Forth Green Freeport (FGF) has reached a significant milestone in its development by submitting its Full Business Case (FBC) to both the Scottish and UK Governments. This submission marks a crucial step toward unlocking £25 million in seed funding, aimed at revitalizing key underdeveloped sites within the FGF area and delivering substantial economic benefits for Scotland.
The submitted FBC will now undergo governmental review, after which both governments, along with FGF’s partners, will sign a Memorandum of Understanding. This will allow the release of the seed capital, enabling identified projects to move forward and attract inward investment.
FGF, which became operational on June 12, 2024, is chaired by Dame Susan Rice DBE and led by CEO Sarah Murray. Its mission is to draw new businesses and jobs into key Scottish locations, including Burntisland, Grangemouth, Leith, and Rosyth. Backed by financial incentives, the Freeport aims to generate £7.9 billion in private and public investment over the next decade and boost gross value added (GVA) by £8.1 billion. This will result in the creation of up to 34,500 green jobs, with 16,000 of these in FGF’s target sectors.
Commenting on the FBC submission, CEO Sarah Murray highlighted the significance of this milestone: “This is a key milestone. Our detailed FBC will, following approval, help unlock the important seed capital required to accelerate the opportunity to attract inward investment into the Forth Green Freeport areas.”
Dame Susan Rice DBE, Chair of FGF, added: “Our FBC outlines in fine detail how we will deliver our shared vision. The seed funding will be wisely invested to ensure that we maximise business growth in areas of underdevelopment, breathing new life into them and opening opportunities for everyone.”
The priority projects to benefit from seed capital include preparing land at the Port of Leith for an offshore renewables hub, enhancing utility capacity at Grangemouth, and building the AGIC Skills & Innovation Centre in Rosyth. FGF is set to drive the re-industrialization of Central Scotland and support large-scale economic regeneration, with a focus on sustainable sectors such as offshore wind, hydrogen, and modular manufacturing.
Strong governance is central to FGF’s operations, with an independent chair and a diverse board representing public and private sectors, including members from local authorities and government advisers. The project aims to ensure fair work practices, sustainability, and long-term benefits for local communities.