New South Wales (NSW), Australia’s most-populous state, announced a new commitment to slash its emissions footprint in half by 2030, on a 2005 basis, with expectations of attracting billions in private sector investment as it pursues its decarbonization goals.

The new target marks a significant acceleration from NSW’s prior 35% by 2030 goal. The province announced in 2016 its ambition to reach net zero emissions by 2050.

Premier Gladys Berejiklian said:

“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.

“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.”

The announcement follows the launch last year by NSW of a 20-year energy roadmap, aiming to position the region as an “energy superpower,” with plans to deliver 12 gigawatts (GW) of renewable energy and 2 gigawatts of storage, such as pumped hydro, by 2030, along with $32 billion of private investment during that timeframe.

Investor and climate-focused organizations welcomed the province’s announcement, and highlighted the economic and investment benefits of NSW’s initiatives.

Investor Group on Climate Change CEO, Rebecca Mikula-Wright, said:

“The commitment by the NSW Government to halve emissions by the end of the decade will create a strong signal to capital markets and support attracting billions in fresh investment into clean industries and infrastructure.

“Governments and investors around the world recognise that setting credible 2030 targets and pathways to net zero by 2050 is an investment decision. Institutional investors are hungry to capitalise on near-term opportunities to find market value and continue to generate sustainable returns for their beneficiaries and clients.”