Queensland to invest $26b in renewable energy over the next four years

Around $8.69b (A$13b) will be delivered in 2024-2025.

Premier Steven Miles announced that Queensland is allocating $26b (A$38.96b) of the state budget to its renewable energy and jobs plan over the next four years, ensuring that households have access to cheaper, and cleaner power.

The government said this is its largest investment in renewable energy assets, jumping from $19b (A$28.48b) in 2023.

Under the budget, $16.5b (A$24.73b) will go to renewable energy and storage projects; $8.5b (A$12.74b) to build the SuperGrid, including Copperstring and renewable energy zones; $500m (A$749.41m) for network batteries and support of local grid solutions; and $192m (A$287.78m) for the transmission and training hubs in Townsville and Gladstone.

Around $8.69b (A$13b) in capital investment will be delivered in the 2024-2025 financial year.

The bigger allocation was supported by the government’s move requiring multinational mining companies to pay their fair share through the progressive coal royalties scheme.

Queensland’s transition to renewable energy will boost efforts to achieve the 75% emissions reduction target by 2035  and 80% renewable energy by 2035 target.

Deloitte Access Economics projects that Queensland could lose 87,000 jobs by 2035 if the state fails to meet its emissions reduction target. This could even reach 145,000 jobs and even a loss of $430b (A$644.55b) in economic opportunity by 2050. 

“Queensland has much to protect in traditional industries, and we can if we decarbonise,” said Minister for Energy and Clean Economy Jobs Mick de Brenni.

“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 added.

$1=A$1.5