---
title: "Power Up for Climate Justice: a landmark report on financing a global renewable energy target"
date: 2023-11-22T11:00:07Z
modified: 2023-12-01T12:44:15Z
permalink: "https://350.org/report-powerupforclimatejustice/"
type: post
status: publish
excerpt: "COP28 must underpin the tripling of renewables with tangible political commitments and processes to unlock finance: debt cancellation at scale, $100 billion in concessional finance, and $200 billion in grants yearly."
wpid: 208969
categories:
  - Featured
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featured_image: /wp-content/uploads/2023/11/20231103_350_greenconnection_powerup_xr_za_ct_bc_lo_31888-scaled.jpg
author: pascale
---

[Download the full report](https://350.org/wp-content/uploads/2023/11/1.5_Report-Final.pdf)

With just days to go until Cop28, we are launching a landmark report to highlight the need for massive investment in renewable energy sources rooted in justice. “**_Power Up for Climate Justice: Financing and Implementing a Global Renewables Target_**” makes it clear: an agreement to triple renewable energy capacity to over 11,000 gigawatts by 2030 is poised to take center stage at COP28.

> This is a big moment for the climate movement, and offers a glimmer of hope to limit global heating to 1.5 degrees as we wrap up what is [almost certainly](https://www.reuters.com/business/environment/this-year-virtually-certain-be-warmest-125000-years-eu-scientists-say-2023-11-08/) the hottest year the Earth has experienced in 125,000 years.

![](https://350.org/wp-content/uploads/2023/11/20231103_350_greenconnection_powerup_xr_za_ct_bc_lo_31888-1-700x467.jpg)

But such a target will only deliver for climate justice if it is accompanied by a robust energy package that includes finance for the Global South and financial system reform.

It is also imperative that a target be accompanied by a binding commitment in the COP28 final text to phase out fossil fuels by 2050. **Both the scaling up of renewable energy capacity and the phase out of fossil fuels must be anchored with concrete processes and resources for their implementation.**

Earlier this year, G20 leaders acknowledged that a yearly investment of $4 trillion by 2030 is required to finance the global energy transition. But across the Global South outside of China, we are confronted with a stark reality: investment in renewable energy has remained more or less flat since the Paris Agreement.

COP28 must underpin the tripling of renewables with tangible political commitments and processes to unlock finance: debt cancellation at scale, $100 billion in concessional finance, and $200 billion in grants yearly.

**The good news is, this is all possible.** 350.org’s Power Up for Climate Justice report presents a roadmap for unlocking the finance to make a global renewable energy target at COP28 a significant milestone for the climate.

[Download the full report](https://350.org/wp-content/uploads/2023/11/1.5_Report-Final.pdf)

_Or read the summary in [English](https://350.org/wp-content/uploads/2023/11/Summary-1.pdf), [Portuguese](https://350.org/pt/wp-content/uploads/sites/12/2023/11/Relatorio-1.5-RESUMO.pdf), [Spanish](https://350.org/es/wp-content/uploads/sites/10/2023/09/Informe-1.5-RESUMEN.pdf), [French,](https://350.org/fr/wp-content/uploads/sites/13/2023/11/Power-Up-for-Climate-Justice-Summary_FRENCH.pdf) [German](https://350.org/de/wp-content/uploads/sites/11/2023/11/Summary_GERMAN.pdf) or [Turkish](https://350turkiye.org/iklim-adaletine-guc-vermek/)._