“The state government’s plan to legislate a reckless net zero target will do nothing more than increase power prices for households, destroy jobs in the regions and undermine the state’s energy security,” said Saxon Davidson, Research Fellow at the Institute of Public Affairs.
Introduced into state parliament today, the New South Wales government’s Climate Change (Net Zero Future) Bill will enshrine in law an economy destroying emission reduction target of 50 per cent by 2030, and net zero by 2050.
“IPA research has established that in order to achieve net zero emissions all future coal, gas, and oil projects, which provide secure baseload energy, must be cancelled. This will have a devastating effect on the economy and will put over 138,000 jobs at risk across the state,” said Mr Davidson.
The Bill also undermines the sensible decision taken by the Premier and Minister for Energy in September to keep the Eraring Power Station open past its artificial closing date to ensure secure affordable and reliable energy supplies.
“Today’s announcement leaves New South Wales vulnerable. Blackouts and unaffordable energy bills are set to become the norm as reliable and affordable baseload power generation is replaced by expensive and unreliable renewables to meet this target,” said Mr Davidson.
IPA analysis has found the policy of net zero emissions in New South Wales will put in excess of 138,000 jobs at risk across the state, with two-thirds of those job losses coming from regional areas.
“This Bill is a disaster for families and region communities who will pay for this bill in higher electricity prices and lost jobs,” said Mr Davidson.
“It won’t be those in the inner-city who will pay the price, it will be working families and small businesses in the outer-suburbs and regional New South Wales. The state government’s net zero Bill legislates these job losses into reality.”
“These are jobs that are not coming back either, for every one job created in ‘renewable activities’ since 2010, five manufacturing jobs have been destroyed. Its lights out for jobs in New South Wales,” said Mr Davidson.
To download the IPA’s research on the impact of net zero on New South Wales click here.