Two major initiatives will launch on Wednesday to further support First Nations communities building sustainable economic futures.

The Indigenous Land and Sea Corporation's new Sector Leadership Strategy and Future Industries Grant Program are designed to open new opportunities for Traditional Owners in emerging sectors such as renewables, carbon and environmental markets, inland water management, and fisheries and aquaculture.

The Sector Leadership Strategy reflected insights of Indigenous leaders and Country managers and builds on the ILSC's 'National Indigenous Land and Sea Strategy 2023–2028', which identified land and water sectors with strong economic potential and provided a roadmap for building skills, securing investment, and strengthening First Nations leadership across the emerging industries.

The Future Industries Grant Program offers grants up to $50,000 to Indigenous corporations for expert advice on sector opportunities.

The ILSC will roll out strategy initiatives in the next three to four years that support community-led economic development on Country, bolster First Nations leadership capacity and remove financial and structural barriers Indigenous landholders faced in these markets.

First Nations Country managers were already leading climate action, combining cultural knowledge with modern practice to protect land and water.

Their influence is set to only grow, with Net Zero Australia modelling showing 43 per cent of the renewable energy infrastructure required to reach net zero targets must be on Indigenous land.

The new strategy ensures Traditional Owners are at the centre of decision making and can share in investment on their lands and waters.

ILSC chair Ian Hamm said each industry offered real potential for growth, employment, and long-term wealth creation on Country.

"The Sector Leadership Strategy and Future Industries Grant Program present opportunities for Indigenous Country managers to take advantage of immediate market trends operating in the domestic and international context," he said.

"The business of nature repair and environmental management is one close to Indigenous peoples' culture and ways of living.

"By promoting and expanding the economic opportunities for our people to stay on Country and look after Country, we are contributing to intergenerational wealth building as well as positive impacts on Country for future generations."

More details about the new initiatives are available online from Thursday May 14.