The Business Council supports the establishment of a Net Zero Economy Authority (NZEA) to better coordinate the long-term objective of decarbonising the economy and reaching net zero by 2050.

The BCA has long called for an independent body to facilitate the transition and provide a co-ordinating role across the range of government departments, business investment and approvals processes, including with the states and territories. 

This co-ordination is essential to ensure investment decisions can proceed and help reach the desired emissions reductions targets, while providing economic opportunities during the transition to net zero.

NZEA will have the ability to ensure workers, industries and communities across the country are able to seize the opportunities of the transition, particularly in growth sectors like critical minerals and renewable technologies.

It is also a positive sign that the Authority will prioritise economic rejuvenation of regional and rural communities.

It is imperative during the transition that workers and communities are not left behind. Upskilling, investment and an education system built for the future economy will be critical to the success of Australia’s transition to net zero.

Taking a cross section of views from stakeholders will also be important for NZEA to make decisions to ensure Australia’s approach is both ambitious and practical.  

The BCA looks forward to working with the Authority on ensuring the transition to net zero creates improved business and employment outcomes across communities.