Queensland Budget increases funding for renewable energy

Wednesday, 12 June, 2024

Queensland Budget increases funding for renewable energy

Queensland Premier Steven Miles announced on Thursday what he says is the largest ever investment in renewable energy assets in the nation.

The upcoming Queensland Budget will include $26 billion invested in the renewable energy and jobs plan over the next four years — a boost from the $19 billion in last year’s Budget.

The funding 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 Transmission and Training Hubs in Townsville and Gladstone.

The Queensland Government said investment is funded in part from the state’s progressive coal royalties scheme and will deliver $8.686 billion in capital investment the 2024–25 financial year.

“Queensland’s renewable energy transition will support the state in achieving the landmark 75% by 2035 emissions reduction target and 80% renewable energy by 2035 target, both enshrined in law,’ Miles said. “Deloitte Access Economics modelling identified that Queensland stands to lose out on 87,000 more jobs by 2035 if we fail to meet our 75% emissions reduction target.

“Earlier this week the Leader of the LNP committed to look at lowering renewable energy targets. That means all of this investment is at risk,” he added.

“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,” said Minister for Energy and Clean Economy Jobs Mick de Brenni. “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.”

Image credit: iStock.com/s-cphoto

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