Australia’s unconditional commitment is for a 5% reduction on 2000 carbon emission levels by 2020. If other countries accept a single treaty the Gillard government would be wililng to raise the target to 15% or higher.
Australia’s Climate Change Minister Greg Combet warned the credibility of the UN process is at risk. The best outcome for UN negotiations would be a binding legal agreement for all major economies on a global emissions target. He reasserted the government’s objective to introduce a price on carbon next year pending agreement by the Coalition and Greens.
The Cancun two-week talks quickly split between rich nations unwilling to accept deep cuts to carbon emissions and poor countries. Much of Australia’s $599 million allocation in June to a financing program for poor countries would go to regional adaptation programs on climate change in the Pacific South-East Asia and Africa.