The emerging markets are beginning to outpace developed countries in clean energy investments, potentially brightening the outlook for global solar sector-related exchange traded funds.

For the first time, over half the world’s annual investment in clean energy is coming from emerging countries instead of developed economies, reports Tom Randall for Bloomberg.

According to Bloomberg New Energy Finance, Organization for Economic Co-operation and Development or OECD countries invested $32.4 billion in clean energy over the third quarter, compared to $37.6 billion that non-OECD countries funneled into renewables.

The world is adding more capacity for clean energy each year than for coal, natural gas and oil combined, and the emerging markets has been crucial factor in the new developments. Last year, emerging countries invested a record $126 billion in clean energy, up 39% year-over-year.

For instance, China added 35 gigawatts of clean energy, or more than the U.S., U.K. and France combined. India may announce plans to add as much as 175 gigawatts by 2022. [China’s Clean Energy Drive Brightens Solar Power ETFs]

Fueling the growth in renewable energy, wind and solar are already competitive in price with grid electricity in some countries. Meanwhile, batter prices for large-scale electricity storage continues to decline. Additionally, some countries, like China, are aggressively cutting greenhouse gas emissions and pollution.

ETF investors seeking to diversify into the growth of the photovoltaic industry can take a look at options like the Guggenheim Solar ETF (NYSEArca: TAN) and the Market Vectors Solar Energy ETF (NYSEArca: KWT).