Renewable energy is poised to reach a milestone as a new government report projects that wind, solar and other renewable sources will exceed one-fourth of the country’s electricity generation for the first time, in 2024.

According to the International Energy Agency, an estimated $1.4 trillion poured into “clean energy” projects in 2022, a category that includes solar farms, batteries and electric vehicle charging stations. That’s more than ever before, and more than the money that poured into new oil and gas projects.

Through the newly enacted Inflation Reduction Act, which went into effect on January 1st, President Biden is delivering on his promise to lower the costs of clean energy.