If you trust Abbott on his new green-pants policy, you're likely to be a mug who buys a set of rolexes from a spiv, with an upturned umbrella full of them, at a street corner, for ten bucks...

Opposition Leader Tony Abbott has ruled out funding the Coalition's new climate change policy with any new tax increases.

There is speculation today that the Coalition's alternative climate change plan will be funded in part by hiking the cost of cigarettes.

The new shadow cabinet is meeting for the first time this year to finalise the new policy before Parliament resumes next week.

But Mr Abbott says there will not be any new taxes or tax increases.

"I don't much like smoking, I never have, I never will, but I want to reiterate that our climate change policy will not involve any new taxes," he said.

"Unlike Mr Rudd we believe in lower, simpler, fairer taxes.

"We certainly don't believe in a great big new tax masquerading as an environmental policy."

After he became Opposition Leader late last year, Mr Abbott immediately ruled out Coalition support for an emissions trading scheme or a carbon tax.

He says the Coalition's alternative policy will include direct action measures to reduce emissions and meet a 5 per cent reduction target, but is yet to spell out the details.

The full policy will be released next week.

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Methink the policy will be akin to encourage every australian to buy an air conditioning unit and turn it on full bore... See toon at top.