The Albanese Labor government has introduced a law to establish a Net Zero Authority in Australia with a funding of $189.3 million.
The government’s initiative aims to support the country’s transition to net zero by promoting an orderly economic transformation as the world decarbonizes.
According to Mr. Albanese, the Net Zero Economy Authority will play a crucial role in positioning Australia as a renewable energy superpower, leveraging its abundant resources and skilled workforce.
The authority, set to be an independent statutory body, will be within the prime minister’s portfolio.
Assistant Minister to the Prime Minister Patrick Gorman has also introduced the Net Zero Economy Authority (Transitional Provisions) Bill 2024 to the House of Representatives on March 27.
Various stakeholders have shared their reactions to the bill, with concerns raised about potential conflicts of interest and the need for safeguards to ensure a fair transition to a net-zero economy.
Concerns have been raised about the exclusion of nuclear energy in Labor’s renewable-only strategy.
Shadow Minister Ted O’Brien has advocated for zero-emissions nuclear energy as a reliable and cost-effective source of clean energy. However, the government has been criticized for not considering the role of next-generation nuclear technology in Australia’s energy grid.
Opposition Leader Peter Dutton has highlighted the impact of Labor’s renewables-only approach on the cost of living, with energy bills rising and families facing energy poverty.
In addition to the Net Zero Authority Bill, the government has introduced legislation mandating climate reporting for large companies from early 2025, emphasizing the importance of climate transparency and accountability in the corporate sector.
