Royalties reinvested into the regions to fast-track mining’s low carbon future
Published Friday, 02 February, 2024 at 10:21 AM
Deputy Premier, Treasurer and Minister for Trade and Investment
The Honourable Cameron Dick
- Expressions of Interest open for the Low Emissions Investment Partnerships program
- $520 million fund will support metallurgical coal industry to reduce emissions
- Program will help fast-track Queensland’s low carbon economic transition
Expressions of interest are open for the Miles Government’s Low Emissions Investment Partnerships (LEIP) program.
The new $520 million program will initially focus on driving down emissions in Queensland’s metallurgical coal industry.
Queensland’s strong coal royalties are being reinvested in the state’s regions, accelerating the decarbonisation of this key industry.
The LEIP program will help scale up investment in innovations such as the use of alternative fuels and capturing fugitive emissions from coal mines for power generation.
Early investment in these activities will accelerate Queensland’s progress towards its ’75 by 35’ emissions reduction target.
The program will preference projects that can be delivered by 2030 and that exceed the Australian Government’s Safeguard Mechanism requirements.
In time, the program could widen to include manufacturing and gas facilities.
The program guidelines have been developed in consultation with industry to enable meaningful partnerships that address the different industry challenges and opportunities.
Quotes attributable to the Deputy Premier, Treasurer and Minister for Trade and Investment Cameron Dick:
“We are driving Queensland’s transition to a high-performing, low carbon economy.
“This is an investment that will ensure we stay on track for our emissions reduction target of 75 by 35.
“Our major regional employers are already looking for ways to decarbonise and now with our support, implementation can be fast tracked.
“Queensland’s progressive coal royalty tiers are delivering for the people of Queensland, and now they will give us the opportunity to help deliver faster emissions reductions.
“This is beneficial to the long-term sustainability of Queensland’s coal mines.
“Queensland’s metallurgical coal is the best quality in the world, and for decades to come, it will have a critical role in producing the steel we need, in everything from wind turbines to electric cars.
“By investing in infrastructure and technology now, Queensland’s coal industry can stay competitive, keep creating new jobs, and keep our regions strong.
“The new investment partnerships program builds on the Queensland Energy and Jobs Plan which is a robust roadmap to deliver clean, reliable and affordable energy to households and businesses.
“The program will develop low-emissions knowledge and implement low-emissions technology in Queensland”.
Quotes attributable to Resources and Critical Minerals Minister Scott Stewart:
“Queensland’s mining industry has always been on the cutting edge of technology and though this program we will be able to help coal mines cut emissions through innovative ways.
“It is good for those mine operators as well as the thousands of people that work in the industry.
“It’s through our progressive coal royalties that we can invest back into the industry and the communities they operate in.”
- Learn more about the LEIP program and its eligibility criteria in the program guidelines.
- Expressions of interest can now be submitted through the Queensland Treasury website.
- It is expected that projects not only align with the objectives of the program but can demonstrate technical feasibility and are investment ready.
Media contact: Geoff Breusch 0417 272 875