We have an unprecedented opportunity to achieve a fast and fair energy transition.

The power sector generates the electricity that sustains our homes, schools and hospitals.

But it is also the world’s number one contributor to climate change — producing more carbon emissions than any other sector. Transforming the global electricity sector from fossil fuels to renewables is the single most important thing we can do before 2030 to slow climate change.

A climate-secure future is one in which communities all over the world have affordable electricity, clean air to breathe, abundant green jobs and flourishing, biodiverse ecosystems.

The International Energy Agency says that half of all emissions cuts needed by 2030 must come from the power sector — the equivalent of the annual emissions from China and the US combined. If we do not achieve these cuts we will face a climate breakdown of catastrophic proportions.

The solutions we need already exist:

the technologies to facilitate a first, fast and fair energy transition are in place today, and renewable energy is cheaper than fossil fuels almost everywhere in the world.

But a series of barriers are holding us back. At the current rates of renewables deployment and fossil phaseout, the power sector won’t decarbonize quickly enough. We must act now to change this trajectory, and philanthropy has a critical role to play.

Philanthropy has already been game-changing for climate action, funding research, campaigning and advocacy to help scale renewables to where they are today – poised for exponential growth. Now, philanthropy is uniquely placed to accelerate the scaling of renewable energy to its full potential.

To reach our climate goals,

the power sector transition must be

FIRST

The power sector must be the first to fully transition because it can: the technology to drive a rapid increase in wind and solar energy production already exist and the power sector enables electrification in other key sectors.

FAST

We have just seven years to accelerate the adoption of clean energy while displacing fossil energy in the power sector. Our actions on renewables this decade will determine our ability to stick to the 1.5°C warming threshold.

FAIR

The transition must be equitable, leaving no person or place behind. We must ensure the transition protects affected communities in all target geographies and we must close the historical funding gap between the Global North and the Global South.