Queensland Premier Steven Miles will announce a $26 billion investment in renewable energy in the upcoming state budget. This marks the largest-ever green power investment for Queensland, exceeding previous commitments by $7 billion.
Major Allocation of Funds
The substantial investment will be allocated to various renewable energy projects, energy storage, and transmission infrastructure. Specific funding includes:
- $16.5 billion for renewable energy and storage projects
- $8.5 billion to construct a “SuperGrid,” including the CopperString project and renewable energy zones
- $500 million for network batteries and local grid solutions
- $192 million for transmission and training hubs in Townsville and Gladstone
Miles will make this significant announcement during a speech at the XXXX brewery on Queensland Day. Approximately $8.68 billion is allocated for the next financial year alone.
Economic and Environmental Benefits
Miles emphasized the economic opportunities presented by this transition to renewable energy. He stated, “Our state’s transition to renewables means more jobs for Queensland, more investment in Queensland, and more industry innovation right here in Queensland.” This investment aligns with Queensland’s legislative targets of a 75% carbon reduction by 2035 and an 80% renewable energy target, both enshrined in law.
Transitioning from Fossil Fuels
Queensland, one of Australia’s most fossil fuel-dependent states, is charting a new course towards renewable energy. Miles’ speech will outline the state’s path beyond fossil fuels. The upcoming state budget, to be delivered on Tuesday, will also include measures such as reducing public transport fares to 50 cents and introducing a free lunch program for primary schoolchildren.
Conclusion
This $26 billion investment represents a significant step in Queensland’s renewable energy journey. The funds will support solar energy, energy storage, and innovative green energy policies, positioning Queensland as a leader in the renewable energy market. This investment underscores the state’s commitment to achieving its ambitious environmental targets and fostering economic growth through green energy developments.
Source：theguardian.com
