Government hikes funding for new Net Zero Economy Authority
Make us a preferred source
Make us a preferred source on Google
The news: The Albanese government has increased its funding for the new Net Zero Economy Authority, as it introduced legislation to establish the new statutory body today.
The numbers: The federal government announced $189.3 million in funding in the four years from 2023-24, up from its previous allocation of $83.2 million. It has also committed $53.3 million per year beyond 2027.
It's part of the government's agenda to reduce emissions by 43% on 2005 levels by 2030 and achieve net zero by 2050.
The government said that the Net Zero Economy Authority, which will take the form of an independent statutory body housed within the Prime Minister’s portfolio, will help the country build on more than $40 billion in job-generating investments to date.
The context: The aim of the authority is to support the economy-wide net zero transformation, by acting as a catalyst for private and public investment, major project development, job creation and transition, and skill and community development.
Its functions will include coordinating policy and planning, facilitating public and private participation and investment, supporting affected workers, supporting First Nations Australians to participate in the transition, and delivering education and promotion initiatives as Australia transitions to a net zero emissions economy.
What they said: Prime Minister Anthony Albanese said: “There is no nation on earth better placed than Australia to achieve the energy transition here at home and power it in the world.
“We are home to every metal and critical mineral essential to net zero. Our workforce is skilled and valued, our safety standards are the highest in the world and we have a proven track record as a reliable producer and exporter of energy and resources.
"The Net Zero Economy Authority will play an important role in one of the most significant economic events in Australian history and position us as a renewable energy superpower.
"We are committed to working across governments, with regional communities and industries, and our international partners, to secure the opportunities of Australia's net zero future.”
The source: Prime Minister media release
