Australia’s most populous state New South Wales has revealed its plan to draw $32 billion of private investment into the renewable energy sector in the next decade as it shifts away from coal.
NSW’s conservative Liberal-National said it would cut red tape and speed up approvals for businesses to invest in renewable energy projects, with four of its five coal-fired power plants expected to close in the next 15 years.
Reuters Newsagency reports in the most ambitious energy plan in the country, the government will support the private sector to build critical energy infrastructure by 2030 as NSW faces the end of the coal-fired power generation.
The plans would create close to 10,000 jobs and aimed to bring 12 gigawatts (GW) of wind and solar power and 2.0GW of storage, such as pumped hydro, online by 2030, state Energy Minister Matt Kean said in a statement.
The opposition Labor Party said it would support the plans although they came “after a decade of delay”.
It will also see $1.5 billion in lease payments go to landowners for hosting new infrastructure on their properties and put NSW in the top 10 for the lowest industrial electricity prices in the OECD.
The government says its Electricity Infrastructure Roadmap will cut the average small business electricity bill by about $440 a year, with savings of about $130 a year for the average household bill.
There will be $50 million in the state’s November 17 budget for grants for pumped hydro projects and legislation will be introduced into the NSW Parliament in the final two sitting weeks of the year.
NSW Treasurer Dominic Perrottet said the road map would grow the economy, create jobs and deliver $32 billion of private sector investment in electricity infrastructure by 2030.
Reuters reports most Australian states support greater use of renewable energy but the conservative Liberal-National federal government has refused to match other developed countries in setting a target for net zero carbon emissions by 2050.
Instead, Canberra says zero emissions will be reached sometime after 2050.
Australia is so far well short of meeting its United Nations sponsored Paris Agreement target of cutting carbon emissions by 26 per cent to 28 per cent from 2005 levels by 2030.
Reuters reports United States president-elect Joe Biden could encourage Australia to meet its emissions targets, the Australian Industry Group said, as he has said his administration will rejoin the Paris Agreement climate deal and aim to achieve zero emissions by 2050.
Australian Prime Minister Scott Morrison said President-elect Biden’s election would not change Australia’s climate policies.
“Australia will always set its policies based on Australia’s national interests,” Mr Morrison told reporters in Canberra.
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One Response
No Help from Scamo who would be happy with more coal to please his coal cronie buddies.