COUNCILLOR JENNY HILL: MAYOR, CITY OF TOWNSVILLE

Since my 2021 contribution to the QFI Annual Leaders’ Survey, global challenges have evolved and emerged at a rapid pace.

Then, I envisioned regional Queensland as the powerhouse of our State’s and nation’s economic recovery post COVID-19. Events in the last twelve months have only served to reinforce this perspective, even with the worst of the pandemic now behind us.

With global energy security at the lowest point in decades due to Russia’s brutal military ambitions, never has there been a more important time for Australia to step up as a new energy superpower, with our enormous potential to supply energy-hungry industrial giants with decarbonised power supply options.

The Japanese, Korean and European economies are desperate for supplies of clean power to power their manufacturing industries and domestic power grids.

European industry, particularly in Germany, is especially enthusiastic to eliminate its reliance on Russian oil and gas in the wake of their invasion of Ukraine.

Green hydrogen is identified by the governments of Europe, Japan and Korea, as well as those of the United States, Canada, and the United Kingdom, as a key piece of this puzzle. Regional Queensland, particularly Townsville and the broader North Queensland region, has the capacity to benefit from this demand.

There is ample private green finance around the world seeking to invest in projects enabling the manufacture of zero-carbon and low-carbon hydrogen, as well as battery technology, but it needs Australian governments – State and Federal – to provide an environment that makes Australia an attractive place for that capital to be invested.

Innovative models of subsidy, incentive and government support must be examined to bring these investors to communities in regional Queensland.

Reducing overheads for companies to set up in regional Queensland are a must. Payroll tax relief, abolishing stamp duty on insurance premiums for policies in regional areas, long-term fixed-price power agreements for industry are all levers that the State Government can pull.

The Albanese Government should invest in key infrastructure, such as CopperString 2.0, as part of the Rewiring the Nation policy to connect a renewable energy province in North Queensland – with up to 16 gigawatts of renewable resource potential – to our power grid and to allow for the decarbonisation of mining operations in the north-west of our State.

North Queensland has enormous potential as a renewable powerhouse for the world. It just requires governments to see beyond the short-term and the electoral cycle to realise it.