State budget delivers miles more funding for renewable energy transition

Published Thursday, 06 June, 2024 at 03:39 PM


The Honourable Steven Miles

Minister for Energy and Clean Economy Jobs
The Honourable Mick de Brenni

  • Upcoming state budget to include $26 billion towards the Queensland Energy and Jobs Plan over the next four years.
  • Premier Steven Miles has made the announcement today, on Queensland Day.
  • Investment to supercharge renewable energy, storage, and transmission is the largest investment in the nation.

Premier Steven Miles has today announced the largest ever investment in renewable energy assets in the nation ahead of the Queensland State Budget. 

The upcoming budget will include a record $26 billion invested in the renewable energy and jobs plan over the next four years – a boost from the $19 billion in last years budget.

This 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.

This investment is made possible because the Miles Labor Government is making multinational mining companies pay their fair share through the progressive coal royalties scheme.

$8.686 billion in capital investment will be delivered in the 2024-25 financial year alone.

Queensland’s renewable energy transition will support the state in achieving the landmark 75 per cent by 2035 emissions reduction target and 80 per cent renewable energy by 2035 target, both enshrined in law.

Deloitte Access Economics modelling identified that that Queensland stands to lose out on 87,000 more jobs by 2035 if we fail to meet our 75% emissions reduction target. 

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

85% of those jobs are in the regions in new job creating industries in critical minerals, advanced manufacturing, hydrogen and sustainable aviation fuels.

The Miles Labor Government’s commitment to the energy transition, backed by $26 billion in real funding, ensure that Queensland households have access to cheaper, cleaner power every time they turn on the lights.

Earlier this week the Leader of the LNP committed to look at lowering renewable energy targets. That means all of this investment is at risk.

Quotes attributable to Premier Steven Miles:

“This Queensland Day I’m reflecting on what it means to be a Queenslander and how I can make a difference to the next generation.

“One thing I’m particularly passionate about is our state’s transition to renewables, and the economic opportunity that transition can bring. 

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

“The Queensland Energy and Jobs Plan is a plan I am proud of, and I am proud to be investing in it through the first budget handed down as Queensland Premier.” 

Attributable to the 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.”

“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.”

“It’s these new and existing jobs in critical industries that would be at risk under an LNP Government, who will not support renewable energy, or the jobs depending on it. Instead, the LNP supports burning more fossil-fuels for longer, and backing expensive and dangerous nuclear.

“Queensland kids are the first generation who can inherit a planet and an economy that is getting cleaner and fairer – it just takes action and genuine commitment that only the Miles Labor Government is delivering.”