- By 2030, NSW's emissions should fall by 47%-52% on 2005 levels
- Property Council of Australia has welcomed the announcement
- Buildings account for around 25% of emissions
The New South Wales government’s commitment to cutting emissions dramatically has been welcomed by the Property Council of Australia (PCA).
The NSW government has announced its commitment to cut emissions by half by 2030.
More specifically, the Energy and Environment Minister, Matt Kean, said under independent peer-reviewed modelling, the state’s emissions are projected to fall by 47%-52% on 2005 levels by 2030.
“We can be a renewable energy superpower 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.
The NSW government’s Net Zero Plan is expected to attract $37 billion in private sector investment, which will help the state achieve a trillion-dollar economy by 2030.
Regional industries are expected to benefit the most from this investment – significant given there are tensions with federal Nationals over various emissions-cutting programs, with a major climate summit scheduled to be held in Glasgow, Scotland later this year.
“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,” said Deputy Premier John Barilaro.
Property Council welcomes announcement
Luke Achterstraat, Property Council NSW executive director, noted that buildings account for over 50% of Australia’s electricity use and around 25% of emissions.
He said that while many property companies in Australia continue to top international sustainability benchmarks, the Property Council is supporting the broader industry to “step up to this challenge”.
“We recognise that the right policy settings can help our buildings achieve their full potential with consistency and efficacy,” said Mr Achterstraat.
“This announcement is a positive step that builds on the great work of the NSW Government, in particular Minister Matt Kean, on sustainability.”
He added that the property industry, in particular, leads the nation in investment in Environmental, Social and Governance, due to demands upon board and executive leadership by international capital sources.
“The property industry also stands ready to work with government to ensure our buildings play their part in the electric vehicle infrastructure so electric vehicles can access charging points in shopping centres, apartment buildings, office buildings and carparks across the state.
“With the right policy frameworks in place, we can minimise the costs of transition, create economic opportunities across all parts of industry.”