Federal opposition leader Bill Shorten (right) (AAP Image/Rebecca Le May)
Abolishing the coalition's climate solutions fund would save $448 million over four years, Labor says.
The fund was set up in 2014 under the Abbott government and pays companies for a range of carbon abatement programs, from vegetation management to energy efficiency and transport.
Emissions have risen under the policy.
While the Morrison government plans to boost the fund with another $2 billion, Labor will scrap the program altogether if it wins the May 18 election.
Labor would instead make companies pay if they are unable to adequately reduce their pollution.
The opposition's costings, released on Friday, show climate and energy policies will receive a large slice of money, with more than $1 billion flagged over the four-year forward estimates.
It includes $40 million for carbon offset research and development and $12 million for a clean energy training fund.
Labor will also put $200 million towards its target of one million households having solar batteries by 2025.
There is also $30 million over four years to establish a federal Environmental Protection Agency, and $22 million for environmental law reform.
© AAP 2019