"Australia has made a solid contribution to what is significant progress on global greenhouse gas emissions reduction at the Paris climate change talks," Business Council of Australia (BCA) Chief Executive Jennifer Westacott said.

“The outcomes of the last two weeks of intensive negotiations have been important on several fronts, including Australia committing to domestic action which is substantial and will be a challenge to achieve. This will require internationally linked, durable and scalable domestic policy.

"It is pleasing to see the new Paris agreement has made provision for international linkage and the capacity for market mechanisms, which will be important to achieve emissions reduction at least cost to economies.

“All countries have reinforced the need for global action and committed to global action to address the risks associated with climate change and keep global warming to two degrees or lower over the coming decades. 

“Over 160 countries, including all major emitters such as China, have made a range of commitments that put the world on a path to reducing global emissions and slow the rate of global warming.

“Australia’s 2030 target is the first step on a path to contribute solidly to global emissions reduction. With the ongoing reviews of targets it will be important for Australia to set in place the policies to achieve its reduction at low cost while managing competitiveness.

“The agreement to action achieved at Paris obliges all countries to take action according to their nationally determined contribution (NDC).

“The agreement also sets out a durable framework for the longer term. While the current commitments set the base, there has also been agreement for regular stocktakes prior to countries finalising each future five year NDCs.

“These regular stocktakes will allow everyone to track progress on targets and actions being taken by individual countries.

“While the detail remains to be finalised there is a new commitment to improving transparency and enhancing of monitoring, reporting and verification of emissions reduction action across all countries, not just the developed world.

”This will provide greater confidence that targets are being achieved and provide a more robust framework for countries seeking to access international abatement opportunities to meet their targets.

“The Business Council looks forward to working with the government on the development and implementation of policies so Australia meets its commitments under the Paris Agreement," Ms Westacott said.

For further information contact:
Scott Thompson, Director, Media and Public Affairs
Business Council of Australia
Telephone (03) 8224 2664 • Mobile 0403 241 128