In a landmark move, the Queensland government has announced a staggering $26 billion investment towards its renewable energy and jobs plan over the next four years, marking the largest such commitment in the nation.
This announcement comes ahead of the state’s upcoming budget and underscores Queensland’s determination to accelerate its transition to clean energy.
The investment, a significant increase from the $19 billion allocated in last year’s budget, will be distributed as follows:
- $16.5 billion towards renewable energy and storage projects
- $8.5 billion to build the SuperGrid, including the Copperstring project 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
Premier Steven Miles, who made the announcement on Queensland Day, emphasised the importance of this investment in securing a thriving future for the state.
“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,” he stated.
The investment, made possible through the progressive coal royalties scheme, will see $8.686 billion in capital investment delivered in the 2024-25 financial year alone.
This substantial commitment aims to propel Queensland towards achieving its legislated targets of a 75 per cent emissions reduction by 2035 and 80 per cent renewable energy by the same year.
Minister for Energy and Clean Economy Jobs, Mick de Brenni, highlighted the economic imperative behind the transition, citing Deloitte Access Economics’ modelling that projects Queensland could miss out on 87,000 jobs and $430 billion in economic opportunities by 2050 if it fails to meet its emissions reduction target.
“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 stated.
The announcement comes as a stark contrast to the opposition LNP’s stance, with their leader committing to potentially lowering renewable energy targets, putting the investment and associated economic opportunities at risk.
The Climate Council, a prominent environmental advocacy group, has praised Queensland’s bold investment as a significant step towards a cleaner future.
Dr Jennifer Rayner, Head of Policy and Advocacy at the Climate Council, commended the state’s leadership, stating: “Queensland is showing the kind of leadership Australia needs to power our communities with cleaner, cheaper energy, and keep cutting climate pollution.”
Rayner emphasised the importance of a larger, cleaner grid as the foundation for emerging industries and job creation across Queensland.
“A bigger, cleaner grid is the foundation for clean manufacturing, critical minerals mining and other emerging industries across Queensland, so this investment will help unlock more jobs in the regions and right across the state,” she said.
With the world in a “make-or-break decade” to reduce emissions, Rayner called on other jurisdictions to follow Queensland’s lead and accelerate the delivery of clean energy infrastructure.
“Queensland has just pulled ahead in the states’ race to the top on climate action; let’s see other jurisdictions stepping up to meet and beat it,” she urged.
