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Forth Green Freeport submits business case

[ November 27, 2023   //   ]

The consortium behind the Forth Green Freeport has submitted its Outline Business Case to the Scottish and UK Governments following its successful shortlisting earlier this year.

It envisages the re-industrialisation of Scotland, the creation of large-scale economic regeneration, well paid high skilled green jobs and a just transition to net zero that benefits the wider Green Freeport approved area.

The Forth Green Freeport’s economic impact assessment forecasts that this will drive up to £7bn of private and public investment over the next decade, delivering Gross Value Added of £8.4bn and will be the catalyst for creating up to 38,350 jobs.

The Outline Business Case focuses on three tax sites and a number of potential customs sites, which span 552 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 and the joining of the Burntisland site to the Leith site to create the Mid-Forth tax site.

The OBC will now be reviewed by both Governments before being approved, allowing the Forth Green Freeport to become operational. The consortium will then develop the Final Business Case which develops the detail in the OBC further and secures the seed capital funding linked to the Green Freeport. The FBC will be submitted to the Scottish and UK Governments in Spring 2024.

Chair of Forth Green Freeport, Dame Susan Rice, said:“The OBC submission is a key step in the green freeport process as we undertake our due diligence on the vision that was set out at the bid stage. The team have been working hard over the past few months to refine the contents of the bid to shape how the Forth Green Freeport will be governed, operated and delivered for Scotland. We now await the feedback from both the Scottish and UK Governments before we begin creating the final business case early next year.

“The Forth Green Freeport is a true partnership of private and public sector organisations who share the same vision for the Forth. The delivery of significant investment through the Forth Green Freeport is a key element in reducing emissions across the country through innovations in offshore wind manufacturing, assembly and commissioning, alongside innovative shipbuilding, modular assembly and hydrogen manufacture.”

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