The Liberals have dumped a commitment to achieving net-zero emissions by 2050 as Sussan Ley pledges to drive down energy prices for households.

The opposition leader announced her party’s climate policy, promising to scrap the target in addition to removing Labor’s legislated 43 per cent emissions reduction by 2030 if elected at the next federal election.

The decision follows a shadow cabinet meeting and weeks of division over the issue, which has intensified pressure on Ley’s leadership.

“The Liberal Party I lead will not stand by and let Australians get crushed by these high power prices,” she said in Canberra on Thursday.

“I can look Australians in the eye and say that prices will always be more affordable under us.”

Ley said the party, if it won government, would also remove the 43 per cent 2030 target and its net zero by 2050 target from the Climate Change Act.

“We remain committed to the Paris Agreement and to doing our fair share to reduce emissions,” she said.

“But we will do it in a way that protects households and budgets and keeps our economy strong.”

The agreement, signed in 2015, requires members to increase their emissions targets every five years.

Asked how Liberals would meet its requirements, when the agreement does not allow targets to be watered down, Ley said her party’s policy would “always be in the interests of affordable energy for Australian households”.

Pressed on whether this would breach the treaty, opposition energy spokesman Dan Tehan said the party’s policy would be taken to the election.

He pointed to carbon capture and storage technologies as a way to lower emissions year-on-year despite backing the build of new polluting sources of energy.

Tehan said state governments would be supported in keeping coal assets online.

Thursday’s decision follows a five-hour meeting between all 51 Liberal MPs and senators, where a majority spoke in favour of ditching Australia’s net-zero goal according to people in the room.

Ley said the Liberals would reach out to the Nationals to settle a joint Coalition policy.

“We hope, and anticipate, we can land after Sunday a joint policy that allows us all to fight the Labor Party,” she said.

After the Liberals’ announcement, Nationals leader David Littleproud said Australia’s contribution should not “streak ahead” of comparable economies failing to do their share of climate action.

“I give the commitment over the coming couple of days that the National Party will work constructively with them (Liberals) to finalise our coalition policy that will start that conversation not about science, the science is settled, but about the economics,” he said.

“We’re not running away from climate change.”

A joint partyroom meeting has been scheduled for Sunday, when the political partners are expected to seal a final deal on the issue.

Championed by the conservative faction, the party’s climate shift hits Liberal moderates who see their chances of winning back vital inner-city electorates diminished as a result.

Moderate frontbenchers, including NSW senators Andrew Bragg and Maria Kovacic, have flagged their difficulty in remaining in shadow cabinet if the party endorsed backing away from its existing net-zero pledge.

South Australian backbench senator Andrew McLachlan spoke out against the decision later on Thursday, vowing to continue to publicly advocate for the climate commitment.

“It’s not a compromise that makes me happy,” he told ABC News.

McLachlan said he was “unconvinced” the policy would attract young and metropolitan voters – key demographics the Coalition needs to win over to form government in the future.

Tehan unveiled a list of 10 principles informing Thursday’s decision, including the two “foundational principles” of keeping the nation’s power supply stable and affordable while also taking action to reduce emissions.

The list also includes a promise to extend the life of ageing coal power plants for as long as possible, lift the ban on nuclear power and scrap a series of Labor policies Liberals say amount to “sneaky carbon taxes”.

Prime Minister Anthony Albanese said the opposition dropping net-zero would take Australia backwards.

“They’re walking away from climate action because they fundamentally do not believe in the science of climate change,” he said in Sydney.

“Australians cannot afford to keep paying the price of coalition infighting when it comes to climate policy and energy policy.”

-with AAP