The UK Government has approved the Full Business Case for the Forth Green Freeport (FGF), clearing the way for £25 million in seed capital to support the freeport’s reindustrialisation plans, the organisation said on Wednesday.
The decision follows sign-off from the Scottish Government in October. FGF said its chair, Dame Susan Rice, the three participating local authorities and both governments will now sign a Memorandum of Understanding to release the funding and allow initial projects to proceed.
The freeport programme will focus on offshore wind, hydrogen, sustainable fuels, modular manufacturing and logistics as part of a strategy to drive economic regeneration over the next decade.
“This is an important day for Forth Green Freeport as we successfully gain final government approval of our Full Business Case,” chief executive Sarah Murray said. “The next step to fully activate the Forth Green Freeport is the signing [of] a Memorandum of Understanding to allow the release of the £25 million funding to kick start the initial projects.”
FGF, which became operational on 12 June 2024, aims to attract investment and jobs through tax and customs incentives. An economic assessment cited by the organisation estimates £7.9 billion of investment, an £8.1 billion boost to gross value added and the creation of up to 34,500 jobs.
