Today I have signed the instrument of ratification of the Kyoto Protocol.
This is the first official act of the new Australian Government, demonstrating my Government's commitment to tackling climate change.
Ratification of the Kyoto Protocol was considered and approved by the first Executive Council meeting of the Government this morning.
The Governor-General has granted his approval for Australia to ratify the Kyoto Protocol at my request.
Under United Nations guidelines, ratification of the Kyoto Protocol enters into force 90 days after the Instrument of Ratification is received by the United Nations.
Australia will become a full member of the Kyoto Protocol before the end of March 2008.
The Kyoto Protocol is considered to be the most far-reaching agreement on environment and sustainable development ever adopted.
Australia's official declaration today that we will become a member of the Kyoto Protocol is a significant step forward in our country's efforts to fight climate change domestically - and with the international community.
My Government will do everything in its power to help Australia meet its Kyoto Protocol obligations. This will include:
* Setting a target to reduce emissions by 60 per cent on 2000 levels by 2050.
* Establishing a national emissions trading scheme by 2010.
* Setting a 20 per cent target for renewable energy by 2020 to dramatically expand the use of renewable energy sources such as solar and wind.
I will also lead the Australian delegation at the opening of the High Level Segment of the United Nations conference on climate change in Bali next week.
The conference - which starts today - will set out the “Bali Roadmap” to begin negotiations for the next round of international action against climate change when the first round of targets under the Kyoto Protocol expire in 2012.
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