Queenslanders will own a stake in the renewable revolution with the 2020-21 Budget investing $500 million to support the development of renewable energy projects.
Minister for Energy, Renewables and Hydrogen Mick de Brenni said the transition to renewables in Queensland was in full swing, and Queenslanders would now reap the rewards of owning their clean energy assets for years to come.
“An affordable, reliable energy supply underpins our economic plan for post-COVID recovery, and renewables will play a central role,” he said.
“Right now, renewables make up approximately 20 per cent of Queensland’s energy mix, and that figure will more than double over the next decade as we aim for 50 per cent by 2030.
“Queenslanders emphatically support more manufacturing and growth and that means we need cheaper power to support jobs growth in these emerging industries.
“We’re backing this by backing cheaper, cleaner, reliable energy sources.
“Across our entire state-owned fleet, we are investing over $2 billion into our energy assets to keep delivering the lowest wholesale electricity in Australia for industry.
“Our publicly owned energy businesses Cleanco ,Stanwell, CS Energy, Energy Queensland and Powerlink now have the opportunity to get their piece of the half-billion dollar fund to build own and operate renewable assets and transmission infrastructure that will drive jobs in the clean energy sector.”
Minister de Brenni said the Renewable Energy Fund will kick start the next generation of renewable projects over the next four years.
In this budget, the $500 million fund is backed-up by a $145 million investment to unlock three renewable energy zones in southern, central, and northern Queensland, set to help new renewable projects flourish.
Minister de Brenni said Queensland’s renewable energy zones will help create an investment environment to support the delivery of fit-for-purpose transmission infrastructure and capitalise on existing and in-the-pipeline projects.
“Already investors are lining up to get into these renewable energy zones with around 192 projects putting their hands up to build new, renewable generation and energy storage projects across the state,” he said.
“Part of our post-COVID recovery plan includes investing in traditional infrastructure and supporting the renewables industry because that in turn supports jobs.
“Since 2015, 44 large-scale renewable energy projects have launched in Queensland, representing around $8.5 billion in investment and around 7000 construction jobs.”
Minister de Brenni said the budget will drive renewable projects and vital infrastructure, helping us reach our 50 per cent renewable target by 2030, and create more jobs in the process.