In a momentous stride towards a sustainable future, the Queensland government has revealed an unprecedented $26 billion investment in its renewable energy and jobs initiative over the next four years.
This substantial commitment, unmatched in the nation, firmly establishes Queensland’s leadership in the transition to clean energy.
Strategic Allocation for a Brighter Future:
The Queensland government will strategically allocate this groundbreaking investment, a significant increase from last year’s budget, to various key areas.
They have designated $16.5 billion for renewable energy and storage projects, $8.5 billion for the construction of the SuperGrid, $500 million for network batteries and local grid support, and $192 million for Transmission and Training Hubs. This positions the state for a transformative shift.
Premier’s Vision for Prosperity:
Premier Steven Miles, unveiling this landmark investment on Queensland Day, underscored its profound impact on securing a prosperous future for the state.
He emphasized that this budget ensures Queensland’s desirability by producing goods with clean energy, ultimately boosting exports, creating jobs, and fostering economic growth.
Furthermore, made possible through a progressive coal royalties scheme, $8.686 billion of the investment will be utilized in the 2024-25 financial year alone.
This substantial capital infusion will propel Queensland towards achieving its legislated targets of a 75% emissions reduction and 80% renewable energy by 2035.
Economic Imperative Behind the Transition:
Energy Minister Mick de Brenni stressed the economic urgency of this transition, citing Deloitte Access Economics’ modeling.
The research suggests that Queensland could miss out on 87,000 jobs and $430 billion in economic opportunities by 2050 if it fails to meet its emissions reduction target.
De Brenni further emphasized that decarbonization is crucial to protect traditional industries like smelting, beef, and cotton.
Additionally, it will pave the way for the development of new industries such as critical minerals, hydrogen, and sustainable aviation fuel, aligning Queensland with a decarbonizing global economy.
Contrasting Political Stances:
Conversely, this announcement sharply contrasts with the opposition LNP’s stance, with their leader considering lowering renewable energy targets, potentially jeopardizing this substantial investment and its accompanying economic opportunities.
In conclusion, the Climate Council, a prominent environmental organization, has lauded Queensland’s bold investment as a significant stride towards a cleaner future.
Dr. Jennifer Rayner, the council’s Head of Policy and Advocacy, commended the state’s leadership and highlighted the importance of a larger, cleaner grid as a catalyst for emerging industries and job creation across Queensland.
Call to Action for Other Jurisdictions:
As the world faces a “make-or-break decade” to reduce emissions, Rayner urges other jurisdictions to emulate Queensland’s leadership and accelerate the delivery of clean energy infrastructure.
With this groundbreaking investment, Queensland has raised the bar in the states’ race towards a sustainable future.