Solar photovoltaic (PV) is leading the transformation of the power sector in 2024 as the global investment in clean energy is set to reach a record $2 trillion in 2024, the world’s top energy research body said Thursday.

“More money is now going into solar PV than all other electricity generation technologies combined. In 2024, investment in solar PV is set to grow to $500 billion as falling module prices spur new investments,” said a new report from the International Energy Agency (IEA).

The global spending would surpass the investment in fossil fuels for the second consecutive year.

The IEA’s World Energy Investment report highlights the remarkable momentum behind the transition to a new global energy economy. A key driver of such a clean energy investment boom is the solar power sector, which is now attracting more funding than all other electricity generation technologies combined.

Such an increase in solar photovoltaic (PV) project investments is seen as falling module prices continue to spur new solar installations worldwide. This represents a significant milestone, with solar investment outstripping spending on fossil fuel power generation, which is expected to reach $570 billion in 2024.

“Clean energy investment is setting new records even in challenging economic conditions, highlighting the momentum behind the new global energy economy,” said IEA Executive Director Fatih Birol.

The report also cautions that major imbalances and shortfalls in energy investment remain, particularly in emerging and developing economies outside of renewable energy powerhouse China. Meeting global climate goals will require doubling renewable power investment worldwide by 2030, the IEA noted.

“More must be done to ensure that investment reaches the places where it is needed most,” Birol said.