Grants and funding, Manufacturing News, Queensland, Renewable Energy, Sustainability

QLD State Budget includes a $26 billion investment in renewables

Funding outlined in the 2024-25 Budget will deliver on continuing the transformation of Queensland’s energy sector and powering more jobs across the Sunshine State.

The $26 billion investment in renewable energy over the next four years is projected to yield an estimated $430 billion and create 145,000 jobs for Queenslanders by 2050.

It will allow publicly owned energy businesses to invest in new wind, solar, storage, and transmission infrastructure.

Modelling by Deloitte forecasts investment in regional Queensland will spike $218 billion, attracting more than 85 per cent of the new jobs if the state reaches its 75 per cent emissions reduction target by 2035.

Minister for Energy and Clean Economy Jobs, Mick de Brenni said the energy transition is the greatest opportunity in jobs, the economy and the climate in a generation.

“This Budget will ensure the Energy and Jobs Plan continues to evolve and ensure our transition from a fossil-fuel economy to one supported by clean energy.

Additionally, the investment means the protection of thousands of jobs in construction, manufacturing and operations across all sectors of the economy, with a focus on regional communities.

The budget has the potential to ensure Queenslanders benefit from the investment needed to decarbonise our energy system and deliver our renewable energy targets.

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

In 2024-25, Powerlink will invest $109.4 million to accelerate the state’s SuperGrid, for early works on Central Queensland transmission works and connection of the Borumba Pumped Hydro Energy Storage, and a further $712 million to continue delivery of CopperString 2032.

Energy Queensland is investing $2.683 billion in its 2024-2025 capital program.

In 2024-25, Queensland’s three publicly-owned generators are together investing around $376 million for upgrades and maintenance at existing state-owned power stations, ensuring the continued reliability of supply to Queensland and the National Electricity Market.

This commitment is on top of transformative new energy investments by Stanwell, CS Energy, and CleanCo in 2024-25.

Further, Queensland Hydro will be continuing to progress works on the Borumba and Pioneer-Burdekin Pumped Hydro Energy Storage projects near Gympie and Mackay, respectively.

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