Labor will launch its climate change policy today, which is likely to include the re-introduction of carbon pricing through an emissions trading scheme.

The policy announcement, which has huge ramifications for the HVACR industry, is being made in preparation for a July 2 federal election. The Abbott government scrapped the previous carbon tax in July 2014.

Details of the policy announcement were published in a report in today’s Sydney Morning Herald. It said the level of emissions making an enterprise liable for a cap on emissions would be lowered from 100,000 tonnes a year of carbon-dioxide equivalent under the Turnbull government back to the 25,000 tonnes annual level of the previous Labor governments.

Labor’s plan also includes reducing Australia’s 2005 levels of emissions by 45 per cent by 2030, compared with 26-28 per cent committed by the Turnbull government.

Labor will also lift the share of renewable energy to 50 per cent by 2030, or roughly triple the current level.

Some $2.5 trillion dollars would be invested in renewable energy in the Asia-Pacific by 2030, the report said.

Earlier today Labor’s climate spokesman Mark Butler told ABC Radio “we want to get back to being the renewable energy superpower we were in 2013.”

He said Labor would also scrap the “wasteful, failed Direct Action policies” that are budgeted to direct $2.55 billion to pay emitters to cut pollution.

The federal government warned an emissions trading scheme will be a ‘carbon tax on steroids’ that will hike up power bills.