Malcolm Turnbull has vowed to go down fighting on climate change after a flood of Liberal frontbenchers - including Nick Minchin and Tony Abbott - quit last night in a bid to pressure the Opposition Leader to reverse his support for Labor's emissions trading scheme.

As the climate change rebels dramatically escalated their campaign, the shadow treasurer and Turnbull ally, Joe Hockey, declared himself prepared to stand for the leadership should Mr Turnbull fall.

Mr Hockey made his decision as it became apparent the rebels were preparing to run Mr Abbott against Mr Turnbull, possibly on Monday. If Mr Abbott wins, the Government's emissions trading scheme will be dead. On Monday, the Prime Minister, Kevin Rudd, will be in Washington discussing climate change with the US President, Barack Obama.

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