Penny Wong (SA, Australian Labor Party, Minister for Climate Change and Water) Share this | Hansard source

Yes, €100 billion at 2020. Senator Boswell, I make the point that one of the things that is not yet determined or agreed is what proportion of that is private finance and what proportion is public. For example, I have said publicly on a number of occasions that the scale of the transition that is required is beyond the capacity of governments alone to finance. That is why we need cap-and-trade systems to give private sector the incentive to invest in abatement activities in developing countries. We need the private sector to get that incentive. That is a good thing. These are still matters that will be the subject of discussion and negotiation. I cannot really add to the Prime Minister’s words that Australia obviously wants an agreement, is finalised and would be prepared to put forward its fair share. I again emphasise that the mix of how that would be funded, publicly and privately, is still something that is the subject of negotiation.