Earths Energy (ASX:EE1) (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
- 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).
- The "Clean Economy Jobs Act 2024" was recently passed, enshrining these targets into law.
- 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
- South Australia's new target for 100% renewable electricity is 2027 (from ~70% currently).
- 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."
1 https://www.energyandclimate.qld.gov.au/climate/action-plan#:~:text=Emissions%20reduction%3A,net%20zero%20emissions%20by%202050.
2 https://www.premier.sa.gov.au/media-releases/news-items/new-target-for-renewables
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. See Figure 1.
Figure 1 - Queensland geothermal exploration licences and applications
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.
To learn more about the Company, please visit www.ee1.com.au, or contact:
Matt Kay
Managing Director
mattk@ee1.com.au
