Coalition frontbencher Greg Hunt believes the UN climate change summit in Glasgow has made important progress for the world.
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The talks ended on Saturday with a global agreement that aims to keep hopes of capping warming at 1.5C to prevent catastrophic climate change.
"We welcome the outcome at Glasgow. It's important progress for the world. It's important protection for Australia," Mr Hunt, a former environment minister, told ABC's Insiders program on Sunday.
Australia has set out a net zero emissions by 2050 target. It also set a 2030 target of minus 26 to 28 per cent emissions but with a projection of minus 35 per cent.
The UN agreement also calls on all countries to return the negotiation table next year to set stronger 2030 targets.
Repeatedly asked whether Australia would be updating this target, Mr Hunt said: "We've set our target. But what we'll continue to do is update our projections."
"We're doing it without higher electricity prices and higher petrol prices."
There was a last-minute change to the wording of the UN agreement around coal at the insistence of India.
Instead, a clause was amended to accelerate "efforts to phase down unabated coal power and phase out inefficient fossil fuel subsidies", weakening what had been "efforts to phase out".
Greenpeace Australia Pacific CEO David Ritter said that while the final text of the agreement is far from perfect, the message to Australia and other fossil fuel producers is clear.
"The momentum is in the right direction," Mr Ritter said.
"The task ahead is relentless pressure on the fossil fuel corporations and reckless governments such as Australia's."
Federal Labor has been waiting for the conclusion of the Glasgow meeting before preparing its climate change policy to take to next year's election.
In a pre-recorded interview with Sky News' Sunday Agenda program, Opposition Leader Anthony Albanese said Labor will make decisions based upon the national interest.
"We believe that action on climate change is an opportunity that we should be seizing to grow the economy to grow jobs to take advantage of Australia's emerging as a renewable energy superpower," Mr Albanese said.
Australian Associated Press
