Qld to invest $2 billion in renewables

·2-min read

The Queensland government will commit $2 billion towards renewable energy projects to keep public assets in Queensland hands, Premier Annastacia Palaszczuk says.

The landmark investment by the state government will further its initial contribution of $500 million to the Queensland Renewable Energy Fund.

Just weeks before the state budget, the premier declared Queensland's public-owned power generators will be forced to increase investment in renewable energy, with an investment into manufacturing jobs, under the multibillion dollar plan to cut emissions and lower electricity prices.

"This is positioning Queensland for the future," the premier said on Thursday.

"Our government is committed to Queensland becoming a renewables, hydrogen and manufacturing superpower, because it means more full-time jobs across more regions."

Ms Palaszczuk said the fund will support government-owned businesses to expand ownership of renewable energy generation and storage and deliver on a target of 50 per cent renewable energy by 2030.

"It will also fund projects to develop our hydrogen industry, so that we can reduce emissions in the transport sector and export our sunshine and wind energy to the world," she said.

Maintaining the government's majority ownership of power assets would ensure the returns come back to Queenslanders rather than going offshore, the premier added.

"We will keep these assets in public hands."

Ms Palaszczuk said the government had taken renewable energy generation from seven per cent to more than 20 per cent since gaining office, offsetting 12.6 million tonnes of carbon emissions a year.

The premier also noted an agreement between Queensland Pacific Minerals and Korean companies LG energy solutions and POSCO to develop a Townsville chemical energy hub.

The hub will manufacture nickel sulfate and cobalt sulfate needed for electric vehicles at the Lansdown Eco-Industrial Precinct.

It will involve more than $800 million of capital investment, 800 construction jobs and 250 ongoing jobs.

"That demand for energy drives more renewable manufacturing that will further the cycle of lifting international competitiveness," she said.

"As more products are made from renewable energy globally, Queensland will become one of the most attractive destinations for investment."