The New South Wales Government has launched a plan to lead the race towards net zero emissions, with a $750 million program to support the development of low emissions technologies.
The Net Zero Industry and Innovation Program is an initiative of the NSW Government to achieve zero emissions by 2050.
By 2030, it aims to achieve a 35 per cent reduction in emissions compared with 2005 levels.
The program will allocate $380 million to support and re-tool existing industries with low emissions alternatives, $175 million to set up new industries such as green hydrogen and $195 million for the research and development of new clean technologies.
According to the State Minister for Energy and Environment Matt Kean, it is critical that clean technologies are developed, innovative new industries are encouraged and existing industrial centres are supported in becoming clean manufacturing precincts.
He added that many governments around the world were taking action address climate change.
“The NSW Government is committed to taking decisive and responsible steps to reduce the state’s emissions in ways that grow the economy, create jobs and reduce the cost of living and doing business,” Kean continued.
“To realise this vision, the government must support our scientists, researchers and businesses to develop new clean technologies, establish new world-leading centres of research, development and innovation and help industries future-proof and grow their operations. The program does exactly that, by investing $750 million to 2030 to realise the full opportunity of a low carbon NSW economy.”
The program has three areas of focus, including clean technology innovation; new low carbon industry foundations; and high emitting industries.
More than 1500 companies have pledged to commit to net zero targets, with BHP also committing to net zero emissions from operations and energy use by 2050 and to reduce operational emissions by at least 30 per cent by the 2030 financial year.
In addition, Shell and BP aim to be net zero emissions businesses by 2050.
The NSW Government has highlighted that by reducing emissions, it will strengthen industry resilience and accelerate technological innovation, while providing significant long-term economic benefits for the people, environment and economy.
As a result, it has designed the program to be responsive to market conditions, technology developments and stakeholder needs, ensuring the NSW economy maximises its opportunities to take advantage of the global decarbonisation move.