Climate Change Minister Chris Bowen on Wednesday introduced a bill to enshrine Labor's 43 per cent 2030 emissions reduction target, declaring "we don't have a second to waste" in acting to reduce greenhouse gases.

"Our country and our parliament have wasted long enough, delaying and denying," Mr Bowen said.

"Time for action is now. We don't have a second to waste."

The bill's introduction comes amid ongoing negotiations with the Greens, whose 12 votes Labor will need to pass the bill through the Senate.

Mr Bowen's preference is to legislate the targets, but he's made clear Labor will press on with its agenda even if it can't secure the numbers in parliament.

He has already made some concessions, but a major sticking point for the Greens remains Labor's refusal to block new coal and gas projects.

Prime Minister Anthony Albanese drew the ire of the Greens after he said the government wouldn't cede to their key demand because a moratorium on new fossil fuel projects and a halt to exports would be "devastating" for Australia's economy.

"The government's position that we can keep opening up coal and gas mines and meet climate targets, and be taken seriously by the rest of the world, is just untenable," Mr Bandt said on Wednesday.

Mr Bandt said the Greens would continue to push for a moratorium on new coal and gas approvals during negotiations on Labor's climate bill.

But Mr Bandt pointed out there were other avenues to stop new fossil fuel projects, signaling that the Greens could pass Labor's bill before taking up the fight elsewhere.

This includes pushing for a so-called "climate trigger" in environmental protection laws, which would require a project's greenhouse gas emissions to be factored in during the assessment process. Mr Bandt noted the government also had control over export permits.

"Governments are in charge of approving these projects and governments are in charge of allowing coal and gas to be exported," Mr Bandt said.

"There are a number of ways of addressing this and we're going to continue to push."

The Greens are understood to be pleased with how negotiations are progressing so far, although there remains no guarantee they will ultimately support Labor's bill.

The first real test of the Greens' position will come when Mr Bandt and his three lower house colleagues vote on the bill, which Labor hopes is as soon as next week.

Mr Bowen has already agreed to some tweaks to the legislation, including clarifying that the 43 per cent climate target is a floor not a ceiling to the government's ambitions.

The Greens have also welcomed a move to embed the new climate targets in the objects and functions of a range of government entities, including the Northern Australia Infrastructure Facility and Export Finance Australia, which could potentially make it harder for them to support fossil fuel investments.

"Entities like EFIC have previously had free reign to fund coal, oil and gas projects," Mr Bandt said.

"We welcome moves to make government agencies now have to take climate into account."

A coalition of climate and business groups threw their support behind Labor's bill on Wednesday, with the Australian Chamber of Commerce and Industry [ACCI] describing it as "essential" for creating certainty for businesses.

"Australia must call time on its climate tug-of-war. The focus should now be on giving confidence to business, workers and regional communities that a realistic approach to energy is being adopted," the group's chief executive, Andrew McKellar, said.

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Climate Council chief executive Amanda McKenzie said the bill should act as a springboard for more ambitious emissions reduction efforts.

Mr Bowen again took a swipe at the Peter Dutton-led Coalition, which is poised to vote against the bill because it doesn't believe legislated targets are necessary.

"The opposition had a choice. They could vote for progress, or a choice to pedal the same discredited scare campaigns they have peddled for the past two decades," Mr Bowen said.

Speaking before the bill was introduced, opposition climate change and energy spokesman Ted O'Brien questioned the need for legislated targets.

"They have already declared a 43 per cent target by 2030. The United Nations has been advised that is Australia's target now. So why legislate?" Mr O'Brien said in an interview on Sky News.