Policy, Projects, Renewables, Solar, Storage

Federal Government establishes net-zero authority

New legislation to create the Net Zero Economy Authority will position Australia to capitalise on the global transition to zero emissions, according to the Federal Government.

The independent statutory body, housed under Prime Minister Anthony Albanese’s portfolio, is designed to ensure Australian workers and regions benefit from a net-zero economy.

The Federal Government has committed $189.3 million over four years, and $53.3 million annually thereafter, in funding for the authority, which has been described as a critical step in Australia’s plan to reduce emissions by 43 per cent from 2005 levels by 2030 and achieve net-zero by 2050.

“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 Albanese said.

“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.”

The authority will help to drive private and public investment, project development, job-creation, skills training and community engagement to support the economy-wide net-zero transformation. Its key roles include:

• facilitating public and private sector participation in emissions reduction projects across Australia
• supporting workers in emissions-intensive industries to transition to new employment opportunities
• helping communities, including First Nations peoples, participate in and benefit from the net-zero transition
• educating the public and fostering social acceptance of the economic shift
• promoting coordination across government policies and programs.

Federal Climate Change and Energy Minister Chris Bowen said Australia’s local and regional communities are “at the forefront of the economic shift”.

“Through this new body, we can better support them to seize the opportunities of a net-zero economy,” he said.

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