Queensland Budget invests $26b to meet renewable targets

Queensland has announced its biggest ever investment in renewable energy in its state budget.

Treasurer Cameron Dick

As flagged by Premier Steven Miles ahead of Tuesday’s budget, the government has provided a record capital investment of around $26 billion over 4 years to deliver the Queensland Energy and Jobs Plan, which sets out a roadmap ot transform the state’s energy system and achieve its legislated renewable energy and emissions reduction targets.

“When it comes to renewable energy, Queensland has a global head start. We have the sun, we have the wind, and we have the space to build industrial-scale generation,” Treasurer Cameron Dick said in his budget speech.

“And most importantly of all, Queensland has the topography and rainfall to support deep storage pumped hydro.

“But in order to ensure we capitalise on our natural advantages, we must press ahead to cement our place on the global stage for renewable energy and the industries it will support.”

The budget includes $16.5 billion for renewable energy and storage projects, $8.5 billion to build the SuperGrid, $500 million for network batteries and of local grid solutions and $192 million for the Transmission and Training Hubs in Townsville and Gladstone.

Details released on Tuesday include:

  • $712 million for CopperString 2032, connecting Mount Isa and the North West to the national electricity grid
  • $801 million by Stanwell, for the Wambo and Tarong West Wind Farms
  • $500 million for CS Energy’s Lotus Creek Wind Farm
  • $275 million for CleanCo’s Swanbank Battery
  • $936 million to progress the Borumba Pumped Hydro Energy Storage scheme
  • $38.5 million for early works at the Pioneer Burdekin Pumped Hydro Energy Storage scheme

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

Queensland is hoping its renewable energy transition help it achieving a targeted 75 per cent reduction in emissions by 2035 and 80 per cent renewable energy by 2035.

The investment is being funded by a progressive coal royalties scheme being levied on mining companies.

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