Historic legislation to establish the Net Zero Economy Authority

Prime Minister

The global shift to net zero emissions is Australia’s opportunity to become a renewable energy superpower.

That is why today the Albanese Government has introduced legislation to establish the Net Zero Economy Authority to ensure Australian workers and regions realise and share the benefits of the net zero economy.

The Government is also announcing $189.3 million over four years from 2023-24 (and $53.3 million per year ongoing) in resourcing for the Authority.

The Authority will support the economy-wide net zero transformation that is underway by acting as a catalyst for private and public investment, major project development, job creation and transition, and skills and community development.

Global efforts to reduce emissions have already started transforming traditional industries, creating new opportunities to broaden Australia’s industrial base and strengthen our sovereign capability.

The Albanese Government is already delivering a strong policy agenda to reduce emissions by 43 per cent on 2005 levels by 2030 and net zero by 2050.

This Authority will be pivotal to delivering this goal and realising the broader benefits for our nation.

Today’s legislation is another step forward in our plan for a net zero economy.

The Net Zero Economy Authority, an independent statutory body housed in the Prime Minister’s portfolio, will:

  • Facilitate public and private sector participation and investment in emissions reduction and net zero transformation projects across Australia, including working with established investment funds.
  • Support 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.
  • Support communities – including First Nations communities – to participate in, and benefit from, the economic shift to net zero emissions.

/Public Release. View in full here.