A reputed rival to Sussan Ley is refusing to categorically rule out challenging the Liberal leadership, saying he isn't planning on it.

Ahead of a crucial meeting of Liberal MPs and senators on Wednesday, party insiders say they will likely water down Australia's climate ambition if they return to government, while retaining a commitment to reaching net zero carbon emissions at some point.

Moderates, like NSW Senators Andrew Bragg and Maria Kovacic, have acknowledged they would quit the frontbench if net zero was ditched, while conservatives, like shadow defence spokesman Angus Taylor, are pushing for an end to the policy.

Mr Taylor said he wouldn't pre-empt the outcome of the meeting but the Liberal would not support "economically destructive and unachievable targets".

"So we won't be

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