$26 Billion Renewables Investment Backs Regional Jobs

  • Increased investment to help develop new industries
  • Supports regional jobs and boosts local economy
  • Investment in publicly owned wind, solar, storage and transmission infrastructure

The Miles Government is securing the future of thousands of jobs in regional Queensland with a supercharged investment in the Queensland Energy and Jobs Plan.

The $26 billion investment in renewable energy over the next four years will mean Queenslanders can cash in on an estimated $430 billion boon, and 145,000 jobs by 2050.

Modelling by Deloitte forecasts investment in regional Queensland will spike $218 billion, attracting more than 85% of the new jobs if the state reaches its 75% emissions reduction target by 2035.

Funding outlined in the 2024-25 Budget will deliver on continuing the transformation of Queensland’s energy sector and powering more jobs across the Sunshine State.

It will allow publicly owned energy businesses to invest in new wind, solar, storage, and transmission infrastructure.

Additionally, the investment means the protection of thousands of jobs in construction, manufacturing and operations across all sectors of the economy, with a focus on regional communities.

The Miles Government has locked in job security for every worker in our publicly owned power stations through the world-first $150 million Job Security Guarantee.

And because of public ownership of our energy system, which is now enshrined in legislation, we can ensure all Queenslanders benefit from the investment needed to decarbonise our energy system and deliver our renewable energy targets.

$8.686 billion in capital investment will be delivered in the 2024-25 financial year alone.

In 2024-25, Powerlink will invest $109.4 million to accelerate the state’s SuperGrid, for early works on Central Queensland transmission works and connection of the Borumba Pumped Hydro Energy Storage, and a further $712 million to continue delivery of CopperString 2032.

Energy Queensland’s investing $2.683 billion in its 2024-2025 capital program.

In 2024-25, Queensland’s three publicly-owned generators are together investing around $376 million for upgrades and maintenance at existing state-owned power stations, ensuing the continued reliability of supply to Queensland and National Electricity Market.

This commitment is on top of transformative new energy investments by Stanwell, CS Energy, and CleanCo in 2024-25.

Further, Queensland Hydro will be continuing to progress works on the Borumba and Pioneer-Burdekin Pumped Hydro Energy Storage projects near Gympie and Mackay, respectively.

As stated by the Premier Steven Miles:

“Protecting regional jobs and acting on climate change is something I am passionate about, which is why I’ve taken steps to put Queensland’s transition to renewables at the forefront.

“Because the transition to renewables isn’t just about emissions reductions – it’s about creating more jobs in new industries and opening up opportunities for our state to thrive.

“We’ve established landmark emissions-reduction targets to cut our carbon output 75 per cent by 2035.

“Importantly, we’re bringing our communities along for the journey, with a package of support, training and jobs within the Job Security Guarantee.”

As stated by the Deputy Premier and Treasurer Cameron Dick:

“We know the global energy transformation represents a golden opportunity for Queensland.

“We’re investing now for a cleaner, greener future.

“We’re delivering the transformation of our energy system and our economy for a net zero future.

“Our investments in the Queensland Energy and Jobs Plan, as well as funding for transmission, batteries, hydrogen, and emerging low and no-carbon technologies demonstrate we are serious about acting on climate change.

As stated by the Minister for Energy and Clean Economy Jobs Mick de Brenni:

“The energy transition is the greatest jobs, economic and climate opportunity in a generation, and this additional investment shows our government’s commitment to ensuring Queensland takes full advantage.

“While other states talk, Queensland is acting to secure our clean energy future, and the thousands of jobs it seeks to create and protect.

“Whether you’re a boilermaker in Bundy, a welder in Winton, or a miner in Mackay, the Queensland Energy and Jobs Plan locks in job and energy security for all Queenslanders.

“This Budget will ensure the Energy and Jobs Plan continues to evolve and ensure our transition from a fossil-fuel economy to one supported by clean energy.

“Only the Miles Government will back good jobs for regional Queenslanders, and only the Miles Government can ensure a clean, safe and reliable energy transition.

“David Crisafulli and the LNP voted against Queensland’s renewable energy targets two months ago. And yet they’ve committed to backing the Miles Government’s budget – sight unseen.

“Even Campbell Newman commented on the LNP’s slack approach: ‘He (David Crisafulli) essentially said, we support the Labor Party’s agenda for Queensland.’

“Using their own logic, David Crisafulli and the LNP back pumped hydro in Borumba, they back pumped hydro in Pioneer-Burdekin, and in doing so, they back the Miles Government’s pathway to deliver 80 percent renewable energy by 2035.

“Campbell Newman is saying what we’re all thinking – there is no opposition in Queensland.”

/Public Release. View in full here.