The Net Zero Economy Authority will promote orderly and positive net zero economic transformation for Australia, its regions, industries, workers and communities.
It will do this by coordinating effort, brokering investments that create jobs in regions, and supporting workers through change.
Its functions will include:
- Investment facilitation – catalysing investment in new industries and jobs, particularly in emissions-intensive regions.
- Worker transition – supporting workers impacted by net zero transition, particularly workers in coal-fired power stations and dependent mines, transition to new opportunities.
- Policy coordination and coherence – helping coordinate policy and program design and delivery for an orderly and positive net zero economic transformation, through advice to government and by working on-the-ground in key regions.
- Communications and engagement – building community understanding, confidence and engagement with net zero economic transformation.
The Government is targeting commencement of the legislated Authority in 2024, subject passage through parliament.
To lead on the design of the Authority and begin some of its core functions, the Net Zero Economy Agency has been established in the Department of the Prime Minister and Cabinet.