Scientific evidence has shown that for a safer global and Australian climate, we must reduce global emissions by at least 20 per cent by 2020, and 60-80 per cent by 2050. That means 2-3 per cent reductions each year from now.

There are two main reasons that Australia needed to set an ambitious emissions reduction target. Firstly, we need to do our part in reducing global emissions, bearing in mind that we emit more per head of population than almost any other country. More importantly, we need to show we are serious so as to be able to pressure other countries (including the US - but they will do as well or better than us next year) to act also. Developing countries may well not act if we do not.
 
Of course, any targets will need carrots and sticks to get them going. Targets without action are no use, and action without targets fails to impress developing countries. But it will be easier than many think to meet these targets. Renewable energy and energy efficiency are not expensive, and are a better investment than high carbon technology. Australia has no excuses, as we have more renewable energy potential than almost any other country - especially solar energy, geothermal energy, wind and tidal power. It is time we cashed in on this opportunity, which could provide jobs and security as well as energy.

Coal, oil and power companies will only have themselves to blame if they invest in more coal and oil, rather than choosing to support renewable energy sources. They were warned by scientists in the 1980s but failed to act and now they are paying the price. This time investors, and governments, need to get it right. Low-carbon technologies are the future. It is the new industrial revolution, and those who do not recognise it will be left behind. The world is changing and industry and consumers must change with it.

Dr Barrie Pittock, PSM is the former leader of the CSIRO Climate Impacts Group, Lead Author of the IPCC and Author of Climate Change: the Science, Impacts and Solutions (CSIRO Publishing, 2009).