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The Vivid Economics report, commissioned by Australia's Climate Institute thinktank, shows China is second only to Britain in the value of its incentives to cut pollution from electricity generation.
Britain's efforts are estimated at $29.3 US dollars per tonne of carbon to China's $14.2 US dollars, with the United States clocking $5 and Japan $3.
Together with Australia and South Korea, the six countries account for about half of all global emissions.
The report also warned that none of the countries was on track to meet reduction targets agreed after last year's global climate summit at Copenhagen, with Japan lagging worst in relative terms.
It also comes on the heels of reports that the US is investigating claims that China has broken trade agreements by giving billions of dollars in subsidies to its own green energy sector.
For more about the study, we talked to Erwin Jackson, Deputy Chief Executive Officer of Australia's Climate Institute.