Queensland Premier Steven Miles recently announced plans to invest a staggering $26 billion in renewable energy as part of the state budget. The decision comes in response to the government’s renewable energy targets, which include a 75 percent reduction in climate change emissions by 2035 and achieving net zero emissions by 2050.
Miles emphasized the importance of meeting these targets, stating that failing to do so would have devastating consequences for jobs and economic growth. He expressed concerns that manufacturing would move offshore and regional jobs and industries would be lost.
The massive investment in renewable energy assets is seen as a crucial step towards achieving Queensland’s renewable energy goals. It is considered the largest investment of its kind in Australia. Miles highlighted the necessity of this investment, stating that there is no other option if Queensland wants to meet its targets.
However, despite his commitment to renewable energy, Miles acknowledged the challenging political landscape he faces. Recent polling indicated that he is likely to be voted out of office in the upcoming election. He admitted that the most likely outcome is that David Crisafulli, the leader of the Liberal-National Party, will become the new premier.
Interestingly, Crisafulli has pledged to support government projects outlined in the upcoming budget, including the renewable energy initiatives. This decision has sparked criticism, with former Queensland Premier Campbell Newman calling it “insane.” Newman argued that by committing to funding before even seeing the budget, Crisafulli is effectively endorsing the government’s agenda.
The renewable energy plan in Queensland includes three targets: 50 percent renewable energy by 2030, 70 percent by 2032, and 80 percent by 2035. These targets were enshrined into law with the passing of the Clean Economy Jobs Act 2024 and Energy (Renewable Transformation and Jobs) Act 2024 in April.
Premier Miles hailed this development as a historic day for Queensland. He believes that achieving these targets will not only lead to a cleaner and more sustainable future but also create 100,000 new jobs. The move towards renewable energy is also accompanied by efforts to reduce emissions, with targets set at 30 percent below 2005 levels by 2030, 75 percent below by 2035, and net zero emissions by 2050.
While the Liberal National Party did not support the legislation to lock in renewable energy targets, they do share the goal of reaching net zero emissions. Shadow Environment Minister Sam O’Connor emphasized the economic opportunities that a transition to a cleaner economy can bring to Queensland.
However, Shadow Energy Minister Deb Frecklington expressed concerns about the potential impact on energy bills and the cost of living. She argued that the government’s plan poses a significant risk to Queenslanders in the midst of a cost-of-living crisis.
Despite the differing opinions on how to achieve these targets, Minister for Energy and Clean Energy Jobs Mick de Brenni stated that Queensland is on track to a low emissions future. He believes that enshrining these targets into law provides certainty to businesses, industries, and communities and demonstrates the government’s commitment to tackling climate change.
In conclusion, Queensland’s massive investment in renewable energy reflects the government’s commitment to achieving ambitious climate change targets. While there is political uncertainty surrounding the upcoming election, both major parties support the overall goal of reducing emissions and transitioning to a cleaner economy. The investment in renewable energy assets is seen as a critical step towards creating a more sustainable future for Queensland while also creating new job opportunities.
