Opportunities are sailing Forth
Laura Petrie looks at the wider opportunities presented by the Inverness and Cromarty Forth Green Freeport
Inverness and Cromarty Firth Green Freeport is considered by many to be the most significant opportunity in decades for the Highlands - to create jobs, reverse the depopulation of the region’s rural communities, and play a role in Scotland and the UK’s journey to net zero through the creation of a renewable energy hub.
Up to £25 million of seed funding has been unlocked, which will benefit the Freeport and its participants. However, the concept of a green freeport is unfamiliar territory for many, so businesses are asking: “what do the opportunities look like for me?”
The good news is, the opportunities are plenty and the range is vast. Some are obvious, such as the tax- driven benefits, but some are less so and arise as a knock-on effect of what others are doing in the Freeport, and the demands that are created in the commercial ecosystem.
In Inverness and Cromarty Firth Green Freeport (ICFGF) itself, the facilitation of offshore wind, floating wind and green hydrogen projects has occupied much of the conversation. The fabrication, assembly and maintenance of offshore structures will require people to carry out these processes, while any plans to house a hydrogen plant at the Freeport – such as The Cromarty Hydrogen Project – will need to be powered by electricity, from whatever source is decided as most suitable.
A strong supply chain will be necessary, both on and off-site. Warehouses, factories and purpose-built yards need to be built, while materials and equipment will require transportation into, and out of, the Freeport.
People will be crucial to initial set-ups and ongoing operations – electricians, builders and the rest of the trades world too, architects, planners, and engineers. Those who specialise in data processing, analysis and reporting will play an important role, as will the marine technology sector. And for all those workforces operating on-site at ICFGF, day-to-day services will be needed - catering, electric vehicle charging stations, and bus routes, to name a few.
There will be leasing and sales opportunities too, for land and property near to the Freeport or on the routes that lead to it. Whether it's available laydown space or use of an outbuilding, businesses will need somewhere to store their tools, equipment, materials and vehicles.
And then there are the less obvious opportunities that are on the horizon, arising indirectly from ICFGF becoming operational and attracting more people to the region. Some of that workforce will be temporary or on fixed contracts, others permanent.
People will need somewhere to live or stay, creating demand for all types of accommodation.
Services are needed too - public transport, tour operators, taxis, car hire, schools, healthcare. And then there are all the other day-to-day needs. Sports, leisure, and activities to enjoy during their downtime, food and drink venues, shopping facilities, entertainment… a non-exhaustive list but full of opportunity for the local region.
For businesses who provide a service locally or are considering doing so, now is the time to plan.
Pay attention to what's happening at ICFGF and consider what is needed to move forward – from investment and legal advice, to training and hiring people. Consider how your business, service or product can pivot to become more green, to take advantage of support available from banks and investors.
And finally, talk to the right people. The ICFGF’s innovation and training hub, The Powerhouse, is a good place to start having conversations.
Laura Petrie is a Partner at Brodies LLP