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Forth Green Freeport is go

[ June 12, 2024   //   ]

Forth Green Freeport is open for business and its three tax sites at Grangemouth, Rosyth and Mid-Forth (Leith and Burntisland) are live as of 12 June following approval from the Scottish and UK Governments.

The public / private consortium, which is chaired by Dame Susan Rice said it would attract new businesses and new jobs into the Forth Green Freeport (FGF) area, aided by financial incentives to deliver economic and net zero benefits for Scotland as a whole and the local communities in Fife, Falkirk, Leith and beyond.

FGF will focus on offshore wind, hydrogen, sustainable fuels, modular manufacturing and logistics and would support the re-industrialisation of Central Scotland and large-scale economic regeneration over the next decade, it added.

It said that forecasts indicate that there is the potential to attract £7bn of private and public investment over the next decade, delivering Gross Value Added (GVA) of £8.4bn. This could generate up to 38,350 well paid green jobs, with almost 19,000 of these being directly-generated, linked to the FGF’s target sectors and tax sites.

Dame Susan Ricesaid: “This is it, Forth Green Freeport is officially open for business. It is an important time for the Green Freeport as we move through the business case development phase to delivery for Scotland.

 “Through innovations in offshore wind manufacturing, assembly and commissioning, alongside innovative shipbuilding, modular assembly and hydrogen manufacture, the country’s net zero targets can be boosted by Forth Green Freeport.

“This is a long-term project and one which we know will deliver real benefits to the local communities through economic growth, skills re-training and training and access to high quality, green jobs.”

Vestas has identified the Port of Leith as a possible location for a wind turbine blade manufacturing facility, an example of how Green Freeport status can be used to boost Scotland’s renewable energy.

FGF says that investment incentives will only apply to businesses who commit to and deliver against Investor Principles that will guide all landowners and developers.  This will include abiding by the Fair Work Charter and they also require businesses to buy into Forth Green Freeport’s net zero commitments.

Dame Rice added: “Strong governance is at the core of Forth Green Freeport as we focus sharply on ensuring that the Green Freeport operates to the highest standards. Workers’ rights will be protected, money will be spent wisely and all of the investors we attract to benefit from the incentives that the Green Freeport offers will be as committed as we are to ensuring that the most significant beneficiaries from this long-term initiative are the people from the communities around the Forth Green Freeport.”

The FGF consortium is currently working through the final business case to develop the detail in the OBC further and secures the seed capital funding linked to the Green Freeport. The FBC will be submitted for approval to the Scottish and UK Governments later this summer.

The three tax sites and a number of potential customs sites, span 533 hectares in Grangemouth, Leith, Rosyth, Burntisland and Edinburgh Airport. This is a refinement of the overall area following the inclusion of land owned by the Royal Navy in Rosyth (HMS Caledonia) and the joining of the Burntisland site with the Leith site to create the Mid-Forth tax site.

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