SYDNEY, AAP – The NSW is investing $750 million over the next decade to encourage industries to lower emissions as the state pursues a net zero target by 2050.
Energy Minister Matt Kean says the Net Zero Industry and Innovation Program is about co-investing with industry to reduce our carbon emissions and develop low-emissions technologies.
“NSW was one of the first jurisdictions in the world to set a net zero objective, but we must get there in a way that grows the economy, makes our businesses and industry more competitive and puts us ahead of the pack in the low-carbon global economy,” Mr Kean said in a statement on Monday.
Mr Kean said almost 30 per cent of NSW carbon emissions were created by the top 55 industrial facilities, which were critical to the NSW economy.
“Supporting their move to cleaner equipment, technology and processes will significantly reduce emissions, while helping to protect jobs and maintain a resilient economy,” he said.
“Our landmark Electricity Infrastructure Roadmap will give NSW some of the cheapest, cleanest most reliable energy in the world.”
Funding will focus on three key areas:
* $380 million to support existing industries to retool with low-emissions alternatives and future-proof their businesses.
* $175 million to set up low-carbon industries such as green hydrogen to create the jobs of the future.
* $195 million to research and develop new clean technologies to decarbonise in ways that grow the economy.
Expressions of interest will open in April.