Queensland Renewable Energy and Hydrogen Jobs Fund
The government is establishing a Queensland Renewable Energy and Hydrogen Jobs Fund with up to $2 billion for government investments.
The government has committed $1.5 billion to increase the previous $500 million Queensland Renewable Energy Fund and establish the $2 billion Queensland Renewable Energy and Hydrogen Jobs Fund.
The Queensland Renewable Energy and Hydrogen Jobs Fund allows energy government-owned corporations to increase ownership of commercial renewable energy and hydrogen projects, as well as supporting infrastructure, including in partnership with the private sector.
The existing skills and expertise from the energy government-owned corporations will be used to engage with market proponents and identify commercial investment proposals, with opportunities for appropriate returns for government.
The fund complements the commitment of $145 million to establish three Queensland Renewable Energy Zones – the northern, central and southern QREZs – to support significant renewables investment. In these areas, the government will undertake strategic network investments, streamline the development of new renewable energy projects, and work to match new and existing industrial energy demand with our low-cost renewable energy.
Key investment objectives and criteria
Government-owned corporations can present investment and funding proposals for consideration and approval through the Fund.
Investment proposals will be considered based on the key objectives set by government, including:
Renewable energy and hydrogen
The fund will consider investment proposals that support additional renewable energy generation and storage capacity in Queensland, and the transition to Queensland’s 50 per cent Renewable Energy Target by 2030. This includes, but is not limited to, solar, wind, pumped hydroelectric storage, hydrogen and supporting network infrastructure.
Investment proposals must demonstrate commercial value.
Employment and jobs
Investments must create new and ongoing employment opportunities in Queensland consistent with the government’s employment and procurement policies.
Investments are expected to be made progressively as opportunities are identified, and proposals are developed by government-owned corporations and approved through the fund.
Energy government-owned corporations have already submitted a diverse range of investment opportunities as part of the Project Discovery phase.
Market dynamics, the nature of proposed investments, as well as other factors may also impact investment timeframes.
The fund will continue to evaluate investment opportunities already submitted by government-owned corporations.
Government will provide further detail in relation to the next stage of the fund.