US Secretary of State John Kerry has rejected the argument that dealing with climate change will hammer national economies.
Mr Kerry told a climate forum in New York, attended by Foreign Minister Julie Bishop on Tuesday (Wednesday AEST), that he had heard from some leaders attending the UN General Assembly they can't afford to spend money on cutting emissions.
"If you don't have an economy in the future because it's flooded or it's too dry to grow food or there isn't enough water ... that argument is not going to be very meaningful," he said.
"But more importantly there's an extraordinary amount of money to be made, jobs to be created, health to be improved, environmental responsibility to be lived up to - it's just staring ourselves in the face."
He said adopting bold targets to cut emissions at the UN climate summit in Paris in December would send a strong signal to the business community.
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"This is an enormous opportunity for us," he said.
Ms Bishop addressed the meeting, but the section was closed to the media.
