Labor has announced its commitment to reduce Australia's carbon emissions by 45% between 2005 and 2030, and to reach net-zero pollution by 2050 if elected in the upcoming May 18 poll.
It has also proposed changes to existing mechanisms to lower energy and gas prices.
A number of major international and Australian coal companies feature in the top 250 carbon emitters including Glencore, South 32, Anglo American and BHP.
WoodMac principal analyst Rory Simington said coal miners who could not meet their reduction targets would need to purchase carbon credits from either Australian or overseas schemes.
"Australia is a major coal producer globally so we expect marginal impact on exports," he said.
"However, the cost of offsetting carbon emissions will have a material impact to company revenues."
WoodMac estimates the cost of offsetting the carbon emissions will be up to US$10 per tonne of raw coal mined.
This translates to between 3% of the average total cost of mine operations for thermal coal and 12% for metallurgical coal.
The National Energy Guarantee is expected to take over the Renewable Energy Target.
According to WoodMac, in general, the NEG supports new renewable energy generation, although the potential use of "carbon offsets" would discourage investment in renewable energy.
"In the long-term as cost of renewable technology declines, power generation could potentially be supported by large-scale multi-day batteries, hydro-pumped storage and hydrogen storage," it said.
"The country's reliance on fossil fuel power generation would be reduced, as would power prices if all goes to plan."