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Federal Govt looking to establish Net Zero Economy Authority

The Lismore App

27 March 2024, 1:51 AM

Federal Govt looking to establish Net Zero Economy Authority

The global shift to net zero emissions is Australia’s opportunity to become a renewable energy superpower.

That is why today the Albanese Government has introduced legislation to establish the Net Zero Economy Authority to ensure Australian workers and regions realise and share the benefits of the net zero economy.

The Government is also announcing $189.3 million over four years from 2023-24 (and $53.3 million per year ongoing) in resourcing for the Authority.

The Authority will support the economy-wide net zero transformation that is underway by acting as a catalyst for private and public investment, major project development, job creation and transition, and skills and community development.

Global efforts to reduce emissions have already started transforming traditional industries, creating new opportunities to broaden Australia’s industrial base and strengthen our sovereign capability.

The Albanese Government is already delivering a strong policy agenda to reduce emissions by 43 per cent on 2005 levels by 2030 and net zero by 2050.

This Authority will be pivotal to delivering this goal and realising the broader benefits for our nation.

Today’s legislation is another step forward in our plan for a net zero economy.

The Net Zero Economy Authority, an independent statutory body housed in the Prime Minister’s portfolio, will:

  • Facilitate public and private sector participation and investment in emissions reduction and net zero transformation projects across Australia, including working with established investment funds.
  • Support workers in emissions-intensive industries to access new employment, or acquire skills to improve their employment prospects, including an Energy Industry Jobs Plan to help workers in closing coal-fired power stations transition to new jobs.
  • Support communities – including First Nations communities - to participate in, and benefit from, the economic shift to net zero emissions.
  • Share information about Australia’s transformation to net zero economy, educating communities and supporting social licence for the transition.
  • Promote coordination and consistency across government policies and programs.

It will play a key role in our plan to make Australia a renewable energy superpower, building on more than $40 billion in job-generating investments.

Prime Minister Anthony Albanese said, “There is no nation on earth better placed than Australia to achieve the energy transition here at home and power it in the world.

“We are home to every metal and critical mineral essential to net zero. Our workforce is skilled and valued, our safety standards are the highest in the world and we have a proven track record as a reliable producer and exporter of energy and resources.

"The Net Zero Economy Authority will play an important role in one of the most significant economic events in Australian history and position us as a renewable energy superpower.

"We are committed to working across governments, with regional communities and industries, and our international partners, to secure the opportunities of Australia's net zero future.”

Climate Change and Energy Minister Chris Bowen said, "Neither government funding nor private capital alone can meet this challenge. It will take both, working together, to secure the opportunities of Australia’s net zero future.

"Our local and regional communities are at the forefront of the economic shift. Through this new body, we can better support them to seize the opportunities of a net-zero economy.

"We will work in genuine partnership with business, unions and communities to help make sure no one is left behind as we seize on this once in a generation opportunity."

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