It would be inconceivable, after all the speculation about Australia's likely position and the PM's reluctance to commit to Glasgow, for him to turn up empty handed.

While other world leaders, including Boris Johnson and Joe Biden, have been prepared to cut Mr Morrison some slack while he gets the recalcitrant - and obsessively self-interested - minor party on board, that was never going to last for ever.

If the Prime Minister were to go Glasgow with nothing more in his backpack than a "preference" for net zero by 2050 and our already inadequate 2030 targets he would get a mauling from the global media and from the leaders of many other nations.

It's a fair bet that both France and China would welcome the opportunity to lead a pile-on - even though Xi Jinping won't be in the room.

Mr Morrison's decision comes after a remarkable week on the climate change front here and overseas. Both Prince Charles and the Queen, usually extremely wary of becoming involved in the domestic politics of any nation, expressed concern about his possible absence from Glasgow.

And, on Thursday, prominent Australian businessman and green hydrogen advocate Andrew Forrest used his National Press Club address to urge the Liberals to go it alone on net zero - thereby risking a Coalition split - if the Nationals won't sign up. He also took aim at renewable energy sceptic Bridget McKenzie and said he had recently spoken to Barnaby Joyce about the issue.

"If we miss declaring carbon neutrality at COP26 we'll eventually be forced to make it anyway," he said.

Mr Forrest had literally put his money where his mouth was earlier in the week when he backed plans by both the NSW and Queensland governments to develop multi-billion dollar "green hydrogen hubs" in the two states.

His comments came on the same day Reserve Bank deputy governor Guy Debelle warned Australia risked a "capital strike" by foreign investors if it did not do more.

"Climate comes up in most conversations I have with foreign investors," he said. "Investors will adjust their portfolios in response to climate risks".

Mr Debelle's analysis echoed remarks made by the Treasurer Josh Frydenberg in a speech on September 24.

"Australia has a lot at stake," Mr Frydenberg said. "We cannot run the risk that markets falsely assume we are not transitioning in line with the rest of the world."

While the Prime Minister's shift towards net zero by 2050 is as welcome as it is overdue it should not be allowed to overshadow the fact that the debate has moved on in recent months, with 2030 emerging as a possible tipping point.

Australia's current targets, set as part of the Paris Agreement during the Abbott era, are manifestly inadequate and are in need of urgent revision - particularly given many analysts say we are already on track to exceed them despite a lack of federal government leadership. The NSW Coalition government's recent commitment to a 50 per cent reduction by the end of the decade would be an excellent place to start.

And, with Australians set to go to the polls within the next few months, the Labor Party also has to come clean on what it thinks a desirable 2030 target should be as well.

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