The New South Wales government will push to enshrine emissions reduction targets into law, which will also see the establishment of an independent Net Zero Commission.
Thursday’s announcement is part of the Labor government’s Climate Change Bill, aimed at cutting greenhouse gas emissions by 50 percent by 2030, and net zero by 2050.
The government says the move will provide certainty to households, industry and “clean investors.”
“Enshrining targets in law shows the NSW government is serious about reaping the benefits of driving down emissions and moving to more affordable, renewable energy,” said Premier Chris Minns.
“The people of New South Wales expect their government to act on climate change and power bills. That’s why we’re delivering on our election promises to legislate emissions reduction targets and set up the independent Net Zero Commission.”
The state government says the Net Zero Commission will be an “independent, expert body to monitor the state’s progress to net zero.”
It will also report annually to ensure parliamentary transparency and accountability, according to the government.
Minister for Climate Change, Energy and the Environment Penny Sharpe said the creation of the commission fulfills Labor’s commitment to reduce greenhouse gas emissions and to transform the state’s energy systems.
NSW Spends Nearly $2 Billion to Rescue Renewable Energy Plans
To help keep the state’s electricity grid reliable in the push for renewables, the government is spending $1.8 billion along with the creation of the Energy Security Corporation.The state government made the spending announcement on Oct. 7 that will see $800 million (US$513 million) go to the Transmission Acceleration Facility to help connect the state’s Renewable Energy Zones (REZ).
Meanwhile, $1 billion (US$641 million) will go to the Energy Security Corporation to help meet renewable electricity supply targets of 12 gigawatts and 2 gigawatts of long-duration storage by 2030.
“These investments will reignite the first of our Renewable Energy Zones in the Central West-Orana and make sure local communities see early benefits,” said Ms. Sharpe.
Around 5,000 construction jobs and up to $10 billion (US$6.4 billion) in private investments are expected in the renewable zone by 2030, according to the government.
The government also wants the money to flow to other planned REZs, including the Hunter Transmission Project and the Waratah Super Battery.
“Investments will be ultimately recouped from the private sector developers of the REZ projects once projects reach financial close,” the state government said in a press release.
“That money will then be recycled back into the facility to support the development of future REZ projects.”
Opposition Says Government’s Budget Fails to Provide Energy Certainty
The opposition NSW Liberal party said the government’s budget could see the state potentially risk a “future energy blackhole” by not having provisions for the extension of the Eraring power station.“The Government has not provided a single cent to the ongoing operation of the Eraring power station which could cost up to $3 billion,” the NSW Liberal party said in a statement in late September.
“This is completely at odds with their commitment pre-budget to discuss extending the aging power station.”
The coal-fired Eraring power station—Australias’s largest power station—is set to close in 2025.
The Liberals have also taken issue with what they say are 500,000 small businesses that do not qualify for energy relief from the Minns government.
“As families and businesses struggle under Labor’s cost of living crisis, higher inflation, and increased interest rates, 1.5 million households will miss out on energy bill relief, leaving people across NSW to fend for themselves.”
