Simultaneously solving the $H_0$ and $\sigma_8$ tensions with late dark energy

In a model independent approach, we derive generic conditions that any late time modification of the $\Lambda$CDM expansion history must satisfy in order to consistently solve both the $H_0$ and the $\sigma_8$ tensions. Our results are fully analytical and the method is merely based on the assumption that the late-time deviations from $\Lambda$CDM remain small. For the concrete case of a dark energy fluid with deviations encoded in the expansion history and the gravitational coupling constant, we present necessary conditions on its equation of state. Solving both the $H_0$ and $\sigma_8$ tensions requires that $w(z)$ must cross the phantom divide if $G_\text{eff}=G$. On the other hand, for $G_\text{eff}=G+\delta G(z)$ and $w(z)\leq -1$, it is required that $\displaystyle \frac{\delta G(z)}{G}<\alpha(z)\frac{\delta H(z)}{H(z)}<0$ at some redshift $z$.