The NSW government has released the stage one of its Net Zero Plan, covering the period from 2020 to 2030, under which it is expected to create almost 2,400 jobs and attract over $11.6 billion.
The Net Zero Plan Stage 1 is the foundation for NSW’s action on climate change and goal to reach net zero emissions by 2050.
The state’s business organisation, Business NSW, believes the government’s plan is right to focus on helping the state’s businesses navigate towards a net zero emissions economy.
“Measures that support business to make investments that can lower their energy costs and reduce their environmental footprint are a welcome potential win-win,” said Business NSW CEO Stephen Cartwright.
“Energy efficiency is one of the cheapest ways to cut carbon, while energy costs have been among businesses’ biggest complaints in recent years.”
He explained that the plan also demonstrates the potential for new or expanded business opportunities in some sectors on the path to the state reaching net zero.
According to Business NSW, landowners have a significant opportunity to benefit from carbon offsetting schemes that also allow industries such as aviation, which don’t have known low-carbon technology alternatives, to reduce their emissions footprint.
However, Mr Cartwright advised that there does need to be a level of caution as electrification of companies’ plant and vehicle fleets will only help their carbon footprint if electricity is produced in less carbon-intensive ways.
“The NSW renewable energy zone, alongside other key projects including Snowy 2.0 and interconnectors to Victoria and Queensland, will be needed as ageing coal power stations are retired,” Mr Cartwright opined.
“Moves towards electrification will be hindered if electricity costs are not brought under control.”
The NSW government has underlined that its plan will see it invest in scientists, entrepreneurs and businesses to deliver the next wave of technologies, goods and services for consumers, workforce and the environment.
“It will also empower consumers with more information to drive sustainable choices for the environment and the household budget,” the plan says.
The plan is forecast to deliver a 35 per cent emissions reduction in New South Wales by 2030 compared to where the state was in 2005.
Maja Garaca Djurdjevic is the editor of My Business.
Maja has an extensive career as a journalist across finance, business and market intelligence. Prior to joining Momentum Media, Maja spent several years unravelling social, political and economic intricacies in Eastern Europe.
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