The Senate of the Parliament of Australia referred the provisions of the Net Zero Economy Authority Bill 2024 and the Net Zero Economy Authority (Transitional Provisions) Bill 2024 to the Standing Committee on Finance and Public Administration Legislation for inquiry and report, and the committee sought submissions as part of this inquiry.

Australia’s energy transition represents a moment of great opportunity.

Reaching Australia’s net-zero emissions target requires coordinated action from finance, industry, community and all government departments at all levels.

Without this, emissions reduction cannot happen at the pace and scale needed and Australia risks making the net-zero transition too slowly, or not at all. 

Climateworks welcomes the Net Zero Economy Authority (the Authority) as a key element for achieving success from both an economic and an emissions perspective.

The Authority will help ensure Australia’s industries, regions and communities are positioned to prosper in a decarbonising global economy.

We welcome the objects of the Act as stated to ‘promote orderly and positive economic transformation as the world decarbonises; and facilitate the achievement of Australia’s greenhouse gas emissions reduction targets; and ensure Australia’s regions and workers are supported in relation to, and benefit from, Australia’s transition to a net zero emissions economy.’

More work is required to coordinate the transition and help all stakeholders collaborate and attract investment.

The Authority promises to achieve this at a national level.