Climate groups have praised NSW for again pushing ahead of the pack on emissions reductions by targeting a 70 per cent carbon cut by 2035.

The NSW Coalition government announced the new target on Friday, saying it would drive $39 billion in investment and support 13,000 jobs while protecting the environment for generations to come.

While South Australia and Victoria had joined NSW in targeting a 50 per cent cut by 2030, on 2005 levels, the new target pushes NSW ahead of all other states.

“There is a real sense of momentum towards a clean future in Australia this year,” Climate Council Head of Advocacy Jennifer Rayner said in a statement.

“We’ve seen much stronger targets for renewable energy and emissions reduction announced in Queensland, Victoria and now NSW. It’s great to see states jostling to be at the front of the pack in the race to net zero and Australians will reap the benefits.”

NSW Treasurer Matt Kean said the state was on track to achieve the 2035 pledge, which he said would secure the future of the economy and the environment for the next generation.

“I’ve just come back from the UK … where I met with investment banks and rating agencies,” he said.

“The very clear message to me from all those bodies is that climate risk is investment risk. They wanted to make it very clear that strong action on climate change would underwrite our state’s AAA credit rating.”

He defended several questions about the government deciding against legislation the target – a key line of attack used by teal independents targeting moderate Liberal seats.

“We’ve set our clear targets … we’ve got the policies legislated that will meet those targets,” he said.

The target has the support of the Labor opposition.

Climate scientists have called for a net-zero target for 2035 to ward off significant damage from climate change.

But the new NSW target was still an exciting development, the Nature Conservation Council NSW said.

“There are many climate solutions still to be implemented, like renovating households for energy efficiency, making public transport cheaper, and ceasing to log our native forests but this sets us in the right direction,” chief executive Jacqui Mumford said.

-AAP