Reducing emissions is at the centre of the Albanese government's plan to boost renewable energy. One of the essential components of that plan will be the Net Zero Economy Authority. It's why I stand today in support of these bills, the Net Zero Economy Authority Bill 2024 and the Net Zero Economy Authority (Transitional Provisions) Bill 2024.
The Net Zero Economy Authority will be a new agency to oversee our nation's transition to net zero emissions by 2050. Its function will be to coordinate policy and planning, facilitate public and private participation—and, importantly, investment—support affected workers, support First Nations Australians to participate in our renewable transition, and deliver educational and promotional initiatives as Australia transitions to a net zero emissions economy.
Our government recognises the importance of a swift transition to net zero. It's why we've put Australia on the path to becoming a renewable energy superpower, with over $40 billion invested across the nation. This includes the $20 billion Rewiring the Nation program to modernise our electricity grid and infrastructure so it can support a renewable energy based system; the $1.9 billion Powering the Regions Fund to support the decarbonisation of existing industries and the creation of new clean energy industries; the $4 billion Critical Minerals Facility to grow our critical minerals production sector; the $2 billion Hydrogen Headstart program supporting development of large-scale renewable hydrogen projects; and the $15 billion National Reconstruction Fund to diversify and transform Australia's industry for a net zero economy. We have also supported Australian industries, workers and communities to participate in that shift to net zero, and our government is actively looking at ways to decarbonise existing industries and develop new green production opportunities.
All of this ambitious action requires a need for coordination, which is one of the functions of the new Net Zero Economy Authority. This authority will be objective driven. It will use resources efficiently to achieve outcomes that drive emissions down, support decarbonisation of industry and, importantly, create new jobs in our new clean energy industries. The authority won't take on the roles of existing government agencies; it will complement, co-ordinate, identify gaps and contribute to policy development. It will also work with government at state and territory levels to achieve investment in renewables to support our nation's transition to a renewable energy superpower.
Throughout this process of our transition away from fossil fuels and towards renewables, it's critical that we support workers and communities. The authority will play an important role in supporting community to understand the transition to a net zero economy, ensuring Australians are both engaged in the process and confident in its outcomes. We will also ensure that workers are not left behind as we build the industries and jobs that underpin our future prosperity. The authority will ensure workers receive the support they need. It will work with employers, unions and others to help workers engage in new opportunities.
This bill will also establish the legislative framework for an Energy Industry Jobs Plan. Administered by the authority, the plan will enable the use of pooled redeployment arrangements for workers. As coal-fired power stations and gas plants close, there will be a plan to help workers transition directly to a new job. Workers in a closing facility will have opportunities to be redeployed into a new job with another employer in the same or a similar industry. Those businesses on the supply chain will be encouraged to participate voluntarily in the redeployment scheme. We do expect many of our largest coal-fired power stations to put their hands up to participate in our federal government's Energy Industry Jobs Plan as they prepare for closure.
Stakeholder support for our Net Zero Economy Authority is strong. Jennifer Westacott, the former Business Council chief executive, described it as 'an opportunity for better jobs and better living standards', and Steve Murphy, National Secretary of the Australian Manufacturing Workers Union, explained, 'It delivers on the promise'. That is what this government has done and what this bill will do. It will ensure our local communities are able to enjoy the opportunities of a clean energy future.
These bills, along with our work on the transition to renewables, is an approach embraced by many, many people in my electorate of Corangamite. Since coming to office, our government has given the green light to a historic 46 renewable energy projects, with another 130 in the pipeline. As a result, we have seen a 25 per cent increase in renewable energy in the National Electricity Market. This is important progress, but there is so much more to do, and that's what these bills are all about. These bills signal that Australia has an eye on the future. My community has acknowledged this as a welcome change—a climate change policy that is actually reducing emissions and creating clean energy jobs.
This is in stark contrast to the former coalition government. The Liberals and the Nationals had no legislated target for net zero, no legislated target for emissions reduction, no settled approach to the energy transition, no plan to bring our electricity grid into the 21st century and no policy to ensure replacement capacity of the 24 coal plants that have announced closure dates. Back then, the coalition could not even agree on a long-term energy policy. One former Liberal Premier went so far as to describe it as a 'slow-moving train wreck'. And now, after all this time, the energy policy they've almost settled on is nuclear power, although it's worth noting that they seem to be divided on this policy as well.
This announcement was coming in weeks, then it was coming in before the budget and now they claim it's coming before the election. Australians know why this announcement has been delayed; they know this will cost taxpayers a fortune and they know it will mean more coal for longer. And they know that the Leader of the Opposition has considered putting a reactor on the Surf Coast. Imagine driving down the Great Ocean Road, the most iconic tourism location in Victoria, passing by Bells Beach, only to be greeted with looming nuclear stacks as you approach the quaint seaside village of Anglesea. Anglesea had a coalmine; it's no longer in use. It has been named in the past, and I know that the people of my electorate beyond and in Anglesea are very anxious about this proposal that had been given in the past. We will wait and see what the announcement brings. I do hope for the people of Anglesea that the local member listens and that this would not be a place for such a reactor. Our energy policy and commitment to renewable energy stands in stark contrast. It offers outcomes rooted in reality, not fantasy. It offers a cleaner net zero future, with lower power prices for all Australians, and the Net Zero Economy Authority will play a significant role in this future.
In closing, this is a future that will see Australian workers and communities continue to play a central role in our energy industry. As we transition to net zero, more opportunities for these workers and our communities will emerge. This is an exciting transition. It is one my community embraces, and I stand with them in moving forward to become a renewable superpower. The transition to net zero will push us through the doors of opportunity and create renewable jobs and a cleaner, greener future for our nation.
