The Australian Government will establish a national Net Zero Authority to guarantee that workers, industries, and communities that have driven Australia for decades can take advantage of the opportunities presented by the net zero revolution.
According to the Federal Government, the global transition to a net zero economy presents enormous economic opportunities for Australia, its regions, industry, and employees.
The Net Zero Authority will be in charge of promoting the orderly and good economic transition that comes with reaching net zero emissions.
The current Federal Government claimed that the previous government ignored the cries of communities, unions, and businesses for support and coordination during the massive change. In contrast, the Commonwealth Government said it is taking steps to maximise the country’s renewable energy superpower potential.
The newly legislated Net Zero Authority will:
- Assist workers in emissions-intensive industries in finding alternative jobs, skills, and resources as the net zero transition progresses.
- Coordination of government programs and policies to assist regions and communities in taking advantage of new clean energy industries, as well as setting such industries up for success.
- Assist investors and businesses in pursuing net zero transition opportunities.
To begin immediately with the Authority’s tasks, the Government wants to establish an Agency on 1 July this year, first based in the Prime Minister and Cabinet Department. The Agency will also take the lead in advising the government on the ultimate design and formation of the statutorily mandated National Net Zero Authority.
The Authority will collaborate with state, territory, and local governments, existing regional organisations, unions, industry, investors, First Nations groups, and others to help critical regions, industries, employers, and others manage the transition to a clean energy economy proactively.
The Federal Government will also establish a $400 million Industrial Transformation Stream to give additional funding from the $1.9 billion Powering the Regions Fund to promote new renewable energy industries as well as current ones like rail and aviation.
Over 150 countries, including practically all major economies and the bulk of Australia’s trading partners, have already committed to net zero emissions by 2050. Investor interest in Australian businesses is following similar patterns, as renewable energy is the cheapest type of new energy.
