For years, the U.S. and China have waged war over technology, trade, and capital markets. Tensions between the world’s leading economies reached a fever pitch during former president Trump’s term in office, leading to escalating tariffs and trade restrictions . But now, a new revelation will have Washington scratching its head again: China has been vastly outspending the United States in renewable energy R&D. According to BNEF data cited by Bank of America in a recent report, for every dollar that the U.S. spent on renewable energy research between 2010 and 2020, China spent two, making it by far the leading investor in renewable energy around the world. BofA says in this new climate war, China hopes to gain the upper hand in supply chain dominance, carbon-related trade tariffs, and domestic-focused manufacturing policies. Global supremacy According to BofA, it’s not just the need to mitigate the effect of climate […]