Billion-dollar boost to Queensland renewables

Solar panels and wind farm. | Newsreel
The Queensland State Budget will provide a billion-dollar boost to the renewables sector. | Photo: Mike Mareen (iStock)

Queensland’s renewable energy sector will receive a $7 billion boost in next week’s State Budget.

Premier Steven Miles said the budget, to be handed down on June 11, would include a $26 billion investment in the renewable energy plan over the next four years, a boost from the $19 billion in last year’s budget.

The investment 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.

Premier Miles said $8.686 billion in capital investment would be delivered in the 2024-25 financial year.

“Queensland’s renewable energy transition will support the state in achieving the landmark 75 percent by 2035 emissions reduction target and 80 percent renewable energy by 2035 target,” he said.

Premier Miles said Deloitte Access Economics modelling identified that Queensland stood to lose out on 87,000 more jobs by 2035 if the state failed to meet the 75 percent emissions reduction target.

“By 2050 Queensland would miss out on 145,000 more jobs and $430 billion in economic opportunity,” he said.

Premier Miles said 85 percent of those jobs were in the regions in new job-creating industries in critical minerals, advanced manufacturing, hydrogen and sustainable aviation fuels.

Climate Council Head of Policy and Advocacy Jennifer Rayner said the investment was needed to power communities with cleaner, cheaper energy, and to keep cutting climate pollution.

“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,” Dr Rayner said.