The Liberal Party has officially abandoned its target of net zero emissions by 2050 after the policy caused a staggering rift among MPs.
Opposition Leader Sussan Ley confirmed her party will no longer support hitting net zero by 2050 following a five-hour party room meeting in Canberra yesterday and a smaller meeting of shadow ministers this morning.
"The Liberal Party will remove a net zero target from our policy," Ley told reporters in Canberra today.
READ MORE: 'Madness': Mining boss issues blistering message after closure
READ MORE: What emails show about Trump-Epstein link
"And if elected, we will remove the 43 per cent by 2030 target and its net zero by 2050 target from the Climate Change Act."
The target will no longer form part of the Liberals' wider climate policy, however, in a silver lining for the party's moderates, MPs have agreed to stay in the 2015 Paris Agreement.
"We remain committed to the Paris Agreement and to doing our fair share to reduce emissions," Ley added.
"But we will do it in a way that protects households and budgets and keeps our economy strong."
Ley used the announcement to spruik the party's new "energy and emissions" policy.
She said this policy, in lieu of a target pledge, will help drive down surging power bills in Australia while also tackling rising emissions.
"Australians deserve affordable energy and responsible emissions reduction," Ley said.
"And the Liberal Party believes we can do both. But affordable energy must come first."
Ley claimed the Labor Party will fail in its pursuit of reducing emissions and energy prices at the same time.
Shadow Minister for Energy Dan Tehan said discussions needed to continue with the Nationals over the key climate policy change.
"I cannot think of a more thorough and respectful policy process than what we have undertaken over the last six months," Tehan said.
Tehan said the LNP would do its "fair share" when it comes to emissions reduction.
"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," he added.
The Wannon MP said the Liberal Party will likely move towards a "more technology agnostic policy" when it comes to energy.
"That might include, you know, a nuclear power policy in years to come," he said, as an aside.
"But these are the kind of details that really need to be settled."
Promise to remain in Paris Agreement
Ley confirmed the Liberal Party would be sticking with the Paris Agreement and will submit the five-yearly emissions reduction targets required under the climate agreement.
However, the opposition leader couldn't answer why ditching net zero by 2050 was not in breach of the agreement.
"We remain committed to Paris and we made it very clear and it isn't our policy to set long-term targets, but net zero would be a welcome outcome," Ley said.
Yesterday, more than half of members advocated for ditching the 2050 target.
Several conservative members of the party have driven the charge to ditch net zero, including Angus Taylor, the energy minister when net zero was initially legislated.
The net zero 2050 target was introduced by former Liberal prime minister Scott Morrison in 2021, but has been the cause of bitter division among party ranks more recently.
The Liberal Party's decision follows that of its junior Coalition partner, the Nationals, which pledged to ditch the net-zero target last month.
READ MORE: Warning as highly infectious disease detected at concert, tourist attractions
Nationals leader David Littleproud said that he welcomes the decision to scrap net zero by 2050.
"The Nationals embarked on a calm, considered pathway back in June to get to a position to understand and review our previous position on net zero by 2050," Littleproud said.
"What we wanted to understand is can we live up to continuing to reducing emissions, to continue on that pathway, to do our fair share, to make sure that we do the right thing by future generations, but by doing the right thing by households and businesses today."
Bipartisan dismay over decision
The Coalition's policy reversal has been slammed by the government and independent MPs.
Prime Minister Anthony Albanese earlier called the Liberal Party's debate over net zero a "clown show".
"It was a sign for the Australian people of how divided they are," he said.
"The clown show they've become."
Independent MP for Warringa Zali Steggall said the decision is "reckless" and a "massive step backwards".
"Today's announcement shows the federal Liberals, just like the Nationals, are now even further removed from community expectations over climate action in Australia," Stegall said.
"This decision makes the Coalition unelectable.
"An overwhelming majority of Australian voters want real leadership on climate change – not denial and delay."
DOWNLOAD THE 9NEWS APP: Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. Available on the Apple App Store and Google Play.
