Federal Government introduces Net Zero Economy Authority

The Federal Government has introduced legislation to establish the Net Zero Economy Authority to promote orderly and positive net zero economic transformation for the country.

Over the next four years, the Government will provide $53.3m each year (a total of $189.3m) to resource 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.

Prime Minister Anthony Albanese commented on the authority.

“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,” he said.

“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.”

The Net Zero Economy Authority will:

• Facilitate public and private sector participation and investment in emissions reduction and net zero transformation projects across Australia.
• 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 a net zero economy, educating communities and supporting social licence for the transition.
• Promote coordination and consistency across government policies and programs.

Fortescue chief executive Dino Otranto welcomed the Net Zero Economy Authority.

“Putting a specialist authority at the heart of skills training, investment coordination and economic planning is an excellent addition to Australia’s enduring climate policy architecture,” he said.

“Australia’s regions, workers and heavy industries stand to benefit from the global shift to green fuels, technologies and commodities.

“The Government should be applauded for taking an economy-wide approach to the energy transition which puts Australia back at the front of the pack on tackling climate change.”