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Australia NSW puts $750 million on the table to help clean up big emitters

00:21  08 march  2021
00:21  08 march  2021 Source:   msn.com

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Matt Kean MP wearing a suit and tie: NSW Energy and Environment Minister Matt Kean is touring Bluescope's steelworks today. (ABC Illawarra: Tim Fernandez) © Provided by ABC Business NSW Energy and Environment Minister Matt Kean is touring Bluescope's steelworks today. (ABC Illawarra: Tim Fernandez)

The New South Wales Energy Minister will travel to Bluescope in Port Kembla today to announce a $750-million program to help businesses develop low emissions technologies.

Matt Kean will use the backdrop of Australia's 15th largest corporate emitter to unveil the scheme.

"Almost 30 per cent of our state's carbon emissions are created by our top 55 industrial facilities, which are critical contributors to the NSW economy," Mr Kean said.

It is part of the Minister's plans to move the state towards a net-zero target by 2050.

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The net-zero industry and innovation program will be separated into three different focus areas of high-emitting technologies, new low-carbon industry foundations and clean technology innovation.

Heavy industry will be offered $380 million to retool with low-emission alternatives.

Industries like green hydrogen will be targeted in the $175 million to establish low-carbon industries.

Clean technology to reduce emissions

Another focus will be on clean technology with $195 million available for research into the creation of a decarbonisation innovation hub, along with developing low emissions standards and sustainable finance services.

"Supporting their move to cleaner equipment, technology and processes will significantly reduce emissions, while helping to protect jobs and maintain a resilient economy," Mr Kean said.

"This program will build on that to help create the jobs of the future and drive a clean industrial revolution."

The major funding source is the NSW Climate Change Fund and some support from the state's bilateral agreement with the federal government.

Business and industry groups will be invited to apply for grants from the scheme from April.

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