The Queensland Government has released its New Industry Development Strategy, which is set to support major economic growth opportunities as the state works to transition to net zero.
The Queensland New Industry Development Strategy (QNIDS) will help businesses tap into manufacturing opportunities to build the infrastructure and products the world needs to shift to renewables.
Under the strategy, a state-wide Local Economic Opportunities Network will be established, so Queensland communities can identify opportunities.
The strategy includes six key areas to grow economic opportunities:
- Renewable energy manufacturing and infrastructure
- Critical minerals processing, manufacturing and product development
- Battery industry development
- Green hydrogen
- The circular economy (including resource recovery)
- The bioeconomy (including biofuels and sustainable aviation fuel)
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.
Communities impacted by the transition to a low-emissions economy will receive majority of this support, including North West Minerals Province – and the economic corridor through to Townsville – Greater Whitsunday, Central Queensland, Darling Downs South-West and South Burnett regions.
Deputy Queensland Premier, Steven Miles, said the QNIDS marked the State Government’s commitment to making Queensland the state of opportunity in industries that will be in demand as Queensland shifts to a decarbonised global economy.
“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,” Mr Miles said.
“We are positioned strongly to leverage our unique strengths, including a wealth of natural resources; world-class ports; skilled workforce; and long-standing trading partnerships.
“Our Queensland Energy and Jobs Plan sets a strong foundation for a clean energy future that promotes innovation, more jobs, sustainable communities and economic growth.”
Mr Miles said with the New Industry Development Strategy, the State Government is 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,” Mr Miles said.
“As host of the Brisbane 2032 Olympic and Paralympic Games, we have an incredible opportunity to showcase our clean energy credentials to the world and power a brighter future for all Queenslanders.”
Queensland is now powered by more than 20 per cent 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 – assisting Queensland to avoid more than 13.8 million tonnes of CO² emissions each year, while supporting about 7,900 construction jobs.
The Queensland Government has committed to renewable energy targets of 70 per cent by 2032 and net zero by 2050.
View the Queensland New Industry Development Strategy here.