PARIS: More money is pouring into solar power than all other electricity sources combined, with investments set to reach half trillion dollars this year, Top energy research body said.

International Energy Agency (IEA) forecast in report that global investment in clean energy this year will hit $ 2 trillion, twice amount going to fossil fuels.It said combined investment in renewable power and grids overtook amount spent on fossil fuels for first time in 2023. “Clean energy investment is setting new records even in challenging economic conditions, highlighting momentum behind new global energy economy,” IEA executive director Fatih Birol said in statement accompanying agency’s annual World Energy Investment report.Companies and governments worldwide are raising spending on clean energy production to reduce carbon emissions from burning fossil fuels that are driving deadly climate change.

Report said improving supply chains and lower costs were driving up investment in forms of so-called clean energy, which include solar panels, wind turbines, electric cars and heat pumps, as well as nuclear power     generation.