Ms BYRNES (Cunningham) (12:42): The Net Zero Economy Authority Bill 2024 and Net Zero Economy Authority (Transitional Provisions) Bill 2024 seek to establish an independent authority tasked with overseeing the transition to a net zero economy. This means Australia needs to work towards achieving a balance between the greenhouse gases we emit and those we remove or offset. The urgency of the climate crisis demands bold and decisive action, and the Net Zero Economy Authority Bill represents a crucial step forward in our effort to combat climate change and secure a prosperous, resilient future for generations to come. This action aims to stop the ongoing progression of global warming and mitigate its devastating effects.
The Albanese Labor government is establishing a new net zero economy authority because we want to ensure Australia and regions like the Illawarra prosper in the future net zero global economy. The shift to net zero is already happening. Australia, along with the rest of the world, is reducing greenhouse gas emissions to net zero by the middle of the century. The establishment of such an authority is not merely symbolic; it is a logical recognition of the scale and complexity of the task at hand.
Climate change is not a problem that can be solved by individual action alone. It requires coordinated, systemic change across all sectors of society, from government and industry to communities and individuals. The Net Zero Economy Authority will play a pivotal role in driving this transformation. It will have the mandate and the power to advise, regulate and coordinate efforts across sectors, ensuring that we stay on track to meet our net zero targets and fulfil our international commitments under the Paris Agreement. The authority would promote logical and positive economic transformation by helping to facilitate the achievement of Australia's greenhouse gas emission reduction targets. Assisting Australia's transformation as a renewable energy superpower and ensuring Australia's regions and our workers are supported through and benefit from the associated economic transformation will be the key priorities. The transition to net zero emissions will mark one of the most profound economic changes since the Industrial Revolution. The substantial and widespread efforts worldwide to decrease emissions will reshape our industries and our economies fundamentally.
This new authority, with its focus on managing economic change, complements over $40 billion in government initiatives to reduce emissions and become a renewable energy superpower. These include the $20 billion Rewiring the Nation program to modernise our electricity grid and infrastructure so it can support a renewable-energy based energy system, the $1.9 billion Powering the Regions fund to support the decarbonisation of existing industries and the creation of new clean-energy industries, the $6 billion critical minerals facility to grow our critical minerals production sector, the $2 billion Hydrogen Headstart program to support development of large-scale renewable hydrogen projects and the $15 billion National Reconstruction Fund to diversify and transform Australia's industry for a net zero economy.
Our steelworks in the Illawarra, BlueScope, which is located in the suburb of Port Kembla, is a significant industrial site for the region, contributing millions to the local economy and generations of employment. Having operated for decades, it plays a vital role in steel production, supplying materials for various industries and infrastructure projects. Our renewable energy transformation will require 5 billion tonnes of steel between now and 2050, and our steelworks will be an integral part of achieving this.
Whilst the Illawarra has heavy industry ingrained in its core, it is also uniquely positioned to become a renewable energy superpower to help achieve a net zero economy. The Illawarra region has attracted significant attention as a thriving centre for pioneering renewable energy solutions, and spearheading this companies are companies like Hysata, which I have spoken about in this parliament before. They are world renowned for the production of the world's most efficient hydrogen electrolysers, having won an award at COP28 and having just achieved the Southern Hemisphere's largest ever series B capital raise of $172 million. These electrolysers will play a crucial role in the decarbonisation of heavy industry and large-scale hydrogen production.
We also have Sicona Battery Technologies, who have made significant strides in the development of next-generation lithium-ion batteries. Their cutting-edge technology promises enhanced performance and durability, crucial for storing renewable energy and powering electric vehicles.
We have Green Gravity, who have ingeniously repurposed retired mine shafts to generate kinetic energy. The innovative approach not only provides a sustainable source of power but also repurposes existing infrastructure, demonstrating our region's commitment to both environmental stewardship and economic revitalisation.
The Net Zero Economy Authority will ensure we're looking after Australia's workers and our regions as we transform from a fossil fuel based economy to a renewable energy superpower. This recognises that the way we navigate economic change is just as important as reaching the destination of the net zero economy. The authority will be a partner on behalf of the government with industry and investors in getting big transformational projects happening—projects that decarbonise industrial facilities, build new industries and grow the future economic base for regions like the Illawarra.
In recent years, the Illawarra region has emerged as a dynamic hub for groundbreaking advancements in renewable energy technology, marking a profound shift towards sustainability and resilience. With lush landscapes and vibrant communities, the Illawarra is transforming into a hive where innovation thrives, paving a clearer way towards a cleaner and greener future.
Green hydrogen is expected to supply 10 to 15 per cent of energy in a net zero global economy and contribute 20 per cent of the total abatement required by 2050 for net zero. I'll go back to a company, Hysata. Hysata's innovative electrolysers will bring down the cost of green hydrogen and reduce energy usage, as they operate at 95 per cent efficiency, compared with around 65 per cent efficiency for other modern electrolysers. This is huge for industry, but it's also huge for the Illawarra. It really puts us on the map.
Projects like this are part of securing Australia's place as a renewable energy superpower and securing the well-paid secure jobs that come with exporting cleaner, cheaper, reliable renewable energy to the rest of the world. With the industry announcing that 24 coal-fired power stations will be shutting by 2030, under the watch of those opposite, the era of coal-fired power is drawing to a close. Those opposite had no plans for what would be replacing their electricity and no plans to help the huge workforce supporting these power stations as they transition.
As the Prime Minister has said:
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.
A skilled workforce is the backbone of a thriving economy, driving innovation, productivity and competitiveness across industries.
One of the key aspects of achieving net zero involves the expansion of renewable energy infrastructure as well as the upgrading of energy grids to accommodate those new sources of power. In late 2023, the Albanese Labor government, through the Australian Research Council, funded the establishment of a Training Centre in Energy Technologies for Future Grids at the University of Wollongong. Amongst other things, this centre will develop innovations that will facilitate the integration of renewable energy into the electricity grid and maintain grid stability. It is important that renewable energy provide a predictable and sustainable source of energy. The university's research in this area could prove vital to this process.
A skilled workforce, like the one we are so fortunate to have in the Illawarra, is essential for the construction, installation, and maintenance of renewable energy systems, including engineers, technicians, electricians and project managers. Training programs and apprenticeships can help develop the necessary skills and ensure that workers are equipped to meet the demands of our growing sector. This is why I secured two crucial facilities for the Illawarra: the $10 million Energy Futures Skills Centre at the University of Wollongong and the $2.5 million renewable energy training centre at Wollongong TAFE.
As Australia's fleet of power stations inevitably close, the Net Zero Economy Authority will work with employers, unions and others in our community to support workers into new opportunities. This is not just the right thing to do by workers; it also ensures we are making good use of the highly skilled workers we need more of in the net zero economy. The authority will help communities navigate this change, especially in regions where change will be significant.
This bill will be promoting innovation and investment in low-carbon technologies and infrastructure. From renewable energy and energy efficiency to sustainable transport and land-use practices, we must harness the power of innovation to drive the transition to a cleaner economy. It will engage stakeholders at all levels of society, from business leaders and policymakers to community organisations and grassroots activists. Climate action is a collective endeavour, and the Net Zero Economy Authority will work to build partnerships, foster dialogue and mobilise support for climate solutions. This will ensure that no-one is left behind in the transformation to a net zero economy. We must prioritise equity and social justice, recognising that the burden of climate change falls disproportionately on the most vulnerable people among us. It will be guided by principles of fairness and inclusion, striving to create opportunities for all to thrive in a sustainable future.
The Net Zero Economy Authority Bill 2024 represents a historic opportunity to chart a new course towards a brighter and more sustainable future. It is a testament to our shared commitment to leaving a legacy of hope and resilience for future generations.
