A major overhaul of the federal environmental protection regime will be put to parliament this year, the minister, Murray Watt, has promised, as he warns further delays risk causing more “environmental destruction” and stalled investment.

After last week’s economic reform roundtable agreed to fast-track the original 18-month timeframe, Watt will on Tuesday confirm that legislation to re-write the Environment Protection and Biodiversity Conservation Act (EPBC) will be introduced before parliament rises for the year in late November.

The government will seek to legislate a set of national environmental standards and establish a federal environmental protection agency (EPA) in one package, rather than in multiple stages as it tried, and failed, to do in the previous term.

Watt’s predecessor, Tanya Plibersek, was on the brink of a deal with the crossbench to establish a federal EPA before Anthony Albanese intervened to avoid a pre-election backlash in Western Australia.

But after Labor’s thumping federal election win, the government believes it has a window of opportunity to finally act on Graeme Samuel’s 2021 review of the John Howard-era laws.

“It was clear from last week’s roundtable that there is very strong support – across business, environment and community representatives – for serious and urgent reform to deliver stronger environmental protections, faster and simpler project approvals and greater transparency in environmental regulation,” Watt said.

“In those meetings, I have consistently heard that we need to move quickly to reform these laws, as delays mean holding up investment and more environmental destruction.

Sign up: AU Breaking News email

“We are answering that call by significantly accelerating these reforms.”

While the timeframe is locked-in, key elements of the package will still need to be thrashed out in the coming months, including the model for the environment protection agency.

The design of the nature watchdog is a major point of contention between industry and nature groups. Major mining and business groups have previously argued the EPA’s powers should be limited to compliance and enforcement of nature laws, with no role in approving projects.

In contrast, green groups such as the Australian Conservation Foundation insist the independent watchdog must have decision-making powers.

As part of the revamp, the government is promising to “remove duplication” within the approvals and assessment system to help speed-up housing, renewable energy and critical minerals projects.

“We will continue consulting in the months ahead as we develop the reforms and get closer to passing this vital legislation,” Watt said.

The makeup of the new parliament means Labor will need either the support of the Greens or the Coalition to secure passage of the laws through the Senate.

Labor is more optimistic about securing the opposition’s backing this time around given its new leader, Sussan Ley, commissioned the Samuel review as environment minister in the Morrison government.

The Greens’ environment spokesperson, Sarah Hanson-Young, last week said the party stood ready to work with Labor on laws that “actually protect nature and make it easier for business to get responses to their applications in a timely fashion”.

“The only thing standing in the way of creating laws that give clearer guidance and faster processing are the big fossil fuel companies who prefer the status quo and have repeatedly used their political muscle to prevent fixing the laws,” Hanson-Young said.

“Putting in place clear rules, including the protection of critical habitat and a climate trigger, would allow for faster and more efficient assessments.”

The final parliamentary sitting day of the year is 27 November.