Qld budget spells boost for renewables

Energy Magazine

The Queensland Government has announced plans to deliver a $26 billion investment in the Queensland Energy and Jobs Plan over the next four years, ahead of its upcoming budget. 

Queensland Premier Steven Miles made the announcement on 6 June. 

This $26 billion investment marks a substantial increase from the $19 billion allocated in the 2023–24 budget. It 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 

A total of $8.686 billion in capital investment will be delivered in the 2024–25 financial year alone. 

Queensland’s renewable energy transition aims to support the state in achieving targets of a 75 per cent reduction in emissions by 2035 and 80 per cent renewable energy by 2035, both enshrined in law. 

Queensland Premier Steven Miles said the state’s transition to renewables can bring economic opportunities. 

“It means more jobs for Queensland, more investment in Queensland and more industry innovation right here in Queensland.” 

Minister for Energy and Clean Economy Jobs, Mick 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.”