Queensland Premier Steven Miles will inject a mammoth $26 billion (US$17 billion) worth of taxpayer funds into renewables as part of the federal budget.
The premier, who faces an election in October 2024, claims he has no other option but to spend the money in light of the government’s renewable energy targets. The Liberal National Party committed to honouring everything in the budget just two days ago.
As part of this law, Queensland needs to achieve 50 percent renewable energy by 2030, 70 percent by 2032, and 80 percent by 2035.
In an opinion piece in the Courier Mail, Mr. Miles confirmed next week’s state budget will increase investment in the Renewable Energy and Jobs Plan to $26 billion over four years.
Mr. Miles described this as the biggest investment in income-earning publicly owned renewable energy assets in Australia.
“Manufacturing would go offshore and regional jobs and industries would be lost.”
In April, Mr. Miles admitted he expected to be swept out of power at the election on Oct. 26 following You Gov polling showing him down 44 to 56.
In response to this polling, Mr. Miles admitted it is “likely, very likely” he would not be premier after the election.
Opposition Will Honour Budget
The massive multi-billion renewable spend from Labor comes after Liberal-National Party Leader David Crisafulli promised to support government projects in the upcoming budget.The government is set to deliver its final state budget before the election on June 12.
In response to pressing questions from a journalist on the matter, Mr. Crisafulli said “Look, I’ve said clearly, anything that’s in the budget is going to be honoured.”
Former Queensland Premier Campbell Newman described Mr. Crisafulli’s decision to commit to funding the budget before having seen it as “insane” during an interview with ABC Radio Brisbane.
“What you’re effectively doing is saying not only are we just supporting the allocation of money, but we’re supporting the agenda of that government,” he said.
What is Queensland’s Renewable Energy Plan
The Clean Economy Jobs Act 2024 and Energy (Renewable Transformation and Jobs) Act 2024 passed the Queensland Parliament on April 18.“The move is complemented by strong action on emissions reductions—with laws passed today to legislate emissions reduction targets of 30 percent below 2005 levels by 2030, 75 percent below by 2035, and net zero by 2050.”
Premier Steven Miles described enshrining renewable energy targets into law as a “historic day” on April 18, claiming 100,000 new jobs will be created.
“Our vision for Queenslanders is to produce cheap, clean, reliable, renewable energy for them, their families and their businesses. Now, we get on with the job of delivering,” Mr. Miles said.
The Liberal National Party did not support locking renewable energy targets into law during parliamentary debate on the legislation. However, the party does support cutting emissions with an end goal of net zero.
““The shift to a cleaner economy is a once-in-a-generation opportunity to bring jobs, long-term industries and new wealth to Queensland,” Shadow Environment Minister Sam O'Connor said in Parliament on April 17.
Shadow Energy Minister Deb Frecklington raised concerns about cost of living and energy bills during a speech on the Energy (Renewable Transformation and Jobs) Bill 2023.
“The risk that Labor’s plan poses to the energy bills of Queenslanders is far too great, and in Queensland’s cost-of-living crisis Queenslanders should not have to take that risk,” she added.
Minister for Energy and Clean Energy Jobs Mick de Brenni said at the time Queensland is “tracking” towards a low emissions future.
“Enshrining these new targets into law shows business, industry and community that we’re serious about tackling climate change and provides the certainty they need to get on with the job of reducing emissions,” he said.
