The federal government’s plan to include First Nations people as co-drivers of new industries to help drive wealth creation has been backed by key Indigenous bodies, who agree it must be built on the foundation of free and informed consent.

Prime Minister Anthony Albanese on Saturday said a new policy focus on Indigenous economic empowerment would be supported by a partnership with the First Nations Heritage Protection Alliance, to connect Indigenous communities with companies and investors.

The National Native Title Council welcomed Mr Albanese’s announcement, made at the annual Garma Festival in the Northern Territory’s Arnhem Land, but said wealth creation opportunities won’t work without free, prior and informed consent.

NNTC chief executive Jamie Lowe said economic opportunities for First Nations communities were best in the renewables industry, as Australia emissions reduction targets increase ahead of a multilateral net zero goal by 2050.

More than 140 countries have a net-zero target under the Paris Agreement – first agreed at 2015’s United Nations Climate Change Conference in Paris – covering about 88 per cent of global emissions, including big polluters China, the US, India and the EU.

Mr Lowe stressed free, prior and informed consent was crucial to attracting investment on clean energy projects, a view strongly backed by leading Indigenous clean energy bodies.

More than 60 per cent of future clean energy projects and resources required for the renewables revolution is on land and sea where First Nations people had legal rights and interests

Speaking at Australia’s biggest Indigenous cultural gathering, Mr Albanese said new projects on such land should “reward and incentivise” Indigenous communities.

The government pivot is significant after the failed Voice to Referendum last October and repeated Closing The Gap target shortfalls, which have drawn fierce and widespread criticism of Mr Albanese and the government.

The new federal plan to include a focus on consent was backed by key Indigenous groups.

Mr Lowe said the FRIC was the cornerstone of the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP), which the NNTC and First Nations Heritage Protection Alliance said was critical to development and investment.

“Better processes and relationships are good for First Nations communities and investors alike, and we’ve seen strong support for these principles already,” he said, citing BHP’s sponsorship and uptake of the Dhawura Ngilan Business and Investor Guide, which supports First Nations heritage protection.

First Nations Clean Energy Network co-chair Chris Croker said investment in Australia from global proponents would be “tricky” without First Nations FPIC, particularly with so much uncertainty around the issue.

“I’ve been working in this space for a little while now and, in talking to the big investors about our current projects, they are concerned about what they are getting into,” he told National Indigenous Times.

“They know prior informed consent from First Nations groups is important.”

Professor Robynne Quiggin, a steering group member of the FNCEN and Net Zero Agency Advisory board member, said any government legislation must establish free, prior and informed consent more permanently for First Nations.

“It starts with consent … we will define what consent is, not the parties that come to us,” she said.

Indigenous Land and Sea Corporation group CEO Joe Morrison said projects were de-risked when First Nations organisations were deeply involved.

“Real equity in First Nations businesses going forward is critical,” he said.

National Native Title Council chair Kado Muir said the extraction of resources from Country without Traditional Owner consent had been the economic foundation of Australia.

“The clean energy revolution is an opportunity for industry and government to redress this exploitation and work to address this historic injustice, with Traditional Owners as equity partners in projects,” he said.

Other measures revealed at Garma included forming an economic partnership with the Coalition of Peaks, and boosting investment of Indigenous Business Australia.

Saturday’s announcement builds on the co-design work already under way as part of the formal partnership agreement in November 2022 between the government and FNHPA on cultural heritage reforms.

Mr Lowe, a Gunditjmara and Djabwurrung man, said there was “immense opportunity on the horizon” for First Nations communities, in the clean energy transition particularly.

“But we want to learn from the First Nations experience with development to date to ensure we share in the economic benefits that will flow,” he said.

“In addition to the economic benefits, we also want to see protection of our rights and interests along the way. ”

NNTC and FNHPA Cultural Heritage executive director, Arrente and Kalkadoon woman Rachel Perkins, said the new partnership not only connected communities and investors but was truly representative of First Nations people.

She said it had the support Traditional Owner representative organisations from across the country, including Prescribed Bodies Corporate and Land Councils.

“This is about putting First Nations at the centre of decision-making about their communities, their economic development goals, and their cultural heritage,” she said.

“The co-design process that began under the Coalition government and continues under Labor on cultural heritage reforms has been a productive collaboration so far.

“We are deeply aware of the time already taken to land these reforms, and the work still to come.

“We look forward to seeing all this hard work come to fruition and expect a commitment from the government to enact this legislation in the next 12 months following an open and transparent consultation process.”

The PM’s weekend announcement followed last week’s formation of the First Nations Economic Empowerment Alliance, which wants to accelerate Indigenous economic opportunities and prosperity.

The alliance would also advance the case for major economic reform in Australia, and featured prominent individuals and organisations, including the NNTC, First Australians Capital, Indigenous Land and Sea Corporation and the First Nations Clean Energy Network.

The plan to improve prosperity and self-determination for First Nations in the renewables transition would be clearer with the imminent draft release of the government’s First Nations Clean Energy Strategy.