$2 billion Investment to Power More Jobs and More Industries Through Cheaper, Cleaner Energy

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Image credit: https://www.qld.gov.au/
Media Release

The Palaszczuk Government will invest $2 billion into renewable energy and hydrogen jobs as part of our COVID-19 Economic Recovery Plan.

The $2 billion investment will provide cheaper, cleaner energy to power more jobs and more industries in Queensland.

Premier Annastacia Palaszczuk said the announcement of the $2 billion ‘Queensland Renewable Energy and Hydrogen Jobs Fund’ was a watershed moment in the economic development of Queensland.

“Queensland is positioned better than anywhere in Australia to capitalise on the jobs and industries that will flow from this cheaper, cleaner energy,” the Premier said.

“This $2 billion Queensland Renewable Energy and Hydrogen Jobs Fund is all about more jobs and more industries.

“It will also support the further development of Queensland’s resources sector while at the same time helping to deliver on our 50 per cent renewable energy target by 2030.”

Bringing the entire Queensland Jobs Fund, announced on Sunday, to a new total of $3.34 billion, this investment will make sure Queensland capitalises on economic development opportunities for more jobs and more industries through cheaper, cleaner energy.

This $2 billion blue-collar jobs investment will support a transformational cycle of Queensland investment by:

  • Providing cheaper, cleaner energy: investment in local manufacturing of renewables and hydrogen delivers lower cost energy and frees up gas as an industrial input for manufacturing.
  • Powering more jobs and more industries: developing projects in our hydrogen and renewable industries means cheaper energy powering more Queensland manufacturing.
  • Supercharging our resources sector: an increased demand for cleaner energy will drive the expansion of our resources sector, including the North-West Minerals Province, providing the cobalt, copper, scandium, nickel, vanadium, bauxite and alumina needed for batteries, electric vehicles and solar panels.

Deputy Premier Steven Miles said the Palaszczuk Government’s Queensland Jobs Fund was encouraging investment in Queensland and focusing on job-creating industries like renewable energy, hydrogen, and manufacturing.

“The Queensland Jobs Fund, which now includes $2 billion for renewable energy and hydrogen jobs, is the government’s next step toward Queensland’s continued economic recovery,” Mr Miles said.

“It’s not just about helping businesses get back on track, it’s about making sure we leverage the opportunities that we’ve created in Queensland off the back of our world-class pandemic response and recovery.

“Companies from around the world are looking to Queensland to expand and we want to help them.

“Encouraging investment in job-creating industries like renewable energy and hydrogen is part of Queensland’s economic recovery plan.”

Treasurer and Minister for Investment Cameron Dick said the certainty provided by access to affordable, reliable energy would underpin Queensland’s economic recovery from COVID 19.

“Queensland has long been the backbone of Australia’s national Electricity Market through our combination of the nation’s youngest and most efficient fleet of coal-fired generators, our willingness to open up more gas reserves for industry and our increasing strength in renewables,” the Treasurer said.

“This investment will ensure we have the energy supply necessary to be home to more heavy industry and more manufacturing, with the secure, skilled long-term jobs they create.”

Minister for Energy, Renewables and Hydrogen Mick de Brenni said the Fund would drive local manufacturing jobs in the renewables supply chain.

“By 2050, the world will be looking for more than 500 million tonnes of hydrogen every year, and we want to make sure Queenslanders get decent, secure jobs supplying it,” Mr de Brenni said.

“There is no reason why solar panels, electrolysers, batteries, wind farm components and new technology can’t be manufactured right here in Queensland.

“This Fund will create a pipeline of demand for local manufacturing across the entire value chain, and that means more jobs for Queenslanders.”

Minister for the Environment and Great Barrier Reef Meaghan Scanlon said the Palaszczuk Government was working hard to support renewable energy, drive down emissions and create jobs.

“Under the Palaszczuk Government we’ve seen more than 40 large-scale renewable projects built in this state and this $2 billion investment will supercharge even more renewable projects and jobs, and help us reach our targets,” Ms Scanlon said.

The Palaszczuk Government has a strong record, including:

  • Supporting investment in over 5,100 megawatts of renewable generation with over forty wind and solar farms built and 7,000 construction jobs supported through our 50% renewable energy target
  • Taking renewable generation from 7 per cent to more than 20 per cent
  • Delivering a Queensland Hydrogen Industry Strategy ahead of the National Hydrogen Roadmap and committing more than $60 million to support hydrogen projects and training facilities
  • Committing $145 million to develop renewable energy zones connecting up the 157-megawatt Kaban wind farm
  • Providing $147 million to build the transmission line to support the Genex Kidston 250 megawatt pumped hydro project to financial close
  • Installing solar panels at more than 800 state schools to generate over 60 megawatts of solar power
  • Delivering Australia’s first electric vehicle superhighway; and
  • Entering into an implementation agreement with CopperString 2.0 on a proposal to connect the North West Minerals Province with the National Electricity Market.

The $3.34 billion Queensland Jobs Fund includes the $2 billion Queensland Renewable Energy and Hydrogen Jobs Fund, increasing the existing $500 million Queensland Renewable Energy Fund by $1.5 billion.

The Queensland Jobs Fund also includes the $350 million Industry Partnership Program and programs that support investment in manufacturing, catalytic infrastructure, resource recovery and investment attraction.