A very personal reaction to Rudd's promise to deliver a more effective emissions trading scheme by deferral and tweak

Let me now go to the question of targets. On the question of targets the Australian Government remains committed to reducing carbon pollution by five per cent against 2000 levels by 2020, regardless of action taken internationally.
Secondly, we also retain our commitment to reduce emissions by up to 15 per cent of 2000 levels by 2020 in the context of a global agreement that falls short of the 450 parts per million outcome but satisfies criteria already specified in the White Paper.
Thirdly, we now commit to reduce carbon pollution by 25 per cent by 2000 levels by 2020 if the world agrees to an ambitious global deal to stabilise levels of CO2 equivalent in the atmosphere by at least 450 parts per million by 2050. This of course, 450 parts per million outcome, is an outcome consistent with Australia having the prospect of saving the Barrier Reef.
Furthermore, if this happened, that is if we did achieve that significant and ambitious and comprehensive global outcome around 450 parts per million, the Government has further committed to realising five per cent of that 25 per cent – up to five per cent of that 25 per cent – by the Government purchasing international credits including investment in the protection of international forests.

The Prime Minister's full statement on 4 May 2009