The state of New South Wales in Australia announced its plans to shift from coal-base power to renewables in the next decade. For this it aims to mobilise $23.3 billion of private investment into the renewables sector. The state authorities plan to attract private participation by improving the approval process, reducing bureaucratic hurdles and ensure timely clearances. 

The state authorities have aims to set up roughly 12 GW of wind and solar power capacity along with 2 GW of energy storage capacity which includes pumped hydro by 2030. This will help the state further its clean energy goals especially with four coal-fired plants in the state expected to retire in the next 15 years. Moreover, the state expects to create around 10,000 jobs through this massive investment plan.

Australia lags behind many developed countries in terms of its net zero carbon emission targets. Unlike other countries that aim for net zero carbon emissions by 2050, Australian government plans to achieve this post-2050. Thus, the country also lags behind meeting its Paris Accord targets of 2030. However, unlike the federal government, Australian states have been proactive in reducing carbon emissions and increasing renewable energy uptake.