Humber Freeport has launched with a mission to drive investment in renewable energy industries.
The freeport will harness the “unique potential and location of the Humber to stimulate economic growth, skills development and inward investment”.
Freeport status will enable the site to maximise opportunities from the net zero transition, in offshore wind and other low carbon technologies, creating highly-skilled jobs and driving investment.
As the largest energy-related cluster in north west Europe, the Humber is often referred to as the UK’s Energy Estuary.
Decarbonisation is one of three key workstreams established by Humber Freeport, alongside skills and innovation, and will be a key focus for the the site’s work.
Humber Freeport was officially launched at a VIP event at Associated British Ports’ Pump House at Hull’s Alexandra Dock.
Head of Freeports at the Department for Business and Trade Michael Green told attendees: “Humber Freeport will play a key role in decarbonising industry in what is the largest industrial cluster in the UK.
“It will ensure the region makes the most of the unique assets it holds. Being within four hours of most areas of the UK, the size of opportunity here in the Humber should not be underestimated.”
Humber Freeport chair Simon Bird said: “Humber Freeport will seek to secure hundreds of millions of pounds of private sector investment and the final business case conservatively estimates that such investment will create at least 7000 new, mostly skilled, jobs.
“This investment will have a transformative effect in lifting the prospects of the region.”
Humber Freeport comprises of three defined tax sites – Hull East; Able Marine Energy Park and Immingham, on the south bank of the Humber; and Goole – each of which offers incentives for businesses operating within the zones.
Benefits include land tax relief, business rate relief, enhanced capital allowances and National Insurance contribution relief for employers.