Australian senate passes Net Zero Economy Authority Bill

The standalone statutory authority for the energy industry will work with communities, state, territory and local governments, regional bodies, unions, industry, investors, First Nations groups and others to take advantage of the of the country's net zero transformation opportunities.

It will oversee the country’s transition to Net Zero by 2050, with a targeted 43-per cent reduction of emissions by 2030, relative to a 2005 baseline.

It will coordinate with them through this massive change and facilitate the jobs and benefits of the economic transformation that come with moving to net zero, whether it is retraining and redeploying workers in traditional energy industries or cutting red tape in clean energy investment, an official release said.

Over 150 countries have now committed to net zero by 2050, including almost all major economies and most of Australia’s trading partners.

“And with our renewable energy abundance, skilled workers and world class technologies, investors around the world want to invest in Australian industries,” the release noted.

"These Bills represent our commitment to ensuring no region, no community and no worker is left behind. This is about building the industries and creating the jobs that underpin our future prosperity, Albanese said in a statement.

“The Authority will have the job of looking after the workers in regions like the Hunter, Central Queensland, Gippsland in Victoria and Collie in Western Australia who are at the core of this transformation,” minister for climate change and energy Chris Bowen said.

NZEA will also try to encourage public and private sector participation and investment in greenhouse gas emissions reduction and net zero transformation initiatives.

Fibre2Fashion News Desk (DS)