In a significant step towards a sustainable future, the NSW Government is investing $3.9 billion in the clean energy sector in the current financial year, as outlined in the 2023-2024 Budget. This substantial allocation is aimed at providing clean and affordable energy to ensure a consistent supply of energy for homes, businesses and industry.
The commitment to transforming the energy system is in line with the Government's emissions reduction targets of 50% by 2030 and net zero emissions by 2050. Key highlights of the Budget include:
Energy Security Corporation: A $1 billion investment to establish the Energy Security Corporation, focusing on storage and firming projects such as pumped hydro. This initiative will address market gaps and explore projects such as community batteries and virtual power plants to increase energy independence and reduce reliance on the grid.
Transmission Acceleration Facility: An $804 million commitment to accelerate the connection of renewable energy zones to the grid, ensuring that communities hosting these renewable power plants see early benefits.
Cost of Living Relief: In partnership with the Australian Government, $1.3 billion will be provided for energy rebates and targeted assistance for eligible households and small businesses. The crisis payment cap for the Energy Accounts Payment Assistance will be increased to $500, providing essential support for those facing short-term financial hardship or emergencies.
Net Zero Manufacturing: An infusion of $480 million to support net zero manufacturing, expanding local capacity to supply critical components for the emerging renewable energy sector. This will support businesses to manufacture low carbon products, helping to decarbonise NSW industry and drive a circular economy.
Electric vehicle deployment: An additional investment of $263 million to support the uptake of electric vehicles (EVs) in line with net zero emissions targets. The new NSW EV Strategy prioritises the development of charging infrastructure in both regional and metropolitan areas, preparing the state for increased EV adoption.
The 2023-2024 NSW Budget reflects a comprehensive strategy to drive clean energy initiatives that address environmental concerns, support economic growth and provide relief to households and businesses.