The NSW Government has committed $500 million to support a range of innovative environmental programs including energy efficiency.
NSW Environment Minister Mark Speakman has released two draft plans and a policy framework which supports the aspirational goal of achieving net zero emissions by 2050, which is consistent with the federal government commitment to the Paris Agreement.
“The two draft plans set out significant new measures. The first sets out possible investment actions to stimulate investment in advanced energy in NSW, to build climate resilience and to help households and businesses use energy more efficiently," Speakman said.
“The second draft plan is a more detailed savings plan that proposes ambitious measures to help households save up to $7.8 billion on their energy bills by 2050, while proposing ways to help vulnerable families save energy and money."
The second draft plan will also help businesses and industry save up to $9.1 billion more on their energy bills by 2050.
“The $500 million package represents a meaningful, responsible and measured investment that is consistent with and optimises the Federal Government’s emissions reduction policy,” Speakman said.
Minister for Industry, Resources and Energy Anthony Roberts welcomed the draft plans.
“Attracting up to $3 billion of investment and jobs in energy efficiency and advanced energy in NSW, this package will facilitate the acceleration of new technologies, such as battery storage, for a safe, reliable, low cost transition to guarantee our state’s energy security,” Roberts said.