Countries accounting for over 80 per cent of global emissions have pledged action on climate change and Treasury modelling reflects these commitments.
The world is moving to tackle climate change, and Australia should contribute its fair share to the global effort.
Australia has the highest level of emissions per person in the developed world, and is one of the world's top 20 polluting countries.
The Productivity Commission has found Australia is currently in the 'middle of the pack' in terms of action on climate change.
But countries like the US and China are taking steps to reduce their emissions further, and we need to keep up.
Under the Cancun agreement, 89 countries representing over 80 per cent of global emissions have pledged action to tackle climate change.
In light of clear international action, Treasury modelled greenhouse gas concentration targets that reflect current international commitments to reduce emissions.
The moderate global action scenario assumes the world takes action to stabilise greenhouse gas concentration levels at 550 parts per million (ppm) CO2-e by 2100. This target is consistent with the low end 2020 emission reduction pledges made in Copenhagen in 2009 and Cancun in 2010.
While the pledges put forward by countries are a good start, more is needed. Stabilising global greenhouse gas concentration levels at 450 ppm gives a greater chance of avoiding dangerous climate change.
World climate change action