Australia's conservative Liberal Party on Thursday walked away from its policy to achieve net-zero emissions by 2050 and pledged instead to prioritize bringing down energy prices if elected.

The announcement settles months of public infighting between moderate and right-wing faction members over the party's climate policy and aligns the Liberals with the National Party, their rural-based coalition partner.

Opposition leader Sussan Ley said the Liberal Party would dismantle the center-left Labor government's environment and energy policies if elected, scrapping targets on reducing emissions and renewable energy generation.

But it would not withdraw from the Paris climate agreement, she added.

"Today the Liberal Party has decided to put affordable energy first," Ley told reporters at a news conference. "Net zero would be welcome if we can get there with technology, with choice and voluntary markets."

The Liberal Party's plan would also involve preventing early coal plant closures, lifting Australia's ban on nuclear energy, and increasing investment in new gas supply and infrastructure.

Ley said while the party would no longer pursue net zero, emissions would still be reduced "in line with comparable countries" and "as fast as technology allows."

The decision came after a five-hour party meeting on Wednesday, where a majority of members voted to abandon the target.

It puts the Liberal Party in line with the Nationals, who voted earlier this month to abandon its commitment to reach net-zero emissions.

While the Liberal Party committed to net zero by 2050 under former Prime Minister Scott Morrison in 2021, the dispute reignited after a resounding national election defeat to the center-left Labor Party in May.

The Labor government aims to cut emissions by 62-70 percent from 2005 levels by 2035 and reach net-zero emissions by 2050. In September, it announced the allocation of $3.3 billion in funding to help industrial facilities decarbonize.