Country is back on climate change: Bowen

Climate Change Minister Chris Bowen has used his speech to the COP27 summit to declare Australia is ready to work on the world stage to tackle the issue.

Speaking at the annual climate summit in Cairo on Tuesday, Mr Bowen said the government's emissions targets were only the start of what was needed to deal with climate change.

"Australia is back as a constructive, positive and willing climate collaborator," he said.

"Unfortunately, we know the story our region will tell if the world fails to act, from island communities fighting for their existence, to towns and cities battling even more frequent bushfires and floods."

Mr Bowen is leading an Australian delegation at the summit, with Prime Minister Anthony Albanese not attending the event because he is at the G20 summit in Bali.

Australia's presence at COP27 is the first since the change of federal government, with laws enshrining a 43 per cent emissions reduction target by 2030.

The government has also pledged to get to net-zero emissions by 2050.

The laws enshrined an annual report delivered to parliament on how the government is tracking against its climate goals, which the minister said would be delivered in coming weeks.

However, Mr Bowen said more work was needed to be done.

"Setting targets is just the beginning, they are easier set than met," he said in the speech.

"Just as this COP is focusing on implementation, the Australian government is focusing on real emissions reduction."

Australia and Pacific nations have launched a bid to host the COP summit in 2026.

Mr Bowen used his speech to also outline the threats being faced by Pacific nations on climate change.

The summit has discussed whether a compensation fund would be needed for countries that have been more affected by climate disasters.

The climate minister said the world's banks also had a bigger role to play.

"We have a moral imperative and driving need for our institutions to work with countries across the developed and developing world, not only to reduce emissions but respond to a changing climate and its economic impact on nations," Mr Bowen said. 

"This will mean increasing the proportion of funding spent on climate, but also ensuring that such funding doesn't saddle developing countries with unsustainable debt."