Queensland is riding a tidal wave of investment that is reshaping its energy landscape, steering away from fossil fuels towards becoming a renewable superpower.
A recent report by Climate Energy Finance (CEF) highlights the state’s robust commitment to clean energy, crowding in both public and private capital.
Turbocharging Transition
Queensland’s $62 billion Energy and Jobs Plan is the catalyst, propelling the state towards a zero-emissions future.
The plan targets 70% renewables by 2032 and an impressive 80% by 2035, marking a colossal 40% of the National Electricity Market.
Capital Influx
The ambitious plan has sparked a capital tidal wave, with over $45 billion set to be injected into large-scale clean energy generation.
Private capital, to the tune of $21 billion, will complement the $19 billion from the Queensland budget over the next four years, ensuring a majority public market share.
CopperString Connection
A significant player in this transformation is the $5 billion CopperString project—a 1000km high-voltage transmission highway.
This investment will facilitate large-scale renewable projects, driving down energy costs for both households and industries. It’s a key element in unlocking the rich North West Minerals Province, valued at an estimated $500 billion.
Consumer Energy Resources Leading the Charge
Queensland leads globally in rooftop solar penetration. Consumer energy resources, including rooftop solar, batteries, EVs, and heat pumps, are pivotal.
The new Battery Booster program, offering rebates of up to $4,000 for battery storage systems, is an example of the state’s commitment to overcoming barriers and driving lasting downward pressure on electricity bills.
National Implications
Queensland’s decarbonisation is not only a state triumph but a beacon for national transition. Energy Minister Chris Bowen’s 82% renewables target by 2030 gains impetus from Queensland’s success.
Analysts urge the federal government to follow suit, emphasising the need for ambitious decarbonisation policies and strategic public investments.
Queensland’s journey signifies more than an energy transition; it’s a blueprint for a sustainable future, proving that aligning climate objectives with public financing accelerates the energy revolution for the benefit of all Australians.
