Forth Green Freeport receives full business case approval from UK Government
Rachel Reeves, the Chancellor of the Exchequer, made the announcement during her budget speech. And, following Scottish Government consent in October, this approval marks a significant step in unlocking GBP25 million of seed capital funding. This capital will support the reindustrialisation of the Forth Green Freeport (FGF) area.
As freeports are designated economic zones offering tax and customs incentives to boost trade, it has been promoted as Scotland's largest opportunity to support a just transition to net zero, attract major investment and create high-quality jobs. The project brings together public and private partners including Babcock, CalaChem, Edinburgh Airport, Falkirk Council, Fife Council, Forth Ports, INEOS, the Royal Navy, Scarborough Muir Group and The City of Edinburgh Council. Subsequent to this approval, FGF's chair, Dame Susan Rice DBE, the three local authorities of Edinburgh, Fife and Falkirk, and both the UK and Scottish governments will sign a Memorandum of Understanding.
This will allow the release of the multi-million-pound seed capital, enabling the start of identified development projects aimed at attracting inward investment. These projects target sectors including offshore wind, hydrogen, sustainable fuels, modular manufacturing, and logistics. It was confirmed in January 2023[1] that Rosyth was going to be at the heart of one of Scotland's first green freeports, which at the time promised to create more than 50,000 jobs across the country and generate GBP6 billion of investment.
It should lead to the major enhancement of the port - and waterfront areas within Fife - with the development of almost 150 hectares of land at Rosyth and the prospect of creating 7,000 new 'green' jobs between there and Burntisland. 
"The next step to fully activate the Forth Green Freeport is the signing a Memorandum of Understanding to allow the release of the GBP25m funding to kick start the initial projects. "Importantly, the seed capital will be match funded by project leads. "We look forward to signing this soon to begin delivery of this important long-term initiative benefiting Scotland and the rest of the UK."
The FGF commenced operations on June 12, 2024. An in-depth economic impact assessment estimates that it will generate GBP7.9 billion of private and public investment over the next decade. This investment is expected to create up to 34,500 well-paid skilled jobs, with around 16,000 of these being direct employment in the FGF's target sectors and tax sites.
According to a representative, to deliver the ambitious vision of the project, a "strong team of experts" will be appointed who will focus on attracting investment.
Additionally, the project will also ensure a "high level of governance and adherence to the FGF's Fair Work and Net Zero charters".
References
- ^ It was confirmed in January 2023 (www.dunfermlinepress.com)