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 First Nations bodies, who agree it must be built on the foundation of free, prior 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 First Nations communities with companies and investors.

“...This is the biggest change in the global economy since the industrial revolution. And it also represents the best chance Australia has ever had to bring genuine self-determination and lasting economic empowerment to remote communities.

"New clean energy projects, new defence and security projects, new processing and refining facilities can all unlock new jobs and prosperity for Indigenous communities. 

"By partnering with locals from the beginning, we can avoid the exploitation and injustices of the past...

"So to sharpen the focus on delivery and strengthen accountability, we are creating a new First Nations Economic Partnership with the Coalition of Peaks. A new partnership for a new direction – with greater independence, real empowerment and lasting economic security for communities.

"We know important work is being done already by the Coalition of Peaks and the First Nations Economic Empowerment Alliance. And I have made it clear to both my Department of the Prime Minister and Cabinet and Treasury to get right behind these efforts. Because our Government shares your belief in the opportunities this time of economic transformation has to offer. And we share your determination for Aboriginal and Torres Strait Islander people to seize them. To maximise the benefits for communities, right from the outset...

"The same purpose underwrites the community benefit principles in our landmark Future Made in Australia Act. We want Government investment to drive engagement between businesses and communities, maximising local jobs and long-term benefit. And we want to see the same commitment in the First Nations Clean Energy Strategy we are developing with the states and territories.

"We want projects generating renewable energy on country, to bring new economic power to communities...

"Part of our Future Made in Australia agenda is clearing away red tape and create a new ‘front door’ to accelerate and co-ordinate transformational investment. If we can do this for industry and companies, we must do it for Indigenous communities.

"That’s why we are partnering with the First Nations Heritage Protection Alliance to create a central point of contact in communities to connect traditional owners and investors. This is being led by First Nations peoples, joined-up with all the land councils, the National Native Title Council and other relevant Indigenous organisations. Meaning investors and developers, companies and job-creators can directly contact communities. And ensuring that investment in northern Australia delivers practical benefits that make a positive difference.

"To bring this same spirit of empowerment to our cities and regional centres, we will also be boosting the investment, borrowing and lending power of Indigenous Business Australia. 

"This is about driving higher rates of First Nations home ownership. And lifting investment in Indigenous businesses and employers, all over the nation. Rewarding and incentivising wealth creation…"

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 (FPIC).

The National Native Title Council 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.

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% 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

Mr Lowe said free, prior and informed consent was the cornerstone of the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP), which the National Native Title Council 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 free, prior and informed consent, 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 free, prior informed consent from First Nations groups is important."

Professor Robynne Quiggin, a steering group member of the First Nations Clean Energy Network 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 and steering group member of the First Nations Clean Energy Network, 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.

National Native Title Council and First Nations Heritage Protection Alliance 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."

This is an excerpt from an article by National Indigenous Times published here.

Read Prime Minister Anthony Albanese’s speech here