Australian Senate passes Net Zero Economy Authority Bill to drive climate action

The Australian Senate has approved the Net Zero Economy Authority (NZEA) Bill, establishing a standalone statutory authority to oversee the nation’s transition to net zero emissions by 2050. This move is part of Australia’s broader goal to cut emissions by 43% by 2030, based on 2005 levels.

The NZEA will coordinate net zero initiatives across government and key stakeholders, ensuring consistent climate policy implementation. The authority aims to boost public and private sector participation in reducing greenhouse gas emissions and advancing net zero transformation.

Additionally, the NZEA will support workers in emissions-intensive industries through paid retraining, redeployment, and financial assistance, addressing job insecurity as several coal and natural gas-fired power stations are set to close in the coming years.

The Bill, introduced in March by Prime Minister Anthony Albanese’s Labor government, 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 include up to eight members with backgrounds in trade unions, business, industry, finance, or investment.