Why have certain regions been prioritised for funding?

    The Regional Economic Future Fund will support communities most impacted by the global decarbonisation and energy transformation. The regions being funded are those which:

    • include communities that have coal fired power stations and associated mines that are significant source of economic activity and jobs
    • have unique opportunities to support new industries like critical minerals, renewable energy, hydrogen and biofuels.

    What will be funded?

    As each region is unique, each regional transformation strategy will be designed to highlight the specific strengths and opportunities of the region.

    Funding is likely to be directed towards the following types of activities:

    • Projects that create new jobs (expansion of existing industry or investment attraction)
    • Activities that strengthen existing regional supply chains
    • Specific activities that support decarbonisation and the QEJP
    • Specific activities that build on or identify a region’s strengths, such as research and business cases
    • Specific precinct development to support a diverse economy

    This could include:

    • facilitation activities, such as feasibility studies for diversification projects and sustainability initiatives, small-scale common user infrastructure in traditional industries (for example tourism, agriculture), funding for agricultural trials and funding for mine waste reprocessing
    • policy design and implementation such as local economic planning, housing action plans and regional marketing campaigns
    • skills development such as digital capability program for small business, industry training packages for Indigenous peoples, workforce planning studies and meet the buyer events.

    Funding is unlikely to be allocated for the following:

    • Projects that would normally be funded via other programs or organisations, unless it provides an opportunity to leverage funding already allocated to the project and bring forward implementation. The key consideration would be long-term benefit in terms of investment and jobs.

    Based on previous experience, activities identified will likely exceed the funding pool. Consideration will be given to funding activities through alternate and complementary programs, state agencies and other levels of government.

    Can I get funding?

    There is no grant program funding being offered through the program.

    What is the timeframe?

    It is anticipated that the regional transformation strategies and implementation plans will be drafted and ready for implementation in early 2024.

    Which new industries are being considered?

    Our new industry priorities, as outlined in the Queensland new-industry development strategy, include: 

    The identified emerging industries that have the most potential to drive our economy forward are the industries that use Queensland’s traditional strengths to capitalise on these global trends. They’re the industries that will create good jobs for Queenslanders. We also want our existing industries to become sustainable, decarbonised businesses, ensuring they are competitive in an international environment increasingly concerned about environmental, social and governance (ESG) credentials.

    What is decarbonisation?

    Decarbonisation is the process of significantly reducing or eliminating carbon dioxide and other greenhouse gas emissions from the atmosphere. This includes the reduction of carbon dioxide emissions from energy production, and from other activities undertaken by communities, businesses and households.

    Why are we moving away from a carbonised economy to a low-emission economy?

    Historically, Queensland has relied on carbon-based industries, such as coal mining and coal-fired power stations as a source of electricity generation, employment and trade. Queensland’s economy is now shifting to diversify our energy mix and meet the challenges presented by climate related impacts.

    Decarbonisation is a global economic force and capturing the associated opportunities presents a new wave of economic growth for the state. Queensland’s expertise in mining,and rich, natural resources which are essential to developing a global low-emissions economy, have driven considerable investment interest. Increased global demand for critical minerals, hydrogen exports and biofuels production can be leveraged to grow regional economies.

    The Queensland Government, through the Queensland Energy and Jobs Plan, has committed to attaining 70% renewable energy by 2032 and 80% by 2035. As of November 2022, 22.7% of Queensland’s energy was produced from renewable energy sources. This means that there is considerable potential for Queensland to further invest in renewable energy projects to decarbonise the state. Read more information about Queensland’s renewable energy target.