While the U.S. has made great strides in its adoption of clean energy technologies over the past decade, it still lags behind other countries. According to a recently published report, the U.S. is falling further behind China in the race to develop clean energy projects. 

The report is especially unsettling because it illustrates that just as the U.S. is falling behind its Asian rival, Chinese companies are increasingly moving operations to the U.S. so as to capitalize on the domestic market. The study, released Tuesday by the Pew Charitable Trusts, shows that China invested a record $54.4 billion in wind, solar and other green projects in 2010, representing a 39 percent surge from the year prior.

The U.S., on the other hand, spent $34 billion in 2010, ranking third behind first-placed China and Germany, which spent a total of $41 billion; the U.S. held the top ranking in 2008. The study concluded that "for a variety of reasons, the United States' competitive position appears to be eroding."

According to the report, there is a "lack of clarity on the direction of energy policy, uncertainty surrounding continuation of key financial incentives . . . and disproportionate government support for century-old fossil fuel energy sources." China's growth has been fueled largely by generous government incentives, the report stated.

In 2010, Chinese companies manufactured nearly 50 percent of all solar modules and wind turbines globally.