The Albanese government is set to legislate a national Net Zero Authority in a push to ensure workers, industries, and communities are not left behind in the pursuit of net zero carbon goals.
Supporting workers in emissions-intensive sectors to access new employment, skills, and support are among the targets of the new legislation, the government revealed in a media release.
The Net Zero Authority also aims to ensure government initiatives and policies are coordinated to help towns and regions attract and benefit from emerging renewable energy sectors and position them for success.
Moreover, the government said the legislation intends to assist businesses and investors in pursuing prospects for net zero transformation.
To begin immediately with the Authority’s tasks, the government will suggest to the Governor-General the establishment of an Executive Agency on 1 July this year.
The agency, which will be initially based in the Department of the Prime Minister and Cabinet, will also provide government advice on the final layout and establishment of the legally mandated national Net Zero Authority.
To assist important areas, industries, employers, and others in proactively managing the shift to a clean energy economy, the Authority will collaborate with state, territory, and local governments, already-existing regional entities, unions, business, investors, and First Nations groups.
Meanwhile, the government said it will also establish a $400 million Industrial Transformation Stream to give extra money from the $1.9 billion Powering the Regions Fund to promote new renewable energy businesses as well as current ones like rail and aviation.
More than 150 nations, including nearly all of the world’s major economies and most of Australia’s trading partners, have already committed to reaching net zero emissions by 2050.
Investor interest in Australian industries is rising because renewable energy is the most affordable type of new energy, the government revealed.
The Australian government further stated that the shift to net zero emissions by 2050 must happen fairly for Australians in emissions-intensive industries and the communities they live and work in.
“The regions that have always powered Australia can power Australia into the future, but we need to seize those opportunities. This Authority is about leaving no-one behind as this global shift continues,” the statement reads.
