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Nevertheless we recognise the critical importance of moving with other countries to a low-carbon future. Australia’s Carbon Pollution Reduction Scheme will be the primary vehicle for achieving our domestic efforts to halt and then reduce emissions for the first time in our history.

Even if the rest of the world were to do nothing, Australia would unilaterally reduce its emissions in 2020 by five per cent below 2000 levels. And we would be willing to reduce our emissions by 15 percent in the context of a global agreement that includes advanced countries committing to comparable economy wide targets and major developing country emitters committing to substantially constrain emissions.

This mid-term target range will steer us towards our longer term domestic goal of reducing emissions by 60 per cent below 2000 levels by 2050.

If we were to get an even more ambitious global agreement that would result in stabilising global greenhouse gas concentrations at 450ppm – which would give us a much better chance of avoiding dangerous climate change – Australia would be willing to play its full part.

In absolute terms, Australia’s 2020 target range translates to a 12 to 22 percentage point reduction on our Kyoto target. In per capita terms, it translates to a 34 to 41 percent reduction on our 1990 emissions levels.

In achieving these targets, Australians will be matching the efforts made by Europeans in meeting their strong 2020 targets to reduce emissions by 20 to 30 percent below 1990 levels. By implementing the Scheme, Australia will similarly demonstrate that deep cuts in emissions are compatible with continuing economic growth and rising living standards. Australia and the European Union share common values and close historical, political, economic and cultural ties.

We face many common challenges in foreign, security, trade and economic policy areas. We are working in partnership to implement the Kyoto Protocol and forge a comprehensive post-2012 global outcome on climate change that will deliver the deep cuts in emissions the world requires.

I hope the ambitious commitments of Australia and the European Union will encourage other developed countries to make comparable commitments, building momentum in international negotiations. Working together, the global community can turn the emission trajectory around and put the world on the path to a low-carbon future.