In a speech, a copy of which has been seen by The Canberra Times, Mr Albanese is to talk up the challenges and opportunities of climate action during a keynote speech at the B20 business summit on Monday evening in Bali, just ahead of the G20 Leaders Summit - the premier forum for the world's major economies.

In front of Indonesian President Joko Widodo, Mr Albanese is to point to economic challenges of the global supply shock wrought by the long tail of the COVID-19 pandemic and the Russian invasion of Ukraine.

"Inflation is biting advanced economies around the world and central banks are responding with the sharpest and most synchronised tightening of monetary policy in decades," he is expected to say.

"For governments to see-off the threat of inflation, to prevent runaway inflation from eroding national prosperity and devaluing people's wages.

"We must ensure fiscal policy is working in concert with monetary policy, not contradicting it."

Mr Albanese has been in Phnom Penh attending the East Asia and ASEAN-Australia summits.

US President Joe Biden is seeking "constructive" talks on climate when he meets Chinese President Xi Jinping on Monday at the sidelines of the G20.

Meanwhile speculation is rife, after a short meeting with Chinese premier Li Keqiang in Cambodia, that Mr Albanese may be about to become the first Australian leader in five years to have a formal sit down meeting with President Xi.

Australia has been in the diplomatic deep freeze since 2019 with the Chinese leadership incensed by calls for an independent investigation into the source of COVID-19. At the centre of the trade pain has been $20 billion in sanctions on Australian goods including barley, wine, cotton and lobster.

At the B20, Mr Albanese will praise the G20 grouping as being "made for these moments and built for these challenges.

"Founded on the unifying principle of multilateralism: that we can achieve far more together than we ever will alone," he is expected to say.

"So, yes, we can 'recover together and recover stronger'".

The Prime Minister is to talk up Australia's broad wish to be a "renewable energy superpower", one that is working to grow its clean energy export industry. He is to say technology, skills, research, jobs, investment, infrastructure, or trade can be drawn together to make a difference.

"The challenge and the opportunity that can draw all these threads together is responding to climate change," Mr Albanese is expected to say.

"Above all, we are committed to co-operating with other nations to help reduce their emissions, grow their economies and improve living standards. Because just as none of us are immune from the global challenge of climate change, all of us have a part to play in the solution."

The trip to Bali is Mr Albanese's seventh official visit to Indonesia, and his second as Prime Minister. He made Indonesia the target of his second overseas trip after the May election, following his immediate trip to Japan for the Quad Leaders Summit.