With the adoption of its Outline Business Case by the Scottish and UK Governments, as well as the identification of its three tax sites in Grangemouth, Rosyth, and Mid-Forth (Leith and Burntisland), the Forth Green Freeport (FGF) is now formally “open for business” as of today, June 12, 2024. This significant move opens up the investment incentives needed to realize the goal of the green freeport.
With the support of several financial incentives, this historic achievement for the public-private consortium, which is chaired by Dame Susan Rice DBE, will draw new companies and jobs to the FGF region, resulting in significant economic and net-zero benefits for Scotland overall as well as the nearby communities of Fife, Falkirk, Leith, and beyond.
Over the next ten years, FGF will support Central Scotland’s re-industrialization and large-scale economic regeneration by concentrating on the core target industries of offshore wind, hydrogen, sustainable fuels, modular manufacturing, and logistics.
According to forecasts, over the next 10 years, there is potential to draw £7 billion in both public and private investment, resulting in £8.4 billion in gross value added (GVA). Up to 38,350 well-paying, highly skilled green jobs could result from this, with nearly 19,000 of those jobs being direct gross jobs connected to the target industries and tax locations of the FGF.
As stated by Dame Susan Rice, DBE, Chair of Forth Green Freeport: “This marks the official opening of Forth Green Freeport for business.” The Green Freeport is at a critical phase as we proceed from the business case development stage to the delivery of services for Scotland.
“Forth Green Freeport can help the country achieve its net zero targets through innovations in modular assembly, shipbuilding, and hydrogen manufacturing, as well as offshore wind manufacturing, assembly, and commissioning. This is a long-term project that 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.”
The announcement that Vestas has considered the Port of Leith as a potential site for a wind turbine blade manufacturing factory brought attention to the FGF’s potential. This is an illustration of how Scotland’s Green Freeport designation may be utilized to strengthen its reputation as a renewable energy hub, potentially generating hundreds of high-quality, environmentally friendly jobs that will help the equitable transition to net zero.
The investment incentives would only be available to companies that agreed to abide by a strict set of investor principles that would serve as a roadmap for all developers and landowners. This will entail following the Fair Work Charter, which puts employees’ rights, pay, and working conditions first. Businesses must also support Forth Green Freeport’s net zero pledges to adhere to the ideals.
Robust governance is a crucial component, featuring a governing board headed by Dame Susan Rice, DBE, an independent, and comprising established and functioning members from both the public and commercial sectors. It is made up of elected members from each of the three local authorities, advisors from the UK and Scottish governments, and representatives from all consortium partners. A request to have a worker representative on the board has also been made to the Scottish Trades Union Council (STUC).
“As we sharply focus on ensuring that the Green Freeport operates to the highest standards, strong governance is at the core of the Forth Green Freeport,” Dame Susan Rice continued. The rights of workers will be upheld, funds will be used prudently, and all of the investors we draw in with the promise of financial gain from the Green Freeport’s incentives will share our commitment to making sure that the residents of the communities surrounding the Forth Green Freeport stand to gain the most from this long-term project.
