Australia’s House of Representatives has passed a law mandating new climate-related reporting requirements for large and medium sized companies, as well as new legislation establishing a Net Zero Economy Authority, responsible for guiding the country’s economic transformation to net zero emissions.
Related article: Senate passes Net Zero Economy Authority Bill
The vote marks the last major legislative step to the passage of the new climate reporting requirements into law.
Experts say the Net Zero Economy Authority will be pivotal in accelerating action reducing emissions at scale and ensuring Australia’s regions, industries, communities and workers are supported in the shift to a low-carbon economy.
Climateworks Centre CEO and Net Zero Economy Agency Advisory Board member Anna Skarbek said, “The authority, now enshrined in law, sends a clear signal to Australia and to the rest of the world that the nation is committed to making the most of the net zero opportunity.
“It can now get stuck into securing a more coordinated net zero transformation—one that is orderly and fair and attracts the investment needed for action at scale.”
The Net Zero Economy Authority will have three main jobs:
- support workers in emissions-intensive sectors to transition to new jobs and learn new skills
- coordinate programs and policies across government to help regions and communities attract and take advantage of new clean energy industries
- help investors and companies take up opportunities in the net-zero transformation.
Related article: CCA: Solar, wind and batteries will get Australia to net zero
The authority will work with communities, state, territory and local governments, regional bodies, unions, industry, investors, First Nations groups and others to take advantage of net zero opportunities.
