The Labour Party says if it is elected to power later this year the owners of the Rena would be made to pay the full amount to clean up Astrolabe Reef, off Tauranga.
The grounding of the container ship in 2011 resulted in New Zealand's worst maritime environmental disaster, with hundreds of tonnes of heavy fuel oil spilling into Bay of Plenty waters and washing up on beaches.
The owner and insurer of the ship intend to apply for resource consent to leave what is left of the wreck on the reef.
Leader David Cunliffe said on Monday a Labour government would require the Daina Shippping Company to clean up the wreckage and pay for the cost of doing so.