NSW minister for energy and utilities Frank Sartor said the savings funds were being established in order to create awareness among consumers and industry that effeciency initiatives were needed conjunction with growth programs in order to maintain sustainable development.

“We have to address both the water and energy needs of the community and the growth in the economy by addressing supply, but we should also wisely address demand to ensure that we use both resources efficiently,” said Sartor.

$40 million has been earmarked for the Energy Savings Fund over a five year period to promote energy saving initiatives by consumers, industry and government bodies.

The program projects a saving of 900,000MWh per year, equivalent to reducing greenhouse emissions by 800,000 tonnes of carbon dioxide per year,” acording to Department of Energy, Utilities and Sustainability director general David Nemtzow.

“Incentives such as these have proven to be an effective way to see real energy savings overseas, and the balance of measures in NSW will mean we can significantly bring on-line new demand-side water and energy resources, realising both economic and environmental benefits,” said Nemtzow.