Australian government establishes net zero authority
The Australian government is set to establish a new authority aimed at ensuring that workers, industries and communities can take advantage of the opportunities presented by Australia’s net zero transition. The Net Zero Authority will be designed in consultation with stakeholders and will become a legislative body with the power to coordinate and implement policies and programs that support the nation’s shift towards renewable energy.
One of the Authority’s primary objectives will be to help investors and companies engage with net zero transformation opportunities. By working collaboratively with stakeholders, the Authority aims to attract investment in new clean energy industries and support regions and communities in setting up for success. The focus on investors is critical, as they play a significant role in driving economic growth and innovation in renewable energy markets.
Australia and New Zealand’s Investor Group on Climate Change (IGCC) has welcomed the announcement.
As of yet, the details of the Authority’s power, role, and responsibilities are yet to be outlined. The next steps include the launch of an interim Agency within the office of the Prime Minister and Cabinet from 1 July to establish the Authority and its core functions. The Government will engage with key stakeholders as it begins developing strategies and outlining the Authority’s full functions.
We hope it goes without saying that without clear, comparable data, the risk of greenwashing in climate solutions remains high. With proper transparency, investors can help drive allocation of capital towards net zero goals.
Read more about the Net Zero Authority here.