Queensland plans USD-17.3bn renewables spending in next budget

The government of Queensland, Australia, has pledged to allocate AUD 26 billion (USD 17.29bn/EUR 15.89bn) from its upcoming state budget for the next four years to fund renewable energy and storage and power transmission projects.

The financing commitment announced on Thursday represents an increase from the AUD-19-billion funding in the previous budget and is the largest ever investment in renewable energy assets in the Aussie state, Queensland Premier Steven Miles said. The funds will be disbursed over the next four years.

Specifically, renewable power generation and energy storage projects will receive AUD 16.5 billion of the overall amount and AUD 8.5 billion will be allocated for grid projects, including in renewable energy zones. An additional AUD 500 million is set aside for network batteries and support of local grid solutions, while AUD 192 million will be invested in transmission and training hub initiatives in Townsville and Gladstone.

In the 2024-2025 financial year alone, around AUD 8.69 billion of the proposed funding will be spent.

“This budget ensures that Queensland will have the most desirable products, because they’re made with clean energy. We’ll grow our exports, resulting in more jobs and more prosperity,” said Mick de Brenni, Minister for Energy and Clean Economy Jobs.

Queensland is pursuing a 75% emissions reduction target by 2035 and aims to source 80% of its total power from renewable energy by the same year. The government cited economic models indicating that the state will lose 87,000 more jobs by 2035 if it fails to meet the emissions goal.

(AUD 1.0 = USD 0.665/EUR 0.611)

Choose your newsletter by Renewables Now. Join for free!