The net zero industry and innovation program will provide "high value grants" to support major capital upgrades for plant and equipment for the biggest emitters.
About a third of NSW emissions are created by the top 55 industrial facilities, all of which are in the mining and manufacturing sectors.
"NSW was one of the first jurisdictions in the world to set a net zero objective, but we must get there in a way that grows the economy, makes our businesses and industry more competitive and puts us ahead of the pack in the low carbon global economy," NSW environment and energy minister Matt Kean, who launched the program at Bluescope in Port Kembla on Monday said.
"This $750 million program will support the development of new clean technologies, create world-leading centres of research and development and help existing industries future-proof their operations."
The program will direct $380 million to support existing industries develop low emissions technologies and $175 million to set up low carbon industries such as green hydrogen.
There will also be $195 million to research and develop new clean technologies.
"Supporting their move to cleaner equipment, technology and processes will significantly reduce emissions, while helping to protect jobs and maintain a resilient economy," Mr Kean said on Monday.
"Our landmark Electricity Infrastructure Roadmap will give NSW some of the cheapest, cleanest most reliable energy in the world."
"This program will build on that to help create the jobs of the future and drive a clean industrial revolution."
The major funding source is the NSW Climate Change Fund and some support from the state's bilateral agreement with the federal government.
Business and industry groups will be invited to apply for grants from the scheme from April.