A fight over climate policy has broken out within a major Australian business lobby, with mining billionaire Andrew Forrest’s Fortescue sharply criticising the Business Council of Australia over its modelling of the costs of making emissions cuts.

A report released by the business council on Friday claimed Australia would need up to $530bn in capital investment and to potentially curb coal and gas exports to achieve a 2035 emissions target of 70% or more.

The modelling does not factor in the cost of not acting on the climate crisis nor measure the economic benefits of new clean investment.

In a statement on Friday morning, Fortescue Metals and Operations – a business council member – rejected the modelling, saying it “underplays the opportunities for our economy”.

“Further, some of the

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