Wind and solar photovoltaic (PV) installed capacity will surpass that of global natural gas-fired plants in 2023.

That’s according to research by the information provider IHS Markit, which forecasts global investment in renewables will bounce back in 2021, rising 8.5%  from $235 billion (£173bn) this year to $255 billion (£188bn).

According to the report, annual spending is expected to remain at those levels through to 2025.

This adds up to a $1.3 trillion (£960bn) cumulative capital expenditure during the period from 2021 to 2025, a 9% increase from the period 2015 to 2019, according to the analysis.

The findings of the research also show solar PV will account for approximately 54% of cumulative global new investment and capacity additions from 2021 to 2025, an estimated $700 billion (£517bn).

Global offshore wind investment is predicted to attract an investment of $170 billion (£125bn), while nearly $365 billion will be spent on onshore wind, IHS Markit says.

Roger Diwan, Vice President, Financial Services at IHS Markit, said: “When it comes to renewables, we may likely look back on 2020 not so much for the Covid-induced contraction in spending but for the sprightly return to growth.

“The recovery of capital investment to pre-pandemic levels, coupled with falling costs that will give added weight to every dollar invested, is bringing renewed momentum as we head into the New Year.”