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Climate Is Next Race for Global Supremacy, Bank of America Says

  • China spent twice as much as the U.S. on climate action
  • Economic impact of climate change may reach $69 trillion
A boat pulls a group of panels to be connected to a large floating solar farm project in Huainan, China.

A boat pulls a group of panels to be connected to a large floating solar farm project in Huainan, China.

Photographer: Kevin Frayer/Getty Images AsiaPac
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Put aside the trade and technology wars. The next race for global political and economic supremacy will focus on climate.

That’s according to Bank of America Corp.’s research group, which said climate change will be this decade’s most important theme, just as technology underpinned economic growth during the past decade. China has spent twice as much as the U.S. on climate action, said Haim Israel, the bank’s head of global thematic investing research, in a report Monday.