Queensland is set to capitalise on a new wave of economic growth under a new plan to develop industries that will be in hot demand in a decarbonising world.
Deputy Premier Steven Miles launched the Queensland New Industry Development Strategy (QNIDS) during his address to the Committee for Economic Development of Australia today.
QNIDS will help businesses tap into manufacturing opportunities to build the infrastructure and products the world needs, to shift to renewables.
The strategy targets six key areas:
- Renewable energy manufacturing and infrastructure
- Critical minerals processing, manufacturing and product development
- Battery industry development
- Green hydrogen
- The circular economy, including resource recovery
- and the bioeconomy including biofuels and sustainable aviation fuel
Under the strategy, a state-wide Local Economic Opportunities Network will be established, so Queensland communities can identify opportunities on the ground.
The Queensland Government will also deploy the $5.84 billion Queensland Jobs Fund and tap into the catalyst Regional Economic Futures Fund, to deliver initiatives that help regional economic growth, especially in communities impacted by the transition to a low-emissions economy (North West Minerals Province – and the economic corridor through to Townsville – Greater Whitsunday, Central Queensland, Darling Downs South-West and South Burnett regions).
Deputy Premier Steven Miles said there is an immediate opportunity to expand our footprint in global markets of high-value supply chains involved in this transition – and we’re seizing it.
“With this New Industry Development Strategy, we are taking the next steps to strengthen Queensland’s capabilities to manufacture the equipment needed to make the shift to decarbonisation and build whole new industries to support that transition.
“Our regions are uniquely set up to support this shift to new, high-value industries and we will work with industry, universities and our Queensland communities to ensure we take advantage of every opportunity.
Fast facts:
- Queensland is now powered by more than 20% renewable electricity
- Since 2015, close to $11 billion has been invested in 50 large-scale renewable energy projects now operating, committed or under construction across the state
- This helps Queensland avoid more than 13.8 million tonnes of CO2 emissions each year, while supporting about 7,900 construction jobs
- Queensland has committed to renewable energy targets of 70% by 2032 and net zero by 2050
The Queensland New Industry Development Strategy can be viewed at: https://www.statedevelopment.qld.gov.au/qnids
