Queensland sets up A$2bn hydrogen, renewables fund
Australian state of Queensland will set up a A$2bn ($1.55bn) fund to finance renewable energy and hydrogen projects as part of its COVID-19 economic recovery plan, the state government said on June 10.
“This $2bn Queensland Renewable Energy and Hydrogen Jobs Fund is all about more jobs and more industries,” Queensland premier Annastacia Palaszczuk said. “It will also support the further development of Queensland’s resources sector while at the same time helping to deliver on our 50% renewable energy target by 2030.”
The government said that investment in local manufacturing of renewables and hydrogen will deliver lower-cost energy and free up gas as an industrial input for manufacturing.
Increased demand for cleaner energy will drive the expansion of the state's resources sector, including the North-West minerals province, providing cobalt, copper, scandium, nickel, vanadium, bauxite and alumina needed for batteries, electric vehicles and solar panels, the government added.
The A$3.34bn Queensland Jobs Fund includes the A$2bn Queensland Renewable Energy and Hydrogen Jobs Fund, increasing the existing A$500mn Queensland Renewable Energy Fund by A$1.5bn.
The Queensland Jobs Fund also includes the A$350mn Industry Partnership Programme and programmes that support investment in manufacturing, catalytic infrastructure, resource recovery and investment attraction.