The centerpiece to Queensland’s post-pandemic economic recovery plan is a $500m renewable energy fund. The money is for the construction of new publicly-owned wind and solar projects. It aims to speed up installing new renewables to help reset the nation’s fraught climate and energy politics. The fund is part of the state’s recently announced additional $1bn economic stimulus package.
Cameron Dick, the Queensland treasurer, said:
When the private sector takes a hit, the government must step up and, if it means more jobs for Queenslanders, we make no apologies for borrowing more and investing directly. In the current environment, with Queensland’s strong balance sheet, there are investment opportunities that represent both excellent value for the taxpayer and more jobs.
That’s why we will invest $500m in a renewable energy fund that will mean our state-owned energy corporations can increase public ownership of commercial renewable projects and supporting infrastructure. By putting our money on the table, we can get more projects through the vital investment decision phase, to get construction underway as soon as possible.
Since 2015, over 40 large-scale renewable projects have been launched. The state has a target to reach 50% renewables by 2030.
Anthony Lynham, the Queensland energy minister, said:
The renewable energy fund will continue the pace of the state’s renewable revolution.
Activists from renewables and environment groups were delighted with the news.
Campaigner Jason Lyddieth of The Australian Conservation Foundation (ACF) said:
This is exactly the kind of investment the Queensland government should make to get the economy back on its feet and help protect the state from the worst impacts of climate change. The Palaszczuk government is beginning to show the ambition needed to make Queensland a leader in renewable energy.
ACF believes Queensland “could and should” be a world-leading renewable energy superpower.
Ellen Roberts from Solar Citizens said:
This is great news – it will mean thousands of regional jobs and lower power prices for all Queenslanders. Queenslanders want to see electricity assets stay in public hands. If our electricity assets stay in public hands it means that all profits can be used for schools, hospitals, and addressing climate change. It’s great to see wind and solar funding schools and hospitals for Queenslanders. We can be making batteries and electric buses and green steel right here in Queensland if we invest in clean energy generation.
Peter Ong from The Electrical Trades Union said:
This is a good first step. But they also need to show the workforce and communities of our current generators that they are investing in the future of their workforce and the surrounding communities by investing in renewable projects for them to transition into.
The announcement for this fund follows a recent demand from the Australian Industry Group, urging the Coalition to spend ‘at least’ $3.3bn on renewable energy over the next decade.
