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NSW is set to attract more than $37 billion in investment while slashing emissions by 50% below 2005 levels by 2030, under updated projections and objectives released as part of
the Net Zero: Stage 1 Implementation Update.

Premier Gladys Berejiklian said the state’s new objective of halving emissions by 2030 – up
from 35% below 2005 levels by 2030 – shows that NSW is serious about setting itself
up for the future while helping the world decarbonise.

“Our Net Zero Plan is expected to attract more than $37 billion in private sector investment
into New South Wales, support more than 9000 jobs, save households about $130 on their electricity bills
and help New South Wales become Australia’s first trillion-dollar state by 2030,” Ms Berejiklian said.

“This is about putting the policies in place to give industry and investors certainty , not only to
protect our planet but to future-proof our prosperity and way of life.”

Deputy Premier John Barilaro said regional communities will reap the rewards of the new
industries set to emerge over the coming decades.

“Whether it is in modern manufacturing, minerals or agriculture, regional NSW is home to the
skills, infrastructure and resources needed as the demand for low emissions technologies like
batteries and hydrogen grows,” Mr Barilaro said.

“The entire state will benefit from the economic and employment opportunities in low carbon
technologies, and we will continue to take action in a way that delivers more jobs and more
investment for people in the city and in the bush.”

Energy and Environment Minister Matt Kean said New South Wales was one of the first jurisdictions to
commit to net zero emissions by 2050 and we are now on track to double our economy and
halve our emissions by 2030.

“We can be a renewable energy super power and as global demand for low carbon products
and investments grows, the fortunes of the state are increasingly tied to the fortunes of our
planet,” Mr Kean said.

“In New South Wales, we also aren’t just setting targets. As a result of our policies, the state’s emissions
are projected to fall by 47-52% on 2005 levels by 2030 under independently peer reviewed
modelling.”

The Net Zero Plan: Stage 1 Implementation Update sets out the NSW Government’s action
on climate change, including the state’s nation-leading EV strategy, Electricity Infrastructure
Roadmap, the $750 million Net Zero Industry and Innovation Program and the NSW Waste
and Sustainable Materials Strategy.

The Implementation Update also outlines the Government’s commitment to disclose the
state’s climate related financial risks and opportunities for the first time in New South Wales, consistent
with the Taskforce for Climate Related Financial Disclosures framework.