New South Wales has committed to a new target to slash greenhouse emissions by 50 per cent by 2030, on its way to net-zero in 2050, Premier Gladys Berejiklian says.
The new 2030 target, based on 2005 emissions levels, was agreed by state cabinet on Monday and supported by NSW Nationals leader John Barilaro.
It comes amid federal government divisions, particularly amongst the Nationals, over plans to set a 2050 net-zero target at the national level ahead of a major global climate summit in Scotland this year.
NSW has already committed to net zero emissions by 2050.
Ms Berejiklian said the new target – which is an improvement on an earlier plan to cut emissions by 35 per cent below 2005 levels – showed NSW is serious about helping the world decarbonise while shoring up its economic future.
“Our Net Zero Plan is expected to attract more than $37 billion in private sector investment into NSW, support more than 9000 jobs, save households about $130 on their electricity bills and help NSW become Australia’s first trillion-dollar state by 2030,” she said in a statement on Wednesday.
“This is about putting the policies in place to give industry and investors certainty, not only to protect our planet but to future-proof our prosperity and way of life.”
Mr Barilaro said regional communities would reap the rewards of the industries set to emerge in coming decades on the back of a low emissions future.
“Whether it is in modern manufacturing, minerals or agriculture, regional NSW is home to the skills, infrastructure and resources needed as the demand for low emissions technologies like batteries and hydrogen grows,” he said.
“The entire state will benefit from the economic and employment opportunities in low carbon technologies, and we will continue to take action in a way that delivers more jobs and more investment for people in the city and in the bush.”
Energy and Environment Minister Matt Kean noted NSW was one of the first Australian jurisdictions to commit to net zero emissions by 2050.
“We can be a renewable energy superpower and as global demand for low carbon products and investments grows, the fortunes of the state are increasingly tied to the fortunes of our planet,” he said.
“In NSW, we also aren’t just setting targets.
“As a result of our policies, the state’s emissions are projected to fall by 47-52 per cent on 2005 levels by 2030.”