Actions by other countries mean Australia must cut emissions beyond 5% by 2020 and it should formalise a more ambitious goal through a new commitment under the Kyoto Protocol, says the Climate Institute.
The world is on track for "irreversible and potentially catastrophic climate change" and global coal and oil use must peak before 2020 for a 50% chance of limiting warming to 2°C, says the International Energy Agency's latest World Energy Outlook.
A paper released this evening by Professor Ross Garnaut says coal companies and other exporters would be among those most seriously disadvantaged by the economic havoc caused by uncontrolled climate change.
