APEC leaders negotiate a breakthrough on climate change

In what has been termed a major breakthrough on climate change, Australia, China and the United States have agreed to establish a working target towards cutting global carbon emissions.

The "Sydney Declaration' was announced over the weekend at the APEC summit and will form the basis for a new climate change agreement to replace the UN-backed Kyoto Protocol, which is due to expire in 2012.

The declaration will focus primarily on the energy sector and greater protection of forests. The Howard government has been criticised over its lack of commitment to establishing a workable climate change agenda after its refusal, along with the US, to sign the Kyoto agreement. Under the new Sydney Declaration concessions will be made to developing countries, which means richer countries will bear the financial costs in cutting carbon emissions.

Prior to the APEC summit, business leaders and academics attending an EcoForum held at Pricewaterhouse Coopers in Sydney expressed concern over the government's lack of commitment to establishing emission targets.

Professor Paul Perkins, AM, from the Centre for Resource Economics and Sustainability at ANU, said it was time to metamorphose on to the next cycle with regards to climate change.

"The debate needs to move into a new space. We all want wealth creation, but we need policy to be put in place so we can work towards a target," he said.