Speculation is growing that the US, China, India, Australia and South Korea are set to forge an alliance on greenhouse gas emissions that will seek to replace the controversial Kyoto Protocol.

The alliance, provisionally termed the Asia-Pacific Partnership for Clean Development and Climate, potentially brings together nations that collectively account for more than 40% of the world’s greenhouse gas emissions.

The alliance aims to use advanced technologies to reduce emissions and disseminate such technologies in the areas and industries that need them.

The US and Australia are the two most high profile refuseniks for Kyoto while China and India are not included in the agreement because they are considered developing economies.