Dick Warburton, chairman of the panel set up last year to advise on emissions-intensive trade-exposed activities, said that after Copenhagen's failure, the matter should be debated afresh.

He is organising a round-table of company executives, bureaucrats and experts - including supporters and critics - to consider the pros and cons and alternatives of a trading scheme.

His move comes as Opposition Leader Tony Abbott tonight gives his first speech as leader on the environment, arguing that while the environment is important, it is not just about climate. He will seek to redirect focus to areas where Australia can make a difference on its own, including water.

Mr Warburton told The Age that despite intense political debate about the emissions scheme, important aspects had not been dealt with adequately.

''Chairmen and CEOs and the public have very poor knowledge of what the ETS involves.''

The round-table should be held by the end of this month, he said.

The Government plans to bring in legislation incorporating last year's deal with the Opposition - which prompted the change of leadership - as soon as Parliament resumes next month.

''I think there should be a delay in whatever we do until we have a clear picture of the best course,'' Mr Warburton said. ''We need to get it right.''

Mr Warburton is chairman of Tandou and the Magellan Flagship Fund, chairman of the Board of Taxation and a former member of the Reserve Bank board. He personally believes the climate change science is not settled and would favour a carbon tax or other alternative to a trading scheme.

A round-table would give some indication of how opinion in big companies is moving after Copenhagen.

Other business sources expect a weakening of support from business for quickly passing the legislation.

An important pointer will be the attitude of the Business Council of Australia, but it is yet to consider its position after Copenhagen.

The Government has constantly repeated the argument that business wants legislation passed as soon as possible to provide certainty.