Deloitte Access Economics report finds Queensland economy to grow to $780bn under net zero

Queensland has an “unprecedented opportunity” to set up its workforce and take advantage of the global shift to a low-emissions future, a new report has found.

Queensland will need a million extra workers and the economy would grow to $780bn a year under a well-managed shift to net zero by 2050, a new report has found.

Modelling by Deloitte Access Economics also found there was nothing to support claims a transition to a cleaner economy would cause major job losses, with a lackadaisical shift or doing nothing set to be worse for workers.

The report, commissioned by the Climate Council, found Queensland had an “unprecedented opportunity” to set up its workforce and take advantage of the global shift to a low-emissions future.

A well-managed transition to net zero by 2050 would cause the state’s economy to grow by 7 per cent from where it is now to rake in $780bn a year.

A million extra workers would also be needed, with employment gains strongest in North Queensland — which include the resource dependent cities of Townsville and Mt Isa.

Central Queensland’s economy by itself would grow 3 per cent under the net zero transition.

According to the report Queensland workers impacted by the transition away from fossil fuels would have, on average, four alternative occupations they could immediately pursue with no extra training.

This includes drillers, miners and shot firers could work as power generation plant operators.

“Today, 80 per cent of the tasks needed in Queensland’s future clean economy are already being performed,” Climate Council economist Nicki Hutley said.

“For example, an electrician working in a coal mine can relatively easily upskill to work in another industry, such as a hydro-electric plant.”

Ms Hutley said all Queensland regions and workers would “enjoy clean economic growth and job opportunities” if governments planned early for the transition.

According to the report governments will need to co-ordinate the broader economic transformation and update the training system to build up the needed skills.

“Recognising that keeping pace with the rate of global decarbonisation is an economic necessity and should inform, not just decisions around emissions reduction targets, but also whole-of-government planning for the Queensland of the future,” the report stated.

The Morrison government, just before the reason COP26 climate summit in Glasgow, adopted a goal of hitting net zero emissions by 2050.

The plan to get there, based on the idea of “technology not taxes”, has been criticised by experts for relying on offsets and unknown technology breakthroughs, but leave the gas sector to grow.

The Queensland government has endorsed the 2050 goal and also has its own target of getting 50 per cent of all energy from renewable sources by 2030.

However a probe by the Queensland Audit Office has issued a damning assessment of the Government’s transition to renewable energy, declaring there was a significant lack of detail on how its 50 per cent by 2030 target would be achieved.