Anne Stanley (Werriwa, Australian Labor Party) Share this | Hansard source

I rise to make my contribution to the Net Zero Economy Authority Bill 2024 and the Net Zero Economy Authority (Transitional Provisions) Bill 2024. When we look back through history, we see events throughout time that define the following decades and centuries, creating lasting effects till this day. We often see these events as single defining moments, but that's almost never the case. When Alexander Fleming first published his findings on penicillin, it went largely unnoticed until ten years later and took several more years of delays until its widespread use eventually began saving millions of lives and revolutionising medicine. When we think of the moon landings, we see Neil Armstrong taking his first step on the moon on 20 July 1969, but it began years and years before that, built on the successes and failures of millions of individuals worldwide and hundreds of projects. And, if we go back to the Industrial Revolution, it was a process which spanned generations. A recent estimate suggests it actually started almost 100 years earlier than thought, not in the 1760s but in the 1600s. Millions of people shifted their livelihoods, the fundamental industries that power economies changed and societies fundamentally changed forever. When we look at these events, we appreciate how pivotal they were for humanity, defining us and reshaping what humanity's future will look like.

Australia and the rest of the world are once again facing a pivotal moment, a moment which will be looked back on in a similar way to how we look back on the Industrial Revolution. The transition to a net zero economy is the most significant challenge humanity has faced. There's no denying or doubting how monumental and necessary it is. Every day we not only hear about but see and feel the impacts of climate change. Our weather is becoming more extreme, our reefs are facing unprecedented coral bleaching and we are losing an extraordinary number of unique flora and fauna. There is no denying that this is a result of our actions both historically and today, which means we have the responsibility not only to ourselves but to future generations to mitigate the effects of climate change and build a future which will be liveable.

Since coming to power in 2022, the Albanese government has dramatically shifted and expanded Australia's climate action. The previous government not only delayed action but actively struggled to believe in the facts of climate change, an issue that still plagues them in opposition, with their economically illiterate and irrational pursuit of nuclear power. The Albanese government lifted and legislated our emissions reduction targets, passed changes to the safeguard mechanism, introduced and expanded the Capacity Investment Scheme and set a target of 82 per cent renewables in the NEM, amongst many other changes since 2022. After a wasted decade, we are acting. And because of the wasted decade under those opposite, all levels of government are faced with the difficult task of transitioning our economy and power grid swiftly whilst the coal power stations still operate. The exit that those opposite refused to plan for, despite being warned for years, is now imminent, and the Albanese government has not been sitting on its hands. Australia is a fossil-fuel-based economy, and we must not be left behind as the world transitions away from fossil fuels. Australia must benefit from decarbonisation, and there are significant opportunities for us as a nation to leverage our advantages to become a renewable energy superpower.

Australia is blessed with an abundance of renewable energy sources, critical minerals deposits and the knowledge to benefit from them. However, the Albanese government recognise that, for a fossil-fuel-based economy, the industries, communities and workers will be impacted by this transition, much like the displacement of previous shifts in the world's economy—whether from the industrial revolution or globalisation. This is why this legislation is critical, as it establishes a permanent Net Zero Economy Authority. It is not only another stepping stone in our path towards net zero but it will ensure that our communities, especially in regional Australia, are not left behind. It's one of those measures that will define our response to the climate crisis, especially when examined by future generations.

Announced in May 2023, the Albanese government has moved to establish the interim Net Zero Economy Authority, and today the bill before the House details functions, powers and government arrangements, as well as a transition for the current interim body to an independent statutory authority. This authority has been subject to significant consultation and feedback from across society, with investor groups, business bodies, unions, peak energy bodies and local community groups across Australia participating. As a result of the extensive consultations, this authority has received support from 16 peak bodies, including the ACTU, the Australian Energy Council, the Australian Council of Superannuation Investors and the National Farmers Federation, because they all recognise the importance of a just and orderly transition to net zero.

The authority will play an important role in coordinating the government's policies and help facilitate public and private sector participation and investment across the country. It will support those workers in industries that are emissions intensive and will be affected by the transition with access to new employment and upskilling opportunities, and it will help improve their employment prospects. It will also support the implementation of the Energy Industry Jobs Plan, which will create a consistent approach in supporting workers to transfer from coal- and gas-powered stations and dependent coal mines to new employment. The authority will work with Indigenous communities so they, too, can benefit from transition to net zero. In exercising its functions, it will prioritise those communities, regions, industries and workers most impacted.

Importantly, the authority will be governed by an independent board of up to eight members, and a chair to be appointed by the minister. The board's composition must also consist of two members with experience in the union movement, to ensure that the views and concerns of workers are considered. Two members must also have experience in business, industry, finance or investment. Other members should have experience in economics, decarbonisation pathways, climate change policy, energy markets, regional development, First Nations engagement, public or cooperative governance, or law. The diversity of experience on the board will ensure its advice and decisions are made in the best interests of everyone, and will deliver Australia's goal of reaching net zero.

The Net Zero Economy Authority will play a fundamental and critical role in Australia's transition to net zero, alongside the almost $40 billion in government incentives to reduce emissions—incentives such as the $20 billion Rewiring the Nation Fund, the $1.9 billion Powering the Regions Fund, the $2 billion Hydrogen Headstart program and the $15 billion National Reconstruction Fund.

No single program or initiative will solve the complex task of transitioning our economy. Much like every other significant moment in humanity's history, it will take the efforts and contributions of millions of people working across projects both small and large and spanning decades. The transition is one of humanity's most significant challenges, and this government is committing to ensuring that all Australians are brought along and will benefit from it. This is the purpose of this authority. I commend the bill to the House.

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