Right now, Australia is at risk of an international backlash against inaction on climate change but longer term it has all the prerequisites to be an 'energy powerhouse' in a zero-carbon world.

Australia did not engage much with this week's special UN cliamtge summit. Prime Minister Scott Morrison was in the United States but left it to the Foreign Minister and officials to explain that Australia expects to meet the existing 2030 target witht he help of carry-over Kyoto credits.

Internationally, Australia is perceived to be near the do-nothing end of the spectrum. This could cost us. Conversely, we stand to gain from a shift to a low-carbon world economy if we play our cards right.

Read the full Australian Financial Review article.