Total global investment in clean energy projects rose to $310 billion (£204bn) last year, latest figures show.
It was boosted by demand for large-scale and rooftop solar as well as the financing of a “record” $19.4 billion (£12.8bn) of offshore wind projects, researchers at Bloomberg New Energy Finance (BNEF) said.
The total investment figure represented a 16% rise from 2013 and more than five times the figure of $60.2 billion (£39.6bn) in 2004.
Solar made up almost half of total clean energy investment in 2014 – $149.6 billion (£98.5bn), up 25% on 2013. Investment in wind projects rose 11% to a record $99.5 billion (£65.5bn).
The third largest sector was smart energy technologies, including smart grid, power storage, efficiency and electrified transport, the report suggests.
Michael Liebreich, Chairman of the advisory board for BNEF said: “Throughout last year, we were predicting that global investment would bounce back at least 10% in 2014 but these figures have exceeded our expectations. Solar was the biggest single contributor, thanks to the huge improvements in its cost-competitiveness over the last five years.”
The UK saw investment rise 3% to $15.2 billion (£10bn) last year.