The Albanese Government will legislate a national Net Zero Authority to ensure the workers, industries and communities that have powered Australia for generations can seize the opportunities of Australia’s net zero transformation.
The Authority will have responsibility for promoting the orderly and positive economic transformation associated with achieving net zero emissions.
The global transformation to a net zero economy is a massive source of economic opportunity for Australia, its regions, industries and workers.
The previous LNP Government put its head in the sand for a decade and ignored the pleas of communities, unions and business for coordination and support through this massive change.
In contrast, the Albanese Government is acting to capitalise on our potential as a renewable energy superpower.
The new legislated Net Zero Authority will:
- Support workers in emissions-intensive sectors to access new employment, skills and support as the net zero transformation continues.
- Coordinate programs and policies across government to support regions and communities to attract and take advantage of new clean energy industries and set those industries up for success.
- Help investors and companies to engage with net zero transformation opportunities.
To kickstart the Authority’s responsibilities immediately, the Government will recommend to the Governor-General the establishment of an Executive Agency from July 1 this year.
Initially housed in the Department of Prime Minister and Cabinet, the Agency will also develop advice to Government on the final design and establishment of the legislated national Net Zero Authority.
The Authority will work with state, territory and local governments, existing regional bodies, unions, industry, investors and First Nations groups to help key regions, industries, employers and others proactively manage the transformation to a clean energy economy.
The Government will also provide additional funding from the $1.9 billion Powering the Regions Fund to support existing industry – including rail and aviation – and new clean energy industries, with the creation of a $400 million Industrial Transformation Stream.
Over 150 countries have now committed to net zero by 2050, including almost all major economies and the majority of Australia’s trading partners. With renewable energy the cheapest form of new energy, investor interest in Australian industries is following these trends.
The shift to net zero emissions by 2050 must happen fairly for Australians in emissions-intensive industries and the communities they live and work in.
The regions that have always powered Australia can power Australia into the future, but we need to seize those opportunities. This Authority is about leaving no-one behind as this global shift continues.