Australian Chamber CEO, Kate Carnell AO welcomed the overnight agreement and said: "This is an historic occasion and we applaud the efforts of negotiators from all countries in producing a pragmatic outcome that addresses the needs of all nations.
"Business is up for the challenge of mitigating climate change and the role of the private sector in combating climate change must not be ignored.
"It is through research, investment and the development of commercially viable solutions by business that the ambitious climate targets can be met.
"It has always been the case that Australian businesses are more than happy to do their fair share as long as this is in line with global efforts and does not impact on Australian competitiveness."
Australian Chamber Director of Trade and International Affairs, Bryan Clark said:
"The agreement provides for national approaches that include both market and non-market mechanisms, realistic review timetables and an ongoing commitment to mid-century targets and outcomes," he said.
"In an Australian context our role as a developed national among a regional of developing nations will need to shape the future of our approach to international assistance, and the private sector will be an essential partner in both national and international efforts.
"We also welcome the inclusion of international efforts to achieve nationally determined contributions.
"The ability to undertake activities in the most appropriate and cost effective locations is an essential component of economically rational approaches to global climate change.
"We are also very supportive of the aspects of the agreement that recognise the need to preserve forests and current greenhouse gases stores.
"In particular we welcome the commitment that greenhouse gas reductions should not threaten food security.
"For Australian farmers, the previous Kyoto Agreement potentially limited their capacity to improve productivity and increase outputs to feed our growing global population.
"Lastly, assisting our pacific neighbours to improve their infrastructures and ‘climate proof’ their countries is an important step in our global responsibilities.
"We look forward to working with the Australian Government to implement this agreement to develop an appropriate set of national measures for the first 5 year review period, with an eye on a mid-century horizon approach that provides certainty and confidence to the business community."
