The NSW economy will see over $11.6 billion of private investment and 2,400 new jobs under Stage 1 of the NSW Government’s plan to reach net zero emissions by 2050.
Energy and Environment Minister Matt Kean said the plan, the first of its kind in Australia, is all about reducing the State’s emissions in ways that grow the economy.
“Where there are technologies that can reduce both our emissions and costs for households and businesses, we want to roll them out across the State. Where these technologies are not yet commercial, we want to invest in their development so they will be available in the decades to come,” Mr Kean said.
“Almost two-thirds of the private investment under the plan will go to regional and rural NSW, creating job opportunities and diversifying local economies that are doing it tough after the drought and devastating bushfire season.
“Global markets are rapidly changing in response to climate change, with many of the world’s biggest economies and companies committed to reach net zero emissions by 2050. NSW already leads the nation with its economic and investment plans and from today, NSW will lead the nation with its Net Zero Plan.
“Our actions are firmly grounded in science and economics, not ideology, to give our workers and businesses to best opportunity to thrive in a low-carbon world.”
Under the plan, household electricity prices will fall, regional businesses will have access to new technologies and markets, industry will be supported to modernise their plant and increase productivity and consumers will have more information to help them make financially and environmentally sustainable choices.
The plan is financially supported by the landmark $2 billion bilateral agreement between the Commonwealth and NSW Government announced in January 2020.
More information about the Net Zero Plan Stage 1: 2020-2030
