The Bill legislates ambitious emissions reduction targets and sets up a strong and independent Net Zero Commission to keep this government and future governments on track to Net Zero by 2050.
The effects of climate change are already apparent from the severity of extreme weather events which pose a risk to our health, environment and economy. This Bill is essential to NSW playing its part to minimise harm, while building resilience and maximising opportunities from new technologies and industries.
The Climate Change (Net Zero Future) Act will:
- require NSW to reduce greenhouse gas emissions to 50% by 2030 compared to 2005 levels.
- require NSW to reduce greenhouse gas emissions by 70% by 2035 compared to 2005 levels.
- require NSW to achieve Net Zero emissions by 2050.
- establish an independent Net Zero Commission to monitor, review, report on and advise on progress towards these targets.
- establish guiding principles to address climate change.
- commit to NSW becoming more resilient to climate change.
This legislation will act as the platform and driver for action across the whole of government. It builds on progress which has already seen NSW achieve an 18% reduction on 2005 levels of greenhouse gas emissions, by going beyond aspirational targets and enshrining them in law.
It provides for the targets to be ratcheted up over time, in line with community expectations. It commits the Premier and Minister for Climate Change to meeting the net zero target, demonstrating the government’s commitment to serious action on climate change.
It will also provide business and industry with energy and investment certainty, and create new jobs while bolstering Australian manufacturing in the energy sector.
After passing both houses of parliament, the Climate Change (Net Zero Future) Bill will soon be signed into law by the NSW Governor.
Minister for Climate Change, Energy and the Environment Penny Sharpe said:
“NSW Labor has followed through on its commitment to the people of NSW to take serious action on climate change and keep this government and future governments accountable for delivering on emissions reduction targets.
“This Bill provides the framework for NSW to embark on the essential journey to net zero emissions and better resilience to climate change.
“Climate change is an environmental challenge, but also poses an economic opportunity. This Bill provides certainty for industry, business, investors and all sectors of the NSW economy, and shows them they are not alone in responding to this challenge.
“I welcome the discussion and multi-party support that has led to the passage of this Bill and look forward to accelerating the transition to renewable energy that will deliver cleaner and more affordable energy to households and businesses.
“The passage of this Bill shows Labor can build consensus on what is right for NSW and deliver on its key election promises, despite holding minority government.”
