It seems that Australia has flexibility in negotiating for a global climate agreement in Paris. Minister Hunt even expressed that there is some room for Australia to lift it's targets, after a review, through purchase of carbon credits. But it appears there is no extra funding to the Green Climate Fund on the table.
Australia as a mid-level power carries some influence at sensitive negotiations such as the United Nations Framework Convention on Climate Change (UNFCCC) annual summit, called the Conference of Parties or simply COP. This year in Paris is the 21st year of negotiations, hence COP21.
Tom Arup in The Age has a good summary of the Australian political negotiating position on climate, writing that Australia's "team now has a negotiating mandate approved by cabinet. It is understood to be flexible and allows Australia to sign up to a strong agreement, including one with lofty language about the long-term ambition of the agreement."
