Queensland government has committed to a historic allocation of AUD 26 billion (USD 17.29bn/EUR 15.89bn) from its forthcoming state budget over the next four years, earmarked for renewable energy, storage, and power transmission projects.
This fiscal pledge, announced on Thursday, marks a significant increase from the AUD 19 billion funding in the previous budget, and stands as the largest-ever investment in renewable energy infrastructure within the Australian state, asserted Queensland Premier Steven Miles. The allocated funds are slated for disbursement over the ensuing four-year period.
Of the total commitment, renewable power generation and energy storage ventures will commandeer AUD 16.5 billion, while an additional AUD 8.5 billion will be directed towards grid enhancements, inclusive of projects within designated renewable energy zones. Furthermore, AUD 500 million has been ring-fenced for network batteries and the bolstering of local grid solutions, with an additional AUD 192 million channeled into transmission initiatives and the establishment of training hubs in Townsville and Gladstone.
Minister for Energy and Clean Economy Jobs, Mick de Brenni, emphasized, “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,” encapsulating the profound economic and environmental ramifications of the ambitious initiative.
Queensland's trajectory aligns with its ambitious emission reduction goals, targeting a 75% decrease in emissions by 2035, alongside a commitment to source 80% of its total energy from renewable sources by the same year. Highlighting the urgency of these targets, the government referenced economic models projecting the loss of 87,000 additional jobs by 2035 should these emissions goals remain unmet.
