Australia has set a target to reduce at least 26% of its greenhouse gas emissions by 2030.

Emissions will be lowered to 2005 levels within the timeframe, and the target may be as high as 28% depending on its economic impact.

The country aims to make a substantial reduction in the intensity, as well as the ratio of emissions per person compared with other developed nations. The latter is targeted to drop by at least 50% between 2005 and 2030.

Emissions per unit of gross domestic product (GDP) in the country are expected to fall by 64%.

"The Emissions Reduction Fund is already achieving significant emissions reductions."

Australia Prime Minister Tony Abbot said: "The government will meet Australia’s 2030 target through policies built on the successful Direct Action plan, in particular the Emissions Reduction Fund and its Safeguard Mechanism.

"The Emissions Reduction Fund is already achieving significant emissions reductions, with 47 million tonnes contracted at less than $14 per tonne in the first auction alone.

"We are on our way to planting 20 million trees by 2020 and have rolled out more than 350 Green Army projects around the country.

"We will prioritise a National Energy Productivity Plan, working with state and territory governments to improve energy productivity by up to 40% by 2030.

"We will develop a National Climate Resilience and Adaptation strategy."

Australia’s set target is lower than that of other developed nations, apart from Japan and South Korea.

EU countries have set a 40% emission reduction target by 2030, while Switzerland’s is higher at 50%, and both New Zealand and Canada are lower at 30%.