The volume of wind and solar energy capacity installed around the world has broken the 1TW milestone.
That’s according to a new report from Bloomberg New Energy Finance (BNEF), which predicts this will double by mid-2023, with the second 1TW expected to cost 46% less to build than the first 1TW.
BNEF estimates the first 1TW of wind and solar required approximately $2.3 trillion (£1.77tn) of capital expenditure to deploy – it says expenditure on wind and solar generation between now and 2023 is likely to total about $1.2 trillion (£920bn).
Wind generation made up around 54% of the 1TW installed so far, with solar making up the other 46%.
The report suggests installed solar capacity will shortly overtake that of wind.
Total installed capacity for both energy sources has grown 65-fold since the year 2000 and more than quadrupled since 2010.
The BNEF report said: “In our 2013 Global Renewable Energy Market Outlook we estimated that global wind and solar installations would hit 865GW by the end of 2017 and get very close to 1,000GW by the end of 2018.
“In actual fact, the world had hit 945GW by end-2017, thus outperforming our expectations by 9% and hit 1,000GW about six months earlier than we forecast. In other words, we were very close but not quite aggressive enough.”