The Queensland Government has announced that the upcoming State Budget will include Australia’s largest ever investment in renewable energy assets.
The budget is set to include a record $26 billion invested in the renewable energy and jobs plan over the next four years – a boost from the $19 billion in 2023–24 budget.
This includes:
- $16.5 billion towards renewable energy and storage projects
- $8.5 billion to build the SuperGrid, including Copperstring and renewable energy zones
- $500 million for network batteries and support of local grid solutions
- $192 million for the Transmission and Training Hubs in Townsville and Gladstone
This investment is made possible because the Queensland Government is making multinational mining companies pay their fair share through the progressive coal royalties scheme.
A total of $8.686 billion in capital investment is expected to be delivered in the 2024–25 financial year alone.
Queensland’s renewable energy transition will support the state in achieving the landmark 75 per cent by 2035 emissions reduction target and 80 per cent renewable energy by 2035 target, both enshrined in law.
Deloitte Access Economics modelling has identified that Queensland stands to lose out on 87,000 more jobs by 2035 if it fails to meet its 75 per cent emissions reduction target.
By 2050 Queensland would miss out on 145,000 more jobs and $430 billion in economic opportunity.
85 per cent of those jobs are in the regions in new job creating industries in critical minerals, advanced manufacturing, hydrogen and sustainable aviation fuels.
The State Government’s commitment to the energy transition, backed by $26 billion in real funding, ensure that Queensland households have access to cheaper, cleaner power every time they turn on the lights.
Queensland Premier, Steven Miles, said that this Queensland Day he is reflecting on what it means to be a Queenslander and how he can make a difference to the next generation.
“One thing I’m particularly passionate about is our state’s transition to renewables, and the economic opportunity that transition can bring,” Mr Miles said.
“It means more jobs for Queensland, more investment in Queensland and more industry innovation right here in Queensland.
“The Queensland Energy and Jobs Plan is a plan I am proud of, and I am proud to be investing in it through the first budget handed down as Queensland Premier.”
Queensland Minister for Energy and Clean Economy Jobs, Mick de Brenni, said that this budget ensures that Queensland will have the most desirable products, because they’re made with clean energy.
“We’ll grow our exports, resulting in more jobs and more prosperity,” Mr de Brenni said.
“Queensland has much to protect in traditional industries, and we can if we decarbonise. We can protect jobs in industries like smelting, beef, and cotton, and we can create new industries which serve a decarbonising global economy – things like critical minerals, hydrogen, and sustainable aviation fuel.
“Queensland kids are the first generation who can inherit a planet and an economy that is getting cleaner and fairer – it just takes action and genuine commitment.”
Image: Mr Privacy/shutterstock.com
