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Sky News host Peta Credlin says with no modelling, the economic impact of the Albanese government’s climate bill will be a “free fall”.

“It's the government's signature bill – a 43 per cent emissions reduction target – locked, of course, into legislation, introduced on Tuesday, it's set to be debated as early as next week,” Ms Credlin said.

She said many countries in Europe are already “walking back similar commitments” in light of their energy crises.

“Today, in a podcast for the IPA, former prime minister Tony Abbott said the legislation, as it stands, will cause a blizzard of litigation.”