Worldwide investment in clean power in 2017 was the second highest ever made annually, according to a report from Bloomberg New Energy Finance (BNEF).

The BNEF report shows investments totalled $333.5 billion, up 3% on 2016. China made a major contribution, thanks to its 53GW of installed solar. The $86.5 billion it spent on solar energy was more than half the total amount invested in this renewable source globally.

Jon Moore, chief executive of BNEF, said: “The 2017 total is all the more remarkable when you consider that capital costs for the leading technology – solar – continue to fall sharply. Typical utility-scale PV systems were about 25% cheaper per megawatt last year than they were two years earlier.”

Check out the full BNEF report for a breakdown on how different parts of the world are performing in accelerating the energy transition.