Earths Energy (Earths Energy, EE1 or the Company) is pleased to note recent
significant government initiatives and policy updates that align with the Company’s
strategic vision for growth of the renewable energy sector. Geothermal Energy has
strong potential to provide vital support to Australia’s clean energy transition, as it is
an emission free 24/7 baseload power.
HIGHLIGHTS
• Queensland brings forward renewable energy targets in updated climate action
plan and legislation1
o Queensland has now set ambitious targets of a 75% emissions reduction by
2035 and net zero by 2050. Renewable energy targets to support this are
50% by 2030, 70% by 2032, and 80% by 2035 (from ~35% currently).
o The "Clean Economy Jobs Act 2024" was recently passed, enshrining these
targets into law.
o The Queensland Government has outlined its strategy in the "2035 Clean
Economy Pathway", signalling governmental support for renewable
energy projects.
• South Australia recently accelerated renewable targets by three years2
o South Australia’s new target for 100% renewable electricity is 2027 (from
~70% currently).
o The State’s mining industry participants are actively procuring energy from
new renewable investments.
Managing Director Matt Kay commented: “The recent legislation introduced in
Queensland and South Australia, combined with the federal Government's push for a
greener economy, support the development of additional renewable energy. With a
substantial landholding of geothermal assets, Earths Energy is uniquely positioned to
provide 24/7 base load, emission free energy, unlike most other renewable energy
sources.
Our proactive approach in securing strategic geothermal licenses places us at the
forefront of this transition. The commitments to renewable energy from both state and
federal governments bodes well for companies like ours, which is playing a leading
role in the development of geothermal energy in Australia.”
Queensland's climate action and legislative support
The Queensland State Government has taken a step forward in its climate action
strategy, surpassing its previous 2030 emission reduction target with a 35% reduction
from 2005 levels as of the latest reports.
The State Government has also committed to a 75% reduction in emissions by 2035
and to achieving net zero by 2050. These targets are supported by aggressive
renewable energy goals, including 50% by 2030, 70% by 2032, and 80% by 2035.
The "Clean Economy Jobs Act 2024", which was passed in April 2024 and solidifies
these commitments into law, is a cornerstone of Queensland's "2035 Clean Economy
Pathway". The Clean Energy Pathway sets out a vision for transitioning to a reliable
renewable energy system, underpinned by substantial government backing and
incentivising investment in green energy projects.
In Queensland, Earths Energy has one granted geothermal exploration permit, EPG
2026, which is located near Brisbane and proximate to substations and regional power
networks. Additionally, the Company has three blocks under application that are
located near the Gold Coast and major industrial activity in the Bowen and Surat Basin
mining and coal seam gas areas.
South Australia’s renewable energy target brought forward
South Australia has brought forward its target for achieving 100% renewable electricity
generation to 2027 (previously 2030), up from ~70% currently3. This move stems from
the State Government's Hydrogen Jobs Plan and the recently enacted Hydrogen and
Renewable Energy Act, both of which form the framework of the State Prosperity
Project, expected to support substantial new investment in the renewable sector.
The State Government sees its legislation as unlocking the potential for mining,
processing, and manufacturing to produce carbon-neutral goods, with miners in the
State already committing to procure energy supply from new renewable investments.
Earth Energy's geothermal assets in South Australia cover 12,035 km² in prime locations
(See Figure 2). These blocks are strategically situated along major transmission lines
and adjacent to large-scale mining operations such as Olympic Dam and
Carrapateena and Four Mile / Beverly, all major consumers of energy in South
Australia.
Earths Energy will continue to work closely with its technology partner Baker Hughes and the state and federal governments on the development of its geothermal asset portfolio, to deliver a new source of 24/7 base-load renewable power.
