- The NSW Government is offering up to $750 million in funding to industries that want to create low emission technology
- The decade-long funding package also forms part of the State Governments’ wider commitment for net-zero emissions by 2050
- It’s estimated 30 per cent of all of NSW’s carbon emissions were created by the top 55 industrial facilities in the state
- NSW’s Energy Minister said this package aims to address the emissions issue by creating cleaner equipment, technology and processes
- Every state and territory in Australia has committed to a net-zero emission target by 2050, while the Prime Minister also supports the goal
The NSW Government is offering up to $750 million in funding to help lower carbon emissions across the state.
The decade-long funding package forms part of the State Governments’ wider commitment for net zero emissions by 2050.
Package explained
The Net Zero Industry and Innovation Program will broken up into three parts, with the biggest chunk of spending to go towards future-proofing businesses.
That means $380 million being spent on swapping out traditional technology with low-emission technology alternatives.
Another $195 million will be spent on researching and developing new clean technologies which will help grow the state’s economy.
Finally, $175 million will go towards setting up new low-carbon industries, such as green hydrogen.
Commenting on which industries would take up the package, the NSW Energy Minister explained an estimated 30 per cent of all of the state’s carbon emissions were created by the top 55 industrial facilities.
“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 ,” Matt Kean said.
“Supporting their move to cleaner equipment, technology and processes will significantly reduce emissions, while helping to protect jobs and maintain a resilient economy,” he added.
Net-zero by 2050
Along with NSW, every other state and territory in Australia has committed to a net-zero emission target by 2050.
Prime Minister Scott Morrison also indicated last month that his Government would adopt the target after months of resistance.
Australia is one of the few developed countries globally that hadn’t committed to a net-zero target at the end of last year.