Net Zero Economy Authority Bill (2024)

Policies, Publications & Submissions - April 19, 2024

The ACTU welcomes the opportunity to make a submission to this Senate Inquiry on the Net Zero Economy Authority Bill 2024 (thereafter, ‘the Bill’).

The Bill establishes a new, national, independent Net Zero Economy Authority (NZEA) tasked with promoting an orderly, positive, and just transition to a net zero economy and energy system. Its work will focus on maximising the benefits and minimising the risks of decarbonisation for workers, communities and industries. The Bill represents a critical step forward in ensuring all workers and communities benefit from the transition to a net zero economy, and that no one is left behind.

The NZEA’s mandate will include the following functions set down in the Bill:

  1. Supporting workers in emissions-intensive industries who are, or will be, affected by Australia’s transition to a net zero emissions economy to access new employment, training, skills acquisition, and other supports including funding or grants.
  2. Supporting investors and companies to engage with opportunities in the net zero transformation and facilitating public and private sector investment in decarbonisation projects, particularly in industrial regions and where there is a clear role for government.
  3. Coordinating across the Australian government to promote consistency and organisation in the design and implementation of net-zero related policies, programs and plans.
  4. Developing and delivering educational and promotional initiatives for the purpose of promoting public understanding of, and enabling participation in, Australia’s transition to a net zero emissions economy.
  5. Supporting First Nations persons and communities to participate in, and benefit from, Australia’s transition to a net zero emissions economy.

The Bill sets down the key functions requiring legislation, with details of the full mandate to be fleshed out through subsequent consultation and regulation.

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