The government has moved to hose down speculation that it will scrap the renewable energy target saying it remains committed to the policy.

Finance Minister Mathias Cormann said on Monday that the government's position was to "keep the renewable energy target in place" amid speculation Prime Minister Tony Abbott and senior frontbenchers were moving to dump it.

Finance minister Senator Mathias Cormann says the Abbott government has no plans to scrap the renewable energy target. Credit:Andrew Meares

It comes after The Australian Financial Review reported on Monday that Mr Abbott had asked the chair of a review of the RET to do more work on the option of abolishing the target.