The announcement of a new $500 million Renewable Energy Fund to enable Queensland energy corporations to invest in new publicly-owned renewable energy assets will provide a much-needed boost to the delivery of new clean energy projects in Queensland, said the Clean Energy Council today.
Clean Energy Council – “We welcome the very clear recognition by the Queensland Government that the renewable energy sector can play a big role in jumpstarting economic activity and jobs across the state following the impacts of COVID-19, while accelerating Queensland’s transition to becoming a clean energy powerhouse,” said Kane Thornton, Clean Energy Council Chief Executive.
Renewables currently represents around 20 per cent of the Sunshine State’s energy mix, and the government has set a target to increase that share to 50 per cent by 2030.
“We have a big build ahead of us to reach that 2030 clean energy target, and it makes sense that we bring investment forward in the next few years to stimulate much-needed economic activity,” said Thornton.
“This new fund will be a big shot in the arm for clean energy investment in Queensland, which has otherwise slowed since the start of 2019.”
Only three large-scale projects were financially committed in the 18 months between January 2019 and June 2020. This compares with eight projects being financially committed during the 2018 calendar year and 19 projects in the 2017 calendar year.
Thornton said that the new fund would be complemented by the government’s recent announcement of $145 million to invest in the creation of new renewable energy zones, which will provide much needed additional electricity transmission infrastructure in strategic locations.
“Queensland has some of the best renewable energy resources in Australia and stand-out potential to become a clean energy powerhouse. We welcome the Palaszczuk Government’s commitment to placing ‘a clean recovery’ at the centre of its strategy for economic recovery,” he said.