The statement comes just days after the UN Framework Convention on Climate Change (UNFCCC) released a draft statement calling on developed countries to reduce emissions by 25-40% on 1990 levels by 2020.
Rudd is attending the United Nations climate change meeting in Bali with Treasurer Wayne Swan, Climate Change Minister Penny Wong and Environment Minister Peter Garrett.
Their arrival comes after divisions emerged between developed countries on setting 2020 emission reduction targets, with countries such as the US, Japan and Canada distancing themselves from setting short-term targets and UNFCCC executive secretary Yvo de Boer making it clear 2020 targets must be set as global emissions will have to be cut by at least 50% on 2000 levels by 2050 to avoid the worst impacts of global warming.
But PwC released a statement saying it supports the position the Federal Government is taking in relation to climate change, which currently envisages waiting until the release of the report by economist Professor Ross Garnaut before setting short-term targets.
PwC told EMN recent media reports that suggested it had pushed the government to commit to a decision on 2020 targets were taken out of context.
The company released preliminary findings of a survey it conducted of CEO's and CFO's of 300 major Australian companies in relation to carbon management strategies. A full report is due to be released in January.
The survey shows only 8% of these businesses have an understanding of emission reduction opportunities. PwC believes it is beneficial for the Australian economy as a whole, if low cost abatement opportunities are understood by business.
PwC said the International Energy Agency (IEA) released a report earlier this year indicating economies with high energy costs have already focused on energy efficiency.
Economies with abundant cheap energy such as Australia have not yet done this and therefore have significant abatement opportunities ahead of them.
The Australian Industry Group (Ai Group), meanwhile, has also backed the government's decision to wait for the Garnaut review to set 2020 emission reduction targets.
"The Commonwealth Government is on the right track both in ratifying Kyoto and in resisting the sudden pressures to commit to reducing emissions by between 25% and 40% of 1990 levels by 2020," said Ai Group CEO Heather Ridout.
"Bearing in mind Australia's 2012 target under the Kyoto Protocol is 108% of 1990 levels, the proposed 25-40% range would imply huge cuts in emissions of between 30% and 45% over the eight years from 2012 to 2020.
"The government is right to continue on the course it has set. The urgent work on shaping the Australian emissions trading scheme (ETS) should proceed – this must include the design of compensation for low-income households and the offsetting measures for trade-exposed businesses."
