The Federal Government has introduced legislation to establish the Net Zero Economy Authority, which will act as an independent statutory body that sits within the Prime Minister’s portfolio.
The Net Zero Economy Authority intends to ensure Australian workers and regions realise and share the benefits of a net-zero economy.
The body will support the economy-wide net zero transformation by acting as a catalyst for private and public investment, major project development, job creation and transition, and skills and community development.
Its responsibilities will include:
- facilitating public and private sector participation and investment in emissions reduction and net-zero transformation projects across Australia, including working with established investment funds
- supporting 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
- supporting communities – including First Nations communities – to participate in, and benefit from, the economic shift to net-zero emissions
- sharing information about Australia’s transformation to net-zero economy, educating communities and supporting social licence for the transition
- promoting coordination and consistency across government policies and programs.
“There is no nation on earth better placed than Australia to achieve the energy transition here at home and power it in the world,” Prime Minister Anthony Albanese said.
“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.”
Fortescue Metals chief executive officer Dino Otranto welcomed the announcement.
“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,” Otranto said.
“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. Through long-term and inclusive planning, public confidence in our shift to zero emissions will grow.
“Australia’s regions, workers and heavy industries stand to benefit from the global shift to green fuels, technologies, and commodities. To capture those opportunities, Fortescue supports the passage of this legislation and looks forward to substantively engaging with the Net Zero Economy Authority once established.”
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