Overview

• The UK Government has pledged £200 million from the National Wealth Fund to support the Grangemouth refinery site in Scotland, which is set to close in mid-2025.
• The funding aims to secure additional private investments of up to £600 million and transition the site to host industries like biofuels, hydrogen energy, and bioengineering.
• The refinery's closure threatens over 400 direct jobs and thousands more in the supply chain, with redundancy notices already issued to many workers.
• Trade unions and the Scottish Government have called for further investment and immediate action to preserve jobs and explore sustainable technologies like green aviation fuel.
• Labour's handling of the crisis has become a political challenge, with the party's polling in Scotland significantly declining ahead of next year's Holyrood elections.