I am pleased to speak in support of the Energy Security Corporation Bill 2024. The establishment of the Energy Security Corporation was a key election commitment of the Labor Government. After a decade of failed privatisation, the Minns Labor Government is delivering on its promise to the people of New South Wales to create a State-owned body that will accelerate investment in renewable energy assets to deliver cleaner and more reliable energy and help to keep the lights on. This is what Labor governments are for. Labor is taking action on climate change and supporting renewable energy that will power the State and reduce household energy bills. The New South Wales Government is focused on decarbonising the electricity sector and replacing the New South Wales coal-fired power stations as they reach the end of their operational lives with new renewable electricity that is reliable and dispatchable.
New South Wales has an ambitious 20-year plan to deliver the renewable energy it needs to replace ageing coal-fired power stations and provide the bedrock for the future New South Wales economy. We have the technology. We know that we need to build it. We know how much we need. We know where we need it, and we are already doing it. Our plan is for five renewable energy zones across New South Wales, powered with wind, solar and storage and linked with transmission, acting as modern-day power stations generating low-cost power for homes and businesses that need it. Achieving that goal requires new and accelerated investment in clean energy projects that improve the reliability, security and sustainability of electricity supply throughout the State. We are making progress. We have enough projects signed up to get us halfway to our 2030 renewable energy target, and we are a quarter of the way to our long-duration storage target.
But we have heard from the clean energy sector that investment gaps exist for important clean energy technologies. While we are lucky to have a bipartisan commitment to renewable energy in New South Wales, the Government believes we must do more. That is why I support the bill. The Energy Security Corporation is necessary to leverage government's unique position to cover investment gaps by crowding in private sector investment as the energy transition continues. As the Minister for Emergency Services said in his second reading speech, our communities are already experiencing the impacts of climate change caused by greenhouse gas emissions. It is essential that we take action, and the $1 billion investment in clean energy by the New South Wales Government is a critical step. I commend the bill to the House.