COP27 is a climate summit where world leaders meet to tackle climate change on a global scale. The COP in COP27 stands for Conference of the Parties.

This is the 27th conference convened by the United Nations to combat climate change on a global scale and deliver practical implementation of emission targets and limits from the 197 countries who have signed the United Nations Framework Convention on Climate Change in 1992.

At every COP, momentum is growing for renewable energy transition, and an increasing amount of capital is being allocated to funding this global change.

Beyond the environmental benefits of a coordinated approach to tackling climate change, a global need for rapid transition to renewable energy brings with it significant economic opportunities for jurisdictions with the capacity for clean energy production and storage, along with the raw materials, infrastructure, intelligence and industry to deliver what the world needs to decarbonise and meet emissions targets.

Queensland is well placed to be at the forefront of that increased investment, with our enviable natural, industrial and social advantages already being deployed by a government committed to the benefits and opportunities presented by what the world needs to deliver real action on climate change.

Queensland already has 50 large-scale renewable energy projects operating, under construction or financially committed, representing $10.7 billion of investment, 7,900 construction jobs, 5,774 megawatts (MW) of clean energy and more than 13.8 million tonnes of avoided emissions each year (as at Jan 2022).

An opportunity to serve the world

As a decentralised state already powered by a strong regional workforce with mining and manufacturing expertise, Queensland is well-placed to scale up the supply chains needed to supply the world with the components needed to produce renewable energy.

Many of the critical minerals needed for the batteries that will store renewable energy (think copper, cobalt, vanadium, nickel and lithium) lie right underneath our soil.

With 300 days of sunshine each year, world-class ports, long-standing trading partnerships and proximity to world markets, Queensland is already a significant player in the future of renewable energy-powered supply chains.

The growth of Queensland’s renewable energy sector and the increasing global demand for cleaner products will also bring employment opportunities for Queenslanders, with thousands of highly skilled jobs needed to deliver the decarbonisation of existing industries and the creation of renewable energy supply chains.

With many companies, like Fortescue Future Industries, already relocating or expanding to Queensland to benefit from renewable energy, the economic effects will be multifold.

Walking the walk: The Queensland Energy and Jobs Plan

Queensland is investing heavily in the renewable energy industry. The recently announced Queensland Energy and Jobs Plan (QEJP) sets out a path to transform Queensland's electricity network with the creation of the SuperGrid – more than 40 large-scale renewable energy capital projects totalling $62 billion worth of public and private investment over 15 years delivering a renewable revolution in energy production, storage and distribution, along with an increase in Queensland’s renewable energy target to 70% by 2032.

Delivering this energy transformation presents an incredible economic opportunity for Queensland, and we’re ready to seize it. To create our SuperGrid, we’ll need a huge amount of equipment like wind towers and blades, solar PV modules and batteries. If we can build as much of what we need here in Queensland, we can create manufacturing jobs for Queenslanders and lasting benefits for the whole state.

While the final outcomes of COP27 are yet to be seen, what we do know is that Queensland will play a large and important role in securing a greener and more positive future for our planet.