The UK and Scottish governments have revealed plans to establish two new Green Freeports in Inverness and Cromarty Firth and Firth of Forth.
The Green Freeports initiative is backed by up to £52 million ($63.3) in funding from the UK Government and is expected to generate an estimated £10.8 billion ($13 billion) of private and public investment, creating over 75,000 new jobs.
“Both Green Freeports will help Scotland compete on the international stage as offshore wind develops to become the mainstay of electricity generation in the UK and we look forward to working with all partners to maximise the economic benefits which will be delivered,” commented Scottish Renewables’ Head of Energy Transition and Supply Chain, Emma Harrick.
READ: First Freeports launched in major economic boost
The bidding process for the new sites opened earlier this year and consortiums submitted their proposals for a share of the funding.
Out of five applications, North East Scotland, Orkney, and Clyde did not make the cut.
Accepted bidders into the programme will have access to reduced taxes and tariffs within the designated zones.
The rigorous selection process required the successful locations to demonstrate how they would regenerate local communities, promote decarbonisation, establish global trade hubs and foster an innovative environment to support levelling up.
Forth Green Freeport (FGF) responded positively to the announcement stating the plan has the potential to create 50,000 new jobs focused on green initiatives, as well as drive the development and implementation of new green technologies and renewable energy sources.
Only a few days ago, Freeport East received final government approval allowing it to move forward into the delivery phase.
The development of the Freeport, which is expected to create up to 13,500 new jobs, will be subsidised by the government with a £25 million ($30.3 million) boost to support infrastructure improvements.
