Sussan Ley's Liberal party is on the brink of locking in a new climate policy. Photo: Mick Tsikas/AAP PHOTOS

The Liberals are preparing to unveil their new climate change and energy policy after a marathon meeting of MPs and senators in the nation's capital.

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The party's shadow cabinet will convene in Canberra on Thursday morning to finalise its approach to reducing carbon emissions, with an announcement expected shortly after.

The decision follows hours-long talks between all 51 Liberal MPs and senators, where a majority of party members spoke in favour of ditching Australia's goal

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