Prime Minister Anthony Albanese has announced his government will legislate a national Net Zero Authority to promote the orderly and positive economic transformation associated with achieving net zero emissions.
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.
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To kickstart the authority’s responsibilities immediately, the government intends to establish an agency from July 1 this year, initially housed in the Department of Prime Minister and Cabinet. The agency will also lead on providing 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, First Nations groups and others 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—such as rail and aviation—and new clean energy industries, with the creation of a $400 million Industrial Transformation Stream.
The news was welcomed by the Clean Energy Council, with CEO Kane Thornton commenting, “A Net Zero Authority will safeguard worker support, ensure regional employment and enrich education in the sector and beyond.
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“A Net Zero Authority is a vital piece of the puzzle as we shift towards a cleaner, more prosperous economic future for all Australians.”
University of Queensland economist Professor John Quiggin said, “A transition out of thermal coal is going to occur, because the world is moving to other sources of energy— our choice is whether that transition is planned and orderly, or delayed and disorderly.”
