Australia is backing a US-led global push to slash methane emissions by 30 per cent over the next decade.
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Agriculture Minister Murray Watt said it was too soon to make a formal announcement but the pledge had his support.
Senator Watt said the global pact was "pretty much backed" by key industry groups as well.
"I would be comfortable if we were to sign up to this," he told ABC radio.
Senator Watt denied the international agreement would drive up food prices.
The minister ruled out following New Zealand by imposing a price on methane emissions, which has been labelled a burp or fart tax on cows.
Nationals leader David Littleproud warned meat prices would skyrocket as a result of the pledge.
"We will not support a methane pledge, which is really just an attack on our farms and ultimately Australian families," he said.
Senator Watt dismissed the remarks as "hyperbole and scare campaigns".
"The industry wouldn't be looking at moving towards carbon-neutral meat production if they weren't comfortable that the industry would be sustainable and viable," he said.
The National Farmers Federation said it sought assurances any pledge would not be tied to new taxes or regulations.
"We've been given these assurances and its important they be upheld," chief executive Tony Mahar said, branding the New Zealand approach as alarming.
One company believes the answer to the methane problem could lie in seaweed that grows off Australia's coast.
FutureFeed said using the seaweed to feed cattle could reduce methane emissions by as much as 95 per cent.
It could also increase farming productivity, with cows transferring the energy from creating farts into adding weight.
Australian Associated Press
