Falkirk councillors are being asked next week to approve plans for a local Freeport.
Council officials say the proposed Forth Green Freeport could create as many as 34,500 jobs and generate around £8 billion in investment.
The plans aim to make Grangemouth an attractive locaton for green businesses to invest in through tax rates relief.
Renewable energy, carbon capture and storage, biofuel, and hydrogen production are among the industries being targeted for investment.
The Council's Executive will decide when they meet on 22nd August if the proposals are to be submitted to the UK and Scottish Governments.
Malcolm Bennie, Director of Place Services, said:
"The Forth Green Freeport is a transformative opportunity for Grangemouth and the wider region. The NDR relief policy is a cornerstone of the FGF strategy to attract green businesses and significant investment, which will create high-quality jobs and drive sustainable economic growth. It is now down to Elected Members to determine if this is best way forward for Falkirk Council and the local area."
Consultation on Stirling budget cuts
NHS Forth Valley expecting "high" demand
Falkirk man jailed for terrorism offences
Work complete after dip on Stirling slip road
Plans for Stirling visitor levy