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$500 million boost for climate change

News

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$500 million boost for climate change

Brooke Kirkman

In line with the NSW Government's Climate Change Policy Framework, NSW Environment Minister Mark Speakman announced a nation-leading $500 million environmental funding package that will support a range of innovative environmental programs with a focus on job creation and consumer savings.

Mr Speakman released two draft plans on November 3, the NSW Government’s draft strategic plan for the $500 million investment package and the draft plan to Save NSW Energy and Money, plus accompanying policy framework.

The policy framework sets out an aspirational goal of achieving net-zero emissions by 2050, consistent with the Australian Government’s commitment to the Paris Agreement, and complementing Australia’s existing national targets.

“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,” Mr 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,” Mr 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,” Mr Roberts said.  

Visit engage.environment.nsw.gov.au/Environmental-Future-Consultation to have your say and take part in a webinar briefing around funding opportunities, the plans and framework held on December 1.