Premier unveils multibillion-dollar renewables plan
A landmark green energy investment will increase investment in green energy projects and transform manufacturing across the state, Annastacia Palaszczuk has revealed.
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Queensland’s public-owned power generators will be forced to increase investment in renewable energy and create green manufacturing jobs under a multibillion-dollar plan to cut emissions and lower electricity prices.
On the eve of the State Budget, Premier Annastacia Palaszczuk has announced one of the Government’s most significant energy policies, revealing the $500 million Queensland Renewable Energy Fund would be expanded into a $2 billion investment powerhouse designed to reduce emissions and create green manufacturing jobs.
The fund will support government-owned power businesses to expand their ownership of renewable energy generation and storage, fund hydrogen projects and ramp-up manufacturing of electric vehicle and solar panel components to ensure “more returns stay onshore”.
“That means not just mining the minerals for batteries and renewables in Queensland – it means processing the minerals and making batteries and renewables here as well,” Ms Palaszczuk said.
“I want to see hydrogen electrolysers built locally and local assembly of wind turbines and solar panels because that means local jobs.”
Ms Palaszczuk said renewable energy generation had increased from 7 per cent to more than 20 per cent under her Government, offsetting 12.6 million tonnes of carbon emissions a year.
She said the renewable investment would deliver low-cost energy and free up gas, making “Queensland manufacturing more internationally competitive”.
The announcement comes after relentless campaigning from the powerful Electrical Trades Union, which said the plan puts Queensland “on the right track”.
“It’s a significant step, but ongoing investment will be required in maintaining public ownership of renewables and a just transition for energy workers,” union Branch Secretary Peter Ong said.
Separately, Queensland Pacific Metals has struck an agreement with Korean companies LG Energy Solutions and POSCO for the Townsville Energy Chemicals Hub to create nickel sulfate and cobalt sulfate needed for electric vehicles at the Lansdown Eco-Industrial Precinct.
The hub will involve more than $800 million of capital investment, 800 construction jobs and 250 ongoing jobs.
Ms Palaszczuk said the state possessed the minerals needed to make electric vehicles, renewable batteries, solar panels and hydrogen electrolysers.
“Growing our resources sector is no longer just about what’s below the ground – it’s now about harnessing the solar and wind above the ground and manufacturing renewables locally,” she said.
“More investors around the world want to buy products made with lower or net zero emissions.
“In Queensland we can deliver manufacturing powered by renewables.”
The plan has been welcomed by Queensland Conservation Council director Dave Copeman, who praised it as a great step towards a clean energy system.
“This public investment in storage will make more cheap, clean renewable energy generation possible,” he said.
“It will make the grid more secure, and help smooth out the evening peak in wholesale electricity price.”
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