The New South Wales state of Australia is investing A$750 million over the next 10 years in emission reduction measures, according to the NSW energy minister Matt Kean.
The fund will be focused on three areas. A$380m will be used to support existing industries to adopt low-emission options. A$175m will be used to establish low-carbon industries such as green hydrogen. The remaining A$195m will be spent on research and development of new clean technologies.
It is part of the state’s Net Zero Industry and Innovation Programme to meet a net-zero target by 2050.
The main funding source is the NSW Climate Change Fund, with some support from the state's bilateral agreement with the federal government.
Energy expert George Varma of Pinsent Masons, the law firm behind Out-Law, said: “This funding announcement by New South Wales government follows recent funding announcements by the Queensland and Western Australian governments for promoting clean energy and carbon capture and reduction projects. With increased funding being made available for research and pilot projects, state governments are sending a clear message to the market that investment in renewable energy and carbon reduction technologies is a priority. This investment in the clean energy market will play an integral role in Australia’s energy focused growth plans.”
It is reported that expressions of interest will open in April.
