The Queensland state government has boosted its chances of reaching a 50 per cent renewable energy target by 2030 with the establishment of a $500 million Renewable Energy Fund. The announcement came as part of the Queensland Covid-19 Fiscal and Economic Review.
Cameron Dick, the State Treasurer, said: “We will invest $500 million in a Renewable Energy Fund that means our publicly owned energy corporations can increase public ownership of commercial renewable energy projects and support infrastructure. It will be spent on a range of renewable energy projects including generation and storage. We’ll work to develop a mandate for our energy government-owned corporations to enable them to commence operations as soon as possible.”
Anthony Lynham, Energy Minister, said the Renewable Energy Fund was in addition to the 41 major renewable energy projects that have commenced operations, are under construction, or have received financial commitments since 2015.