The focal point of the partnership will be Australia’s Global Carbon Capture and Storage Institute.
The President announced the creation of the partnership in a joint press conference with Mr Rudd, who is attending the summit as part of his ongoing overseas trip.
“Australia, for example, is creating a new centre which Kevin will be introducing shortly which points to the ability for us to pool our resources in order to see the technological breakthroughs necessary in order for us to solve this problem,” Mr Obama said.
Mr Rudd first announced the formation of the Institute in April but used the meeting in the Italian town of ‘L’Aquila to relaunch it.
Mr Rudd says 23 governments and more than 100 companies are now backing the Australian institute.
“It’s mission is clear,” he said.
“It’s to get large-scale carbon capture and storage projects done around the world, not just discussed.
“Unless we do these projects we will not have an effect in bringing down those huge numbers of energy production I referred to before coming from coal, and their greenhouse emission impact.”