The federal government has announced the creation of a national Net Zero Authority to support an orderly and positive economic transformation to achieving net zero emissions.
The government will legislate the authority to ensure Australia takes advantage of the opportunities that will accompany a net zero economy.
Prime Minister Anthony Albanese said the government is acting to capitalise on Australia’s potential as a renewable energy superpower.
“The previous 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,” he said.
The new legislated Net Zero Authority will support workers in emissions-intensive sectors to access new employment and skills, coordinate programs to support regional communities to take advantage of clean energy industries and help investors and companies maximise opportunities as part of the transformation.
To kickstart the authority an executive agency will be set up by 1 July, 2023.
Initially housed in the Department of Prime Minister and Cabinet, the agency will advise government on the final design and establishment of the national Net Zero Authority.
It 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.
“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,” Albanese said.
Climate Council CEO, Amanda McKenzie, said the authority will be crucial to ensure everyone gets to share in Australia’s next era of prosperity as a renewables superpower.
“Australia’s global allies and trading partners are forging ahead with the transition to net zero and it makes perfect sense for Australia to get in the game,” she said.
“There is no doubt Australia’s path to net zero requires transformative change.
“Last week the Liddell coal-fired power station went offline. The Victorian and Queensland Governments have announced their plans to fully exit coal power generation. It won't be long before all coal is retired for good.
“Communities in regions where fossil fuels are being phased out and those in Renewable Energy Zones need a voice, clear plans and strong investment to guide the transformation of their local economies and industries. The Net Zero Authority can provide important leadership and coordination for this shift.”