The New South Wales Government has released their plan to achieve net zero by 2050, which includes significant reform for the future of energy production.
Net Zero Plan Stage 1: 2020 – 2030 outlines the state’s goal to reach net zero carbon emissions by 2050 and to halve emissions by 2030.
Plans for 2030 and beyond are set to be developed later, as rapid changes in technology alter the lowest-cost path to net zero.
The plan will support a range of initiatives targeting energy, electric vehicles, hydrogen, primary industries, technology, built environment, carbon financing and organic waste.
The Plan aims to send a clear message to local and international investors that New South Wales is open for business when it comes to delivering on economic, social and environmental ambitions.
The Plan is financially supported by a Bilateral Memorandum of Understanding on Energy and Emissions Reduction Policy between the Commonwealth and New South Wales Governments (Bilateral).
The Plan is set out in four parts:
- A global challenge with local opportunities – the trends and opportunities arising from global climate change action
- Progress and projections – progress within New South Wales to date to reduce emissions and future projections
- The net zero priorities – the New South Wales Government’s net zero priorities
- Keeping track – the New South Wales Government’s approach to keeping track of its progress
By delivering the Plan, New South Wales is expected to create almost 2,400 jobs and attract over $11.6 billion of investment over the next ten years.
Almost two-thirds of this investment will go to regional and rural New South Wales.
The Plan is expected to save households $40 a year on their electricity bills.
Clean Energy Council CEO, Kane Thornton, said Australia should be pushing to be powered by 100 per cent renewable energy and storage by 2030.
“Australians expect that any targets are met with real progress, not just slogans, and there is a clear expectation from the international community for Australia to turn its reputation as a climate laggard around ahead of COP26,” Mr Thornton said.
“The renewable energy industry has done the heavy lifting on reducing Australia’s emissions over the past decade and has proven its ability to meet and beat any target put in front of it.
“Australia should be aiming to meet its domestic electricity demand with renewable energy and storage by 2030.
“This would provide us with the foundation to become a global clean energy superpower, electrifying other sectors of the economy currently dependent on fossil fuels, such as transport and heavy industry, and exporting clean energy to Asia and the world.”