Queensland Government has unveiled a record $26 billion investment in renewable energy and jobs over the next four years, the largest such commitment in the nation.
The Sunshine State’s upcoming budget will allocate $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 local grid solutions, and $192 million for Transmission and Training Hubs in Townsville and Gladstone.
Premier Steven Miles said the investment, made possible by making multinational mining companies pay their fair share through progressive coal royalties, will supercharge Queensland’s renewable energy transition.
“One thing I’m particularly passionate about is our state’s transition to renewables, and the economic opportunity that transition can bring,” Miles said.
“It means more jobs for Queensland, more investment in Queensland and more industry innovation right here in Queensland.”
The funding boost from $19 billion last year aims to help Queensland achieve its legislated targets of 75 per cent emissions reduction and 80 per cent renewable energy by 2035.
Deloitte Access Economics warned that failing to meet the 75 per cent emissions goal could cost Queensland 87,000 jobs by 2035 and 145,000 jobs plus $430 billion in economic opportunities by 2050, with 85 per cent of projected job losses in regional areas.
Energy Minister Mick de Brenni said the investment ensures Queensland’s products are desirable, being made with clean energy to grow exports, jobs and prosperity.
“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,” de Brenni said.
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