Queensland looks to acquire $1bn in funding for renewables

Queensland looks to acquire $1bn in funding for renewables

Queensland has posed a question to the government, asking for $1 billion in funding to support the state’s renewable energy goals.

Last week, NSW secured $2 billion to secure its grid and reduce emissions through targeted developments across the region. Now, QLD has set its sights on similar goals, asking for the money to cut the cost of increasing power bills throughout the state.

Jackie Trad, State Treasurer, asked PM Scott Morrison to consider a grand from the Northern Australia Infrastructure Fund, particularly after last week’s moves from NSW sparked her attention.

She said a big part of the funding is done through grants, instead of loans, so the QLD government is looking to allocate around $1 billion from the Fund as a renewable energy grant. She added that they desire the same terms provided to NSW.

“We welcome the opportunity to work with you to reduce emissions, grow jobs, lower energy prices and strengthen grid reliability,” Trad said in a recent statement.

Currently, the state’s goals sit at 50 per cent renewable energy by 2030.

A state of opportunity for renewables

Queensland recently secured its project for the largest grid-scale battery to be built in its Wandoan region, after a 15-year agreement between AGL and Vena Energy Australia was solidified.

RELATED: AGL’s game-changing battery deal

Presenting yet another opportunity for the state to kick its commitment to the field into gear, the battery comes as a way to charge its ‘revolution’.

The system features an initial capacity of 100MW and will be able to store 150MW – enough to power 57,000 homes across the state.

Milestones like this are driving Queensland to continue its pipeline of projects in 2020, but the need for funding from the Morrison Government is crucial. While giants like AGL and Vena are coming to the table, having political support and aid to charge these developments further will give Queensland the edge that NSW has already seen.