Liberals to formally axe net-zero by 2050

Opposition Leader Sussan Ley announced the party's new energy policy after a shadow ministry meeting on Thursday, also vowing to scrap the government's 43 per cent emissions reduction targets for 2030.

"We remain committed to the Paris Agreement and to doing our fair share to reduce emissions, but we will do it in a way that protects households and budgets and keeps our economy strong," she told reporters at Parliament House.

Opposition energy spokesman Dan Tehan said the Liberals would focus on reducing emissions "year-on-year" using five-year targets if it ever were to form government in the future.

He said the party would prioritise using Australia's natural resources to put downward pressure on energy prices and use the energy "abundance".

"We will also make sure that we reduce emissions in line with comparable countries so that we will be able to look at what like-minded countries are doing overseas," Mr Tehan said.

Mr Tehan, alongside opposition Health spokesperson Anne Ruston and Home Affairs spokesperson Jonno Duniam, will meet with National Party MPs over the coming days to hash out a joint position.

A majority of Liberal MPs voiced their desire to abandon net zero during a marathon partyroom meeting on Wednesday, including senior conservative Angus Taylor, deputy Liberal leader Ted O'Brien, James Paterson, and Senate leader Michaelia Cash.

The party's right faction lobbied to scrap the target to keep the Coalition intact after the Nationals pre-emptively abandoned its net-zero policy two weeks ago.

The two parties briefly split after the May election.

Speaking later on Thursday, Nationals leader David Littleproud applauded the Liberals' decision to scrap its policy to reach net zero by 2050.

"What we've heard from the Liberal party gives us great hope that in the coming days that we'll sit down constructively with them to work through the pathway that they've articulated," he told reporters.

Mr Littleproud denied suggestions that the policy was challenging "the reality of climate change."

"We believe in climate change. We believe that we need to do something about it," he said.

"We believe that we should do our fair share, but we shouldn't streak ahead of the rest of the world, which is what this government wants to do."

Following a five-hour-long Liberal party room meeting yesterday, opposition energy spokesman Dan Tehan said Liberal members had broadly agreed to a set of "principles" in setting their new emissions policy.

This included increasing carbon capture and storage to extend the life of coal plants for "as long as possible" and securing new gas supply to ensure "reliable energy for all Australians".

The Coalition scrapped its commitment to building nuclear power stations but vowed to lift the moratorium on nuclear energy if elected.

The federal government has a target to reduce greenhouse gas emissions by 62 to 70 per cent below 2005 levels by 2035, as part of its goal to achieve net zero by 2050.

The Liberals' decision to scrap net zero risks further alienating a growing number of younger Australian voters who back action on climate change in crucial, inner-city seats.

Opposition housing spokesman Andrew Bragg threatened to quit Sussan Ley's frontbench on Sunday if the party opted to abandon net zero, arguing the move would be "absolutely ridiculous" given Australia's commitment under the Paris climate treaty.

Fellow Liberal moderates Tim Wilson and Maria Kovacic also opened the door to resigning if the 2050 target was axed.

Prime Minister Anthony Albanese said the Liberals were walking away from climate targets because they "fundamentally do not believe in the science of climate change".

"Australians cannot afford to keep paying the price of Coalition infighting when it comes to climate policy and energy policy," he said.

Greens environment spokesperson Sarah Hanson-Young said the Liberal policy announcement was "a train wreck."

"They looked like a bunch of nutters," she told reporters in Canberra.

"This is a party that clearly denies the science of climate change, doesn't care about the future and the protection of our environment for future generations [...]. They are not a party that is a serious party of government."