Climate Change Minister Chris Bowen has urged the opposition to consider the views of investors and back the safeguard mechanism reforms, arguing it would be on the right side of history.
Debate on the bill, which aims to reduce the emissions of the 215 biggest polluters in the country, has made slow progress in the lower house despite Labor holding a majority of votes.
With the coalition opposed to the bill, the government is negotiating with the Greens and crossbenchers to get it through the Senate.
Mr Bowen told parliament the bill, which needs to be passed soon to start operating from July 1, had the strong support of the business community and investors.
"Next week, the parliament will have a chance to draw a line under the 10 years of delay and denial of climate policy in Australia," he said.
"The parliament will have a chance to send a message to people in Australia and to investors around the world that those 10 years of denial and delay are over."
Tasmanian Liberal MP Bridget Archer indicated she might go against her party and support the mechanism, despite her concerns about the changes.
She said long-standing arguments about climate change were not useful to the parliament.
"I don't think it's helpful, and it is something that even within the political environment, both major parties have accepted that emissions reduction target," Ms Archer told ABC Radio.
"We've accepted that we're working towards a net-zero by 2050 position, so let's talk about how we're going to achieve that. Let's get on and do that."
Mr Bowen said there would be consequences for climate targets if parliament did not pass the measures.
"If we don't take this opportunity, the consequences would be that instead of achieving a 43 per cent emissions reduction by 2030, it will be 35 per cent," he said.
The Greens want the government to ban new coal and gas mines in exchange for their support for the mechanism.
Greens leader Adam Bandt said there was still time to get the details of the mechanism right.
"Taking action on climate means dealing with the question of coal and gas, not just saying it can all be offset, but actually ensuring that pollution in this country does not go up," he said.
"We are prepared to work with the government to develop a scheme that actually sees pollution go down."
National research commissioned by the Carbon Market Institute released earlier this week showed 55 per cent overall support for the intent of the policy, with 16 per cent opposing it.
Half of coalition voters supported it with 22 per cent opposed, while about two-thirds of Greens and Labor voters were in favour.
