AUSTRALIA will have to consider lifting its ban on nuclear power to meet the ambitious Paris climate conference targets-â€ƒbeing lauded as the greatest breakthrough in stopping- global warming.
Foreign Minister Julie Bishop yesterday signed the nation up to the most expensive treaty in global history, which will cost an estimated $1 trillion to $2 trillion a year.
While green groups heralded the Paris climate deal as the death knell for fossil fuels, Minerals- Council of Australia chief executive Brendan Pearson said the next time the nation needed a new power station it must consider uranium as well as coal. 
"They both have to be on the table," Mr Pearson said, while welcoming the treaty.
"That is the future." He said 220 tonnes of coal was needed to build a wind turbine and more than 15 mined minerals were used in the construction of a solar panel.
The historic Paris deal includes developing as well as developed countries for the first time, while major emitters such as China, India, and east and South-East Asia have all flagged the rapid growth of new-generation nuclear power to meet their reduced emissions targets - as well as high efficiency, low emission coal-fired power plants.
Ms Bishop did not provide any details of how Australia would reduce its CO2 emissions to keep global warming below 2C, then 1.5C and zero by the later part of this century, but said the government would not jeopardise the economy.
Australia refused to sign the New Zealand-led communique to phase out fossil fuel subsidies. "Of course, if we're being ambitious over time we will need to work even harder (than the current targets)," she said. "But we don't want to damage our economy without having an environmental impact." Almost 200 nations signed up to the agreement - which is not legally binding - that includes five-year reviews of emission targets. Countries will be required to publish information about how they are succeeding in reducing emissions.
Ms Bishop said that would enable Australia to see what its trading partners and competitors were up to.
"We'll be able to hold each other to account for our targets," she said. Ms Bishop said Australia played a significant role in the negotiations, chairing the Umbrella Group of non-European Union developed countries of Australia, Canada, Iceland, Japan, Kazakhstan, New Zealand, Norway, Russia, United States and Ukraine.
In addition to the global agreement, Australia committed to $625,000 to promoting Pacific women into climate change roles and $58 million for the Great Barrier Reef's water quality.
Danish author and The Australian newspaper columnist Bjorn Lomborg warned the Paris treaty was likely to achieve very little in reducing carbon emissions but would prove extremely expensive.
"It will solve about 1 per cent of the global warming problem," he said. "Until there is a breakthrough that makes green energy competitive on its own merits, massive carbon cuts are extremely unlikely to happen." He said the best thing to come out of the conference was the Bill Gates-led green energy innovation fund, which is supported by Australia.
The latest Intergovernmental Panel on Climate Change report, approved by governments, warned emissions would have to come down by 40 per cent to 70 per cent for the 2C goal, and 70 per cent to 95 per cent for the 1.5C goal by 2050. The agreement was welcomed around the world, although some US Republicans argued President Barack Obama was making promises he wouldn't be able to keep beyond   January 2017.
PARIS AGREEMENT (NOT LEGALLY BINDING) * Agreement by 187 nations to commit to keep global warming "well below" 2C. * "Pursue efforts" to limit warming to 1.5C.
* Developed countries to provide $137.19 billion of public and private finance for developing countries each year after 2020.
* Five-year reviews of emission targets to begin in 2020. Countries will only be allowed to slash targets.
* Zero atmospheric pollution by 2050.
AUSTRALIA'S PLAN * Double investment in clean energy innovation from $100 million to $200 million over five years.
* Spend $1 billion in climate finance in the Pacific, including $200 million already announced for Green Climate Fund (money to be redirected from aid budget, does not represent additional spending).
* Ratify the second phase of the Kyoto Protocol.
* Spend $625,000 to promote Pacific women into climate change roles. * Spend $58 million for Great Barrier Reef water quality.* Sign on to New Zealand-led declaration to improve transparency in international carbon markets.