climate-action/reviving-the-spirit-of-paris/.

Wikipedia

{{cite press release |last1=Starace |first1=Francesco |title=Climate action: how can we revive the 'Spirit of Paris'? |publisher=World Economic Forum |date=26 May 2017 |url=https://www.weforum.org/stories/climate-action/reviving-the-spirit-of-paris/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{starace2017climate, author = {Starace, Francesco}, title = {{Climate action: how can we revive the 'Spirit of Paris'?}}, publisher = {World Economic Forum}, year = {2017}, month = may, url = {https://www.weforum.org/stories/climate-action/reviving-the-spirit-of-paris/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }