The Net Zero Economy Authority Bill 2024 (Net Zero Bill) and the Net Zero Economy Authority (Transitional Provisions) Bill 2024 were introduced to Federal Parliament on 27 March 2024. Both bills have been referred to the Senate Finance and Public Administration Legislation Committee (Senate Committee) to review.

The Net Zero Bill deals with various matters regarding Australia’s transition to net zero by the year 2050. This includes measures intended to provide support to workers as Australia transitions to a net zero emissions economy and to facilitate the transition of affected workers to new employment.

The Net Zero Bill would introduce significant obligations on certain employers when notice is given of the closure of part or all of a coal-fired power station or a gas-fired power station. In short, this will include imposing new obligations on certain employers who have a commercial relationship with such power stations, as well as the owners or operators of those power stations.

This advice provides an overview of key components of the Net Zero Bill that would impose new obligations on relevant employers. Ai Group is preparing submissions to the Senate Committee and welcomes any feedback from members about the Net Zero Bill.