The Federal Government will ratify the Paris climate change agreement, despite concerns US president-elect Donald Trump will withdraw support once in office.
The 2015 agreement came into force last week and has been ratified by 103 countries and covers 70 per cent of global emissions.
Prime Minister Malcolm Turnbull described the agreement as “a watershed and turning point” that spurred international action on climate change.
“We are on track to meet and indeed beat our 2020 targets,” he said.
“We will review our climate and energy policies next year to ensure that we meet, as we believe we will, our 2030 targets under the agreement.”
Foreign Minister Julie Bishop said the agreement was in Australia’s national interest and would provide opportunity for Australian businesses.
“We believe through the use of technology and research and science and innovation, there will be many opportunities for Australian businesses,” she said.
The agreement requires nations to submit climate change pledges every five years, although they are not obliged to achieve them.
Mr Trump vowed to cancel the Paris agreement in one of his first official speeches in May this year, claiming it would give foreign bureaucrats control of how much energy the United States uses.
As president, Mr Trump would be able to cancel the executive order used by President Barack Obama to bypass the Republican-controlled US Senate.
The United States is the world’s second largest emitter and is responsible for close to 15 per cent of all global emissions.