The Australian Senate passed the Net Zero Economy Authority (NZEA) Bill last week moving one step closer to the establishment of a standalone statutory authority for the nation’s energy industry.
The NZEA will oversee Australia’s transition to net zero by 2050, with the country also targeting a 43 per cent reduction of emissions by 2030, relative to a 2005 baseline.
The authority will work on the coordination of net zero efforts across government and key stakeholders, promoting consistency in the design and implementation of Australia’s climate policy.
The NZEA will also try to encourage “public and private sector participation and investment in greenhouse gas emissions reduction and net zero transformation initiatives.”
The authority will also support workers in emissions-intensive energy industries who are affected by the net-zero transition. This will include paid retraining, redeployment, and financial assistance.
The Bill was introduced earlier this year and the government has committed $189 million to the establishment of the authority.
Prime Minister, Anthony Albanese said a NZEA will ensure workers and communities can seize the opportunities of the country's net zero transformation.
He said the global transformation to a net zero economy is a massive opportunity for Australia, its regions, industries, and workers.