E&OE...
Listen to this Speech (MP3 - 1.91Mb - 155secs)
Australia is continuing to address the global challenge of climate change through practical and balanced responses.
Without action, Australia's greenhouse gas emissions would have reached an estimated 125 per cent of 1990 levels by 2010. Instead, we are tracking well towards our Kyoto target of 108 per cent of 1990 levels for the period from 2008 to 2012.
As a result of our policies, there will be some 87 million tonnes of climate-changing carbon no longer entering the atmosphere by 2010.
We must continue responding to the threat of climate change and position ourselves for the world beyond 2012. The range of predicted impacts from climate change warrants prudent risk management.
There are two key decisions facing the Government as it continues to tackle climate change - the design of an emissions trading system and the setting of a long-term emissions goal. These will be among the most important economic decisions Australia takes in the next decade.
Shortly I will further outline the detail of our response to the task group on emissions trading, in particular the key elements of an emissions trading regime specific to Australia's economic circumstances.
The scheme will be developed to deliver environmental outcomes but also to ensure our continued economic competitiveness and to protect jobs in emissions-intensive industries. These two goals can be delivered with a balanced approach.
We will be seeking to maximise opportunities from our response to climate change, such as a regional carbon trading hub in Australia and the further development of low emissions technologies for key sectors such as coal.
Amongst other features, the scheme will include maximum practical coverage of emissions sources and sinks, and all greenhouse gases. There will also be incentives for firms to undertake abatement in the lead up to the commencement of the scheme.
For any climate change policy to be effective, action must be taken not just nationally, but internationally and locally.
Australia is using its regional status to encourage an international approach to addressing climate change. I put the topic high on the agenda at the forthcoming APEC leaders meeting in Sydney. We have also promoted the Global Initiative on Forests and Climate, the Asia-Pacific Partnership of Clean Development and Climate and clean coal initiatives to encourage other nations, including developing countries, to contribute to efforts to reduce greenhouse gas emissions.
By contrast to our practical approach, Kevin Rudd has an irresponsible plan to set an emissions reduction target without any understanding of its economic impact. He is happy to risk damage to the economy in the pursuit of Green voting preferences at the next election.
Listen to this Speech (MP3 - 1.91Mb - 155secs)