We'll be following the Australian election very closely this weekend. What, you may be wondering, does the Australian election have to do with the Bali climate conference?

Well, as you may or may not know, Australia refused to sign the Kyoto Protocol, which commits industrialized countries to cut their greenhouse gas emissions. Since then, Australian Prime Minster John Howard has avoided taking action on climate change, claiming it would harm the economy and cost jobs.

But all of that could change when Australians go to the polls on Nov. 24. Yesterday, Australia's Labour Party leader Kevin Rudd said he would play a key role at the Bali climate conference and would immediately ratify the Kyoto Protocol if he wins this weekend's election.

This is very exciting news, indeed. If Rudd wins, the U.S. will lose a major ally on climate issues. His win will also send a message internationally that there's a real mood for action on climate change.

We're keeping our fingers crossed. It would be great to have Australia on board in Bali. Heck, I'll even buy their negotiators the first round of drinks at the swim-up bar.

Read more here.