The Net Zero Economy Authority has been enshrined in law, with the legislation passing through parliament on 9 September 2024.
Climateworks Centre CEO and Net Zero Economy Agency Advisory Board Member, Anna Skarbek, welcomed the addition to Australia’s institutional arrangements.
“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.
“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.”
Ms Skarbek said that the authority 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.
“Our Australian Industry Energy Transitions Initiative work revealed that just five industrial regions account for one-eighth of Australia’s total emissions – equivalent to the emissions of every car and light commercial vehicle across the country,” Ms Skarbek said.
“The authority can focus on these industrial heartlands to ensure they – and the communities they support – remain competitive and prosper in a decarbonised world.”
The 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
“Over the past 15 years, our work at Climateworks has clearly demonstrated that a coordinated transition can deliver significant benefits for both communities and entire industries,” Ms Skarbek said.
“Major economies around the world are acting now to make the most of the new economic opportunities – demonstrating that planning for this transition is the ‘new normal’. This legislation shows Australia has joined the club.”
Inage credit: clearviewstock/Shutterstock.com.
