The Australian Senate has passed the Net Zero Economy Authority (NZEA) Bill, paving the way for a dedicated statutory authority to guide the country’s energy transition.
The NZEA will oversee Australia’s progress toward achieving net zero emissions by 2050, with a near-term goal of reducing emissions by 43% by 2030, compared to 2005 levels.
The authority will coordinate net zero efforts across government and key stakeholders, ensuring a consistent approach to climate policy. It will also encourage public and private investment in initiatives aimed at reducing greenhouse gas emissions and advancing the net zero transition according to a statement.
Additionally, the NZEA will support workers in emissions-intensive industries affected by the transition through paid retraining, redeployment, and financial assistance.
The Bill, introduced by Prime Minister Anthony Albanese’s Labor government in March, received crossbench support from senators and will return to the House of Representatives next month.
The government has allocated A$189 million ($123 million) to establish the authority, which will be chaired by former federal judge Dr. Iain Ross and governed by up to eight members, with expertise in trade unions, business, industry, finance, or investment.
The Bill has been endorsed by the Australian Council of Trade Unions (ACTU), which highlighted the job insecurity faced by energy workers as several coal and natural gas-fired power stations are set to close within the next five years.
ACTU president Michele O’Neil said, “The benefits will support Australian energy workers and communities to continue powering our economy for generations to come.”