The NSW Government aims to help the state’s businesses cash in on the economic opportunities of a transition to net zero emissions with its $750m Net Zero Industry and Innovation program.
The program will provide grants for equipment upgrades, technology development and setting up new clean industries such as green hydrogen. Energy Minister Matt Kean said the Net Zero Industry and Innovation Program is about co-investing with industry to reduce carbon emissions and develop low-emissions technologies .
“NSW was one of the first jurisdictions in the world to set a net zero objective, but we must get there in a way that grows the economy, makes our businesses and industry more competitive and puts us ahead of the pack in the low carbon global economy,” said Kean. “This $750m program will support the development of new clean technologies, create world-leading centres of research and development and help existing industries future-proof their operations.”
Funding will focus on three key areas:
- $380m to support existing industries to re-tool with low-emissions alternatives and futureproof their businesses.
- $175m to set up low-carbon industries such as green hydrogen to create the jobs of the future.
- $195m to research and develop new clean technologies to enable decarbonising in ways that grow the economy.
“Almost 30% of our State’s carbon emissions are created by our top 55 industrial facilities, which are critical contributors to the NSW economy,” Kean said. “Supporting their move to cleaner equipment, technology and processes will significantly reduce emissions, while helping to protect jobs and maintain a resilient economy.
“Our landmark Electricity Infrastructure Roadmap will give NSW some of the cheapest, cleanest most reliable energy in the world. This program will build on that to help create the jobs of the future and drive a clean industrial revolution.”
Climate Council spokesperson and economist Nicki Hutley commented: “NSW industrial hubs like Port Kembla and the Hunter have incredible potential to be global clean industry leaders, with the right mix of skills, infrastructure and clean energy potential. They need policy support and funding to adapt to a world where Australia’s major trading partners are moving towards net zero emissions, and demand for low-carbon products is growing.
“Today’s announcement is a welcome move to help businesses support and grow jobs in industries such as manufacturing, and employ new workers in a changing global market. But it must be implemented carefully to track emissions reductions and business benefits, and the focus must be on a genuine transition to clean industry rather than propping up the role of fossil fuels.”
The Net Zero Industry and Innovation program is a cornerstone element of the NSW Government’s Net Zero Plan Stage 1: 2020-2030 and leverages existing NSW Government initiatives including Renewable Energy Zones, and Special Activation Precincts.
Expressions of interest for the program will open in April, with businesses and industry encouraged to jump online and register. For more information visit: