Queensland to set up $2 billion renewable energy and hydrogen fund

The government of Queensland is set to establish a A$2 billion Queensland Renewable Energy and Hydrogen Jobs Fund that will support the state’s 50% renewable energy target by 2030.

Expanding on the previous $500 million Renewable Energy Fund, the latest initiative will enable investments by Queensland’s government-owned energy businesses in commercial renewable energy and hydrogen projects, as well as supporting associated infrastructure.

Australian Petroleum Production & Exploration Association (APPEA) acting Queensland director Matt Paull said the Queensland government’s latest commitment to hydrogen will ensure a bright future for the gas industry in the state for decades to come.

“Australia’s LNG export success means the Australian upstream oil and gas industry has the technology, expertise, commercial and trade relationships to make, in particular, hydrogen exports a reality.”

“Developing a local hydrogen industry could enable lower emissions both in Queensland and internationally, reduce energy costs, deliver energy security, together with new employment and manufacturing opportunities,” he added.

Queensland’s oil and gas industry is worth $11.1 billion to the state’s economy each year and directly and indirectly employs more than 47,000 Queenslanders according to Paull, who was speaking at the APPEA conference on Tuesday.