Queensland Commits $26 Billion Towards Renewable Energy
The Liberal National Party has committed to supporting funding in the state budget even before reviewing the document.
Queensland Premier Steven Miles plans to invest a massive $26 billion (US$17 billion) of taxpayer funds into renewable energy as part of the federal budget.
The premier, facing an election in October 2024, sees this spending as necessary to align with the government’s renewable energy targets. The Liberal National Party recently pledged to uphold all aspects of the budget just two days ago.
According to this law, Queensland aims to reach 50 percent renewable energy by 2030, 70 percent by 2032, and 80 percent by 2035.
In an op-ed in the Courier Mail, Mr. Miles confirmed that the upcoming state budget will increase investment in the Renewable Energy and Jobs Plan to $26 billion over four years, marking the largest investment in publicly owned renewable energy assets in Australia.
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“Manufacturing would go offshore and regional jobs and industries would be lost.”
In April, Mr. Miles acknowledged the likelihood of losing power in the election on Oct. 26 following polling showing a disadvantage of 44 to 56.
Responding to this polling, Mr. Miles conceded that it is “likely, very likely” he would not remain premier post-election.
“The most probable outcome in October is that David Crisafulli will become the new premier,” Mr. Miles stated after reviewing the polling.
Opposition Will Honour Budget
The significant renewable spending from Labor follows Liberal-National Party Leader David Crisafulli’s commitment to supporting government projects in the upcoming budget.
The government is preparing to deliver its final state budget ahead of the June 12 election.
Responding to inquiries from a journalist, Mr. Crisafulli affirmed, “Look, I’ve said clearly, anything that’s in the budget is going to be honoured.”
Former Queensland Premier Campbell Newman criticized Mr. Crisafulli’s decision to commit to funding the budget before seeing it as “insane” during an interview with ABC Radio Brisbane.
What is Queensland’s Renewable Energy Plan?
The Clean Economy Jobs Act 2024 and Energy (Renewable Transformation and Jobs) Act 2024 passed the Queensland Parliament on April 18.
“This move is complemented by robust action on emissions reductions—with laws passed today to legislate emissions reduction targets of 30 percent below 2005 levels by 2030, 75 percent below by 2035, and net zero by 2050.”
Premier Steven Miles hailed the enshrining of renewable energy targets into law as a “historic day” on April 18, predicting the creation of 100,000 new jobs.
“Our vision for Queenslanders is to provide affordable, clean, reliable, renewable energy for them, their families, and their businesses. Now, we proceed with the task of delivering,” Mr. Miles declared.
The Liberal National Party opposed the legislation that would lock renewable energy targets into law during parliamentary debate. However, the party supports reducing emissions with the ultimate objective of reaching net zero.
“The transition to a cleaner economy presents a unique opportunity to bring jobs, sustainable industries, and new prosperity to Queensland,” Shadow Environment Minister Sam O’Connor stated in Parliament on April 17.
Shadow Energy Minister Deb Frecklington expressed concerns about the cost of living and energy bills during a speech on the Energy (Renewable Transformation and Jobs) Bill 2023.
Minister for Energy and Clean Energy Jobs Mick de Brenni indicated at the time that Queensland is progressing toward a low emissions future.
“Enshrining these new targets into law demonstrates to businesses, industry, and the community that we are serious about addressing climate change and provides them the certainty they need to work on reducing emissions,” he explained.
AAP contributed to this report.
