Sinn Féin MLA Philip McGuigan welcomed the announcement and said it will receive cross-party support.
He said: "It's now over three months since MLAs backed our motion calling on Environment Minster Edwin Poots to stop stalling and bring forward climate change legislation.
"By failing to do so, he is ignoring the wishes of the majority of MLAs and citizens who want real, meaningful action to tackle climate change and protect our future.
"The north is currently the only place without climate legislation – this bill will change that and set targets to meet zero carbon emissions by 2045.
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"We are living through a climate emergency with disastrous effects on the natural world, our society, and our economy, Sinn Féin will work to ensure this bill becomes law."
SDLP Social Justice Spokesperson, Mark H Durkan MLA said: "We owe it to our future generations to act now. Climate change is no longer a theory but an irrefutable fact. We all have a responsibility to face up to the biggest threat facing our planet and demand change.
"Facing up to the challenge of avoiding a climate breakdown demands action at a local and global level. That is why, during my time as Environment Minister, I proposed a radical Climate Action Bill.
"It remains a stain on the North's record that specific legislation on the prevention of climate catastrophe through emissions reduction targets, working toward carbon neutrality or preparing industry for tomorrow’s economy, has not yet been implemented.
"More than three months ago, the Assembly passed a motion calling for a Climate Change Act, but Minister Poots has failed to act. He has ignored the wishes of MLAs, the citizens and overwhelmingly scientific evidence.
"Despite the prevarication from Minister Poots, it is welcome that a cross party coalition of MLAs, including myself on behalf of the SDLP, have come together to table a Climate Change Bill."
