The government of Queensland has reportedly announced a $500 million renewable energy fund to develop publicly-owned solar and wind energy projects as the centerpiece of its post-COVID-19 pandemic economic revival plan.

Sources cite that Queensland’s government is aiming to meet the 50% renewable energy goal by 2030. The statement was revealed as part of the Queensland COVID-19 Economic and Fiscal Review (also known as mini-budget) on Monday before the elections of 31st October.

According to Queensland Treasurer Cameron Dick, the $500 million investment would be invested in fields such as clean energy production and storage.

Green Energy Groups last month cast doubt on Queensland’s commitment for 2030. However, they stated they are only optimistic that more than one-third of its overall energy requirements will be produced by 2030.

When challenged that private-sector renewable energy spending was not necessary to help the state meet the 2030 goal, Treasurer Cameron Dick dismissed the claim and asserted that the government assumed that the expenditure of $500 million was a positive development.

The Australian Conservation Foundation campaigner Jason Lyddieth said Queensland will build a vibrant energy market with unrivaled sun and strong winds. To boost the economy, the state government will borrow 500 million dollars to the green energy fund as part of USD 4 billion, as revealed in the mini-budget of Monday.

The Backing Queensland Company Investment Fund would earn another $500 million to support expenditure in industries and businesses after the situations after the pandemic restore.

The remaining 3 billion dollars is supposed to be used to launch big initiatives in the run-up to the 31st October election. Mr. Dick disclosed in Monday’s Mini Budget that the expected surplus of $234 million for this financial year had transformed into an $8.1 billion deficit.

By June 2021, the total debt, including government-owned companies, is projected to hit $102 billion, up from the December $83.8 million estimate.

Source credit -https://www.brisbanetimes.com.au/national/queensland/queensland-s-500m-surge-to-help-meet-2030-renewable-energy-target-20200907-p55t23.html