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The Australian said the group, to be known as the Asia-Pacific Partnership for Clean Development and Climate, will aim to use the latest technologies to limit emissions and make sure they are available in the areas and industries that need them most.
The US and Australia have refused to sign the UN's Kyoto Protocol, which requires industrialised countries to trim emissions of carbon dioxide, the byproduct of burning oil, gasAustralian Prime Minister John Howard (L) and US President George W. Bush speak to the press at the White House and coal, by a deadline of 2010.
China and India are not limited by the protocol because they are considered developing economies.
But developing countries say historical responsibility for global warming lies with nations that industrialised first, and primarily with the United States, which by itself accounts for a quarter of all global greenhouse-gas pollution.
The leader of the opposition Australian Greens party, Bob Brown, said the agreement was "a coal pact" involving four of the world's biggest coal producers.
It was designed to "defend the coal industry in an age where it's the biggest industry contributing deliberately to the global warming threat to Australia and the planet," he told reporters.