NSW is set to attract more than $37 billion in investment while slashing emissions by 50 per cent below 2005 levels by 2030, under updated projections and objectives released as part of the Net Zero: Stage 1 Implementation Update.

Premier Gladys Berejiklian said the state’s new objective of halving emissions by 2030 – up from 35 per cent below 2005 levels by 2030 – shows that NSW is serious about setting itself up for the future while helping the world decarbonise.

“Our Net Zero Plan is expected to attract more than $37 billion in private sector investment into NSW, support more than 9,000 jobs, save households about $130 on their electricity bills and help NSW become Australia’s first trillion-dollar state by 2030,” Ms Berejiklian said.

“This is about putting the policies in place to give industry and investors certainty, not only to protect our planet but to future-proof our prosperity and way of life.”

Deputy Premier John Barilaro said regional communities will reap the rewards of the new industries set to emerge over the coming decades.

“Whether it is in modern manufacturing, minerals or agriculture, regional NSW is home to the skills, infrastructure and resources needed as the demand for low emissions technologies like batteries and hydrogen grows,” Mr Barilaro said.

“The entire State will benefit from the economic and employment opportunities in low carbon technologies, and we will continue to take action in a way that delivers more jobs and more investment for people in the city and in the bush.”

Energy and Environment Minister Matt Kean said NSW was one of the first jurisdictions to commit to net zero emissions by 2050 and we are now on track to double our economy and halve our emissions by 2030.

“We can be a renewable energy super power and as global demand for low carbon products and investments grows, the fortunes of the state are increasingly tied to the fortunes of our planet,” Mr Kean said.

“In NSW, we also aren’t just setting targets.

“As a result of our policies, the state’s emissions are projected to fall by 47-52% on 2005 levels by 2030 under independently peer reviewed modelling.”

The Nature Conservation Council of NSW has welcomed the NSW Government’s commitment.

“NSW’s progress is a brilliant demonstration that protecting our planet also creates jobs and attracts investment,” Nature Conservation Council Chief Executive Chris Gambian said.

“Today’s announcement shows what is possible when a government accepts the reality of climate change and decides to take action.

“The UK, USA and now NSW all have committed to halving climate pollution by 2030.

“This stands in stark contrast to the inaction of Prime Minister Morrison and the Federal Government.

“The Federal Government’s 26-28% target is now so weak it is untenable.”

While the Nature Conservation Council say the announcement is a step in the right direction, they believe more can be done at all levels of government.

“50% is a great start, made possible by the genuine efforts of the Berejiklian government,” Mr Gambian said.

“There’s now no reason not to ratchet up ambition across more sectors.”

“With some leadership from the Federal Government it is well within reach for NSW to achieve a 75% reduction in emissions this decade and net-zero far sooner than 2050.

“That’s both scientifically necessary and in the economic interests of NSW residents.

“There are plenty of opportunities for cutting climate pollution even further: from building better quality homes, to ending land clearing, to truly accelerating electric vehicle uptake.

“In NSW we could speed up our planned exit from domestic coal fired power stations which would dramatically reduce carbon emissions whilst creating new jobs.

“And we could plug the hole in the bucket by reducing the land clearing rates that have exploded in recent years,” Mr Gambian said.