A new white paper out today from Bloomberg New Energy Finance.

The report examines the drivers of growth in clean technology in both countries; compares the competitiveness of wind and solar manufacturers; and reveals how the two countries are actually “joined at the hip” in the search for a cleaner energy future. It also highlights the role of innovation (alive and well in the US — for example, publicly-traded solar PV companies here are putting more funding into R&D than their Chinese counterparts are).

However, politics can introduce a wrinkle into this relationship; some are calling for protectionist trade measures, which the white paper cautions against. One conclusion: “A focus solely on trade-based winners and losers in the US-China clean energy relationship neglects the gains from both lower cost and higher quality clean energy technology. Both countries, and indeed all countries, will benefit as the US and China drive the cost of renewable energy below that of conventional energy.”

Instead, the study “finds there to be little zero-sum competition between the two nations and, in fact, the two countries will need to cooperate in many ways in order to meet their respective carbon reduction goals.“ (However, this is no excuse for America to delay. The report is highlighting the fact that US companies have a major role to play in the development of clean energy solutions — if they want. So let’s get moving!)