New South Wales will slash greenhouse emissions by 70 per cent by 2035, in an ambitious new target Treasurer Matt Kean says will put the state at the forefront of the low-carbon economy.
NSW is already on track to meet its current target of halving emissions by 2030, based on 2005 levels but Mr Kean wants to go further, arguing action on climate change will determine the prosperity of future generations.
"There is no bigger fight that we as a nation must face, than the fight against climate change," he said.
"Many communities across the country have spent the last few years choking on the dust of drought, or on the smoke of bushfires.
"Now, many of those same communities have seen their homes and businesses inundated with one-in-a-thousand-year floods, three times in the space of nine months.
"As any of those families who have lost their homes to fire or food, or their livelihoods to drought will tell you, this fight is one that we cannot afford to lose."
Mr Kean outlined the new target in an update to the NSW government's net zero implementation plan.
In it, he said the new target would deliver emissions reductions equivalent to 55.2 million tonnes of carbon dioxide.
Mr Kean said it would also attract more than $39 billion in private investment and support more than 13,000 jobs, mostly in regional NSW.
"NSW can be a first mover attracting international capital, industry and talent, if it seizes its opportunity to be the engine room of the low carbon global economy," he said.
"We need to reduce our reliance on energy sources that can be taken hostage by authoritarian regimes.
"By switching to locally made renewable energy, we can not only build a cleaner future, we can also protect our energy security."
The new target comes as the NSW government ramps up its investment in renewable energy infrastructure.
On Wednesday, the state and federal governments announced almost $8 billion would be spent building critical transmission infrastructure to connect the state's renewable energy generators to the national energy grid.
NSW will continue to have an overall emissions reduction target of net zero emissions by 2050.
