Julia Gillard could face multi-billion-dollar demands from big business for compensation and other measures.

This would be to mitigate the costs of complying with the government's climate change policies.

Cabinet last night signed off on a list of measures to tackle climate change and resolved to build industry and community consensus for a workable carbon trading scheme if re-elected.

The meeting debated a nationwide efficiency standards scheme that some energy-intensive companies fear could push up prices.

Some energy retailers would have to reduce energy usage by their customers.

BlueScope Steel chairman Graham Kraehe said he was concerned Australia's competitiveness against steelmakers in Asia would be undermined by a carbon price or energy efficiency measures in the absence of measures globally.

"We have no problem paying carbon taxes and charges if our competitors in other parts of the world do too but our fear is they won't," Mr Kraehe told The Australian last night. "In the absence of a global approach, government needs to put in place measures to ensure domestic industry and exporters like BlueScope are not disadvantaged compared to the rest of the world."

Mr Kraehe said the company would be arguing for incentives to shore up projects such as a $1 billion co-generation plant at the Port Kembla Steelworks, to take gases that are currently flared and use them to generate electricity, which has been on hold.

"We will be arguing to government that if it is going to bring forward proposals that increase the cost of electricity substantially, then in order to maintain our world competitive position, incentives for investments like this ought to be available."

Energy companies, which estimate they need about $94.1bn worth of capital investment over the next five years, also indicated they wanted "support" to cope with carbon reduction measures.

Energy Supply Association of Australia chief executive Brad Page called for "engagement between the two major parties with industry to design an efficient and enduring set of carbon reduction measures". He said the industry would want the first 10 years of a carbon reduction scheme to be treated as a transitional period "because we will need time and support to phase out and form the capital to bring in low-emissions technology."

InterGen Australia managing director Brent Gunther, who manages the Millmerran and Callide C power stations in Queensland, said industry needed to be consulted. "We don't want policy on the run. It needs to be sensible and considered," Mr Gunther said.

Tony Abbott tried to capitalise on Labour’s indecision and lack of a climate change announcement, arguing the Coalition was the only party with a plan to reduce emissions.