I welcome Keir Starmer’s announcement that the National Wealth Fund will invest £200 million into Grangemouth’s industries.
The devastating announcement in September 2023 by PetroIneos to close the refinery came at the cost of 400 jobs with thousands of jobs in the supply chain jeopardised. Something that was brought into sharp focus earlier this month when redundancy notices started dropping through letterboxes.
The National Wealth Fund (NWF) is a mechanism that allows for public investment in priority industries alongside parallel private investment. Labour delivered an additional £7.3 billion within days of the election to the NWF to allow the Government to more proactively invest in industry in our country.
For decades loss of industry in the UK has not been matched with a sufficient reaction to replace the jobs and economic value they provided to our communities. We can see the deep scars in our area from Thatcher’s war on energy producing communities.
Labour’s commitment to the NWF acknowledges this and takes steps towards preventing the entrenchment of the march of deindustrialisation. This is something that neither incumbent Tory nor SNP Government prior to the July election had a costed plan to do.
In December, I asked Energy Ministers what role the NWF could have in pursuing a rapid transition at Grangemouth. In January and February, I’ve pursued meetings alongside Parliamentary colleagues with the National Wealth Fund, Ministers and unions to press for the resources and policy landscape that will enable a truly just transition for Grangemouth.
The voice of the refinery workers, the Grangemouth community and trade unions has been crucial in pressuring governments into providing the investment needed to keep jobs, skills, and opportunities in our area. This investment is the fruit of their labours, delivered by a UK Labour Government.
Project Willow, started within hours of Labour’s election victory, will report in detail on industrial options for Grangemouth. It is clear to me that with the resources now ready to be deployed by the National Wealth fund that we must turn our work towards
what comes next. I have been clear on my ambition to see Sustainable Aviation Fuel (SAF) production at Grangemouth. The Labour Government has moved swiftly to support this burgeoning industry, which will help decarbonise aviation and create jobs. By 2030, ten per cent of all UK aviation fuel must be SAF. With the political and industrial will, Grangemouth can lead the race to establish a native supply of Sustainable Aviation Fuel. It makes no sense, economically or environmentally, to be reliant on SAF imports from halfway
around the world. Conversion can be done, and it has been shown to be cheaper than
building from scratch. International examples in California and Sweden show that rapid transition can retain jobs, utilise skills and enhance the economy: This is the outcome for Grangemouth that I have and will continue to push for in my role as Falkirk’s Member of Parliament.