Climate costs
As the relentless march of climate change continues to reshape our world, the looming threat to residential property is becoming increasingly apparent.
The Australian government will establish the National Net Zero Authority (NNZA), a new body to support fossil fuel-dependent communities in the net zero transition, Minister for Climate Change & Energy Chris Bowen announced on Friday.
The authority will start work on July 1 to steer private investment into clean energy opportunities and ensure that workers, industries and communities that have relied on emissions-intensive industries are not left behind in the transition, reports Xinhua news agency.
Australia has set an emissions reduction target of 43 percent from 2005 levels by 2030 and a net zero target by 2050.
Advertisement
“The global transformation to a net zero economy is a massive source of economic opportunity for Australia, its regions, industries and workers,” Bowen said in a joint statement with Prime Minister Anthony Albanese and Treasurer Jim Chalmers.
They said 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 NNZA can support workers in emissions-intensive sectors to access new employment, skills and support as the net zero transformation continues.
Some business and environmental groups supported creating the new body.
Jennifer Westacott, chief executive of the Business Council of Australia (BCA) said it would play a crucial role in keeping manufacturing jobs onshore.
Advertisement
