Federal Budget Announces Net Zero Authority Funding
The Australian Government has announced funding for a new Authority to ensure the workers, industries and communities that have powered Australia for generations can seize the opportunities of Australia’s net zero transformation.
The Government will work to legislate the Net Zero Authority following detailed design in consultation with stakeholders.
The new Net Zero Authority will:
1. Support workers in emissions-intensive sectors to access new employment, skills, and support as the net zero transformation continues.
2. 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.
3. Help investors and companies to engage with net zero transformation opportunities.
As the Australian government establishes a Net Zero Authority to oversee the country's transition to a net zero emissions economy, it's crucial for industries to exercise caution when making 'green' statements. These statements, also known as 'green wash', overrepresent the environmental friendliness, sustainability, or ethics of a company's practices. The new authority will work to coordinate programs and policies across the government, support emissions-intensive sectors, and help investors and companies engage with net zero opportunities.
With $83 million in funding for the Authority, as well as additional funding for decarbonisation initiatives, it's vital that industries take transparency seriously when making their claims. As Australia looks to shift away from fossil fuel-focused industries towards clean energy and critical minerals, it's important that businesses and communities are best placed to take advantage of these opportunities. By exercising appropriate caution in their messaging, industries can help build trust and credibility in their efforts to play a key role in the country's net zero transformation.
Funding announced in Tuesday’s federal budget include the $400m Industrial Transformation Stream, the $600m Safeguard Transformation Stream for trade-exposed facilities in the Safeguard Mechanism and a $400m Critical Inputs to Clean Energy Industries Stream. These will support decarbonisation of sovereign manufacturing capability of critical inputs to the energy transformation, such as steel, cement, lime and aluminium.
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