THE HON STEPHEN JONES MP

ASSISTANT TREASURER

MINISTER FOR FINANCIAL SERVICES

MEMBER FOR WHITLAM

ALISON BYRNES MP

MEMBER FOR CUNNINGHAM

MEDIA RELEASE

Illawarra MPs today welcome the plan to establish a National Net Zero Authority.

The Authority will work with workers, business and communities in emission intensive industries to ensure Australia’s smooth transformation to a Net Zero economy and industry, with no worker or community left behind and no one held back as this global shift continues.

Labor is committed to modernising Australian industry, securing and generating jobs and cleaner energy – this is crucial to our climate and our economy.

The new, legislated Net Zero Authority will support this endeavour and will have powers to:

• Support workers in emissions-intensive sectors to access new employment, skills and support as the net zero transformation continues.
• Coordinate programs and policies across government to support regions and communities to attract and take advantage of new clean energy industries and set those industries up for success.
• Help investors and companies to engage with net zero transformation opportunities.

Australia has only 79 months to get 82 per cent renewables into the grid. Today’s announcement is yet another step forward that will support our region’s plan to become a renewable energy powerhouse of the nation and the world.

To kickstart the Authority’s responsibilities immediately, the Government intends to establish an Agency from July 1 this year, initially housed in the Department of Prime Minister and Cabinet. The Agency will also lead on providing advice to Government on the final design and establishment of the legislated National Net Zero Authority.  

The Authority will work with state, territory and local governments, existing regional bodies, unions, industry, investors, First Nations groups and others to help key regions, industries, employers and others proactively manage the transformation to a clean energy economy.

The Government will also provide additional funding from the $1.9 billion Powering the Regions Fund to support existing industry – such as rail and aviation – and new clean energy industries, with the creation of a $400 million Industrial Transformation Stream.

This announcement is in addition to the Albanese Labor Government’s Safeguard Mechanism reforms, $15 billion National Reconstruction fund and increased funding for R&D into green hydrogen and low emissions steel production that will help future-proof industry and ensure our energy-rich economy remains competitive in a rapidly changing global economy. 

Regions like the Illawarra have always powered Australia and will be the powerhouse of renewable energy and advanced manufacturing, but only if we seize those opportunities.

We will work to make sure the Illawarra takes advantage of every opportunity as we work towards 2030.

This is our plan.