The Ocean Economy in the world and in the Nordics

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The Ocean Economy is referred to as the sum of the economic activities of ocean-based industries, together with the assets, goods and services provided by marine ecosystems.The Ocean covers 70% of our planet and we rely on it for food, energy and water. In the global economy, the Ocean Economy contributes to €1.5 trillion of global economic output, with projections indicating an increase to €3 trillion by 2030.

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In the Nordic region, the Ocean Economy accounts for an average of 9% of GDP and represents an estimated 1.5% of the global Ocean Economy's GDP. It generates an annual turnover of approximately €120 billion for the region's economy. While the Ocean Economy is vital across all Nordic countries, it is particularly crucial for nations like Norway and Iceland, where it represents 18% and 13% of their GDP, respectively.

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The decade of the Ocean

The UN has declared 2021-2030 as the Decade of the Ocean, initiating a global effort to address key oceanic challenges, such as maritime pollution, biodiversity degradation, and unsustainable fisheries, among others.

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"Life Below Water" is also the least funded of the UN's Sustainable Development Goals. It is estimated that €147 billion per year globally is needed to restore and maintain the health of our oceans. However, to date, only €21 billion is available, primarily from public investments, leaving a funding gap of €126 billion still to be addressed.

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The Ocean Vision for 2030 aims to accelerate the development of new and innovative ocean solutions that can help achieve clean and healthy oceans, thereby fostering a more vibrant and productive Ocean Economy. The goal is to promote the development of cutting-edge ocean technologies and innovations, as well as to stimulate private capital markets that can support the growth of companies in this sector.

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The Nordic opportunity

The Nordic region, with its long history of ocean innovation, a well-developed Ocean Economy sector, and deep expertise in key industries (such as aquaculture, offshore energy, maritime transportation, and marine biotechnology), coupled with a strong commitment to sustainable ocean practices, is uniquely positioned to lead the development and acceleration of sustainable ocean solutions. In other words, the Nordics have the opportunity to leverage their ocean expertise and the strengths of their Ocean Economy companies to play a pivotal role in shaping the Decade of the Ocean.

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To achieve this, it is crucial to support the development of both new and existing ocean solutions in the Nordic region. But it is equally important to encourage investors of all types to explore and invest in these solutions, in order to enable more innovative technologies to be developed, brought to market, and effectively solve some of the major ocean challenges. 

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We believe the Ocean Economy is one of the most promising emerging sectors in the Nordic region, offering a unique and compelling investment opportunity for both Nordic and international investors. However, a coordinated effort is necessary to clearly articulate its appeal and attract more private capital into this space.

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This project aims to set the foundations for more investors to understand and seize the Nordic Ocean Opportunity. 

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About the project

The NOOP is a Nordic initiative to help close the funding gap in the Nordic Ocean Economy and channel more private capital into Nordic ocean solutions by researching, highlighting and promoting the Nordic Ocean Investment Opportunity. 

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The NOOP project is divided into three stages. In this initial first phase, the project will focus on the Ocean Economy in Scandinavia—specifically Norway, Sweden, and Denmark. In the next stage of the project, we will broaden our scope to include Finland and Iceland, further expanding our exploration of the Nordic Ocean Economy.

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This project will thoroughly examine this dynamic sector, assessing its potential, highlighting its strengths, and identifying key investment opportunities. We will also place a strong emphasis on uncovering potential funding gaps and addressing critical investment barriers, ultimately developing actionable recommendations to enhance private investment in the Nordic Ocean Economy.

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The project will culminate with the release of a comprehensive report, which will be distributed and promoted in the fall of 2024.

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The project's main goal is to mobilize more private capital to the Nordic Ocean Economy and Nordic ocean solutions. We aim to achieve this by:

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• Building the investment case: Researching the Nordic Ocean Economy to analyze current and required funding levels, growth potential, and specific investment opportunities within the region.
• Showcasing Nordic strengths: Highlighting the region's leading ocean sectors, innovations, and companies to demonstrate the unique value and potential of Nordic ocean solutions.
• Identifying main barriers: Identifying and addressing the investment barriers that currently hinder capital flows into the Nordic Ocean Economy.
• Developing actionable recommendations: Creating a roadmap with concrete steps for stakeholders to increase private investment in the Nordic Ocean Economy.
• Collaborating: Attracting and engaging more investors in the Nordic Ocean Economy while fostering collaboration within the Nordic ecosystem to support this emerging sector.

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The project partners

The Nordic Ocean Opportunity project group consists of 4 organizations:

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• Nordic Innovation
• Norway: FRONTTIER
• Denmark: the Danish Ocean Cluster, in cooperation with the Port of Hirtshals and the North Sea Science Park
• Sweden: TBC

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In later stages of the project, organizations from Finland and Iceland will also be added as a part of the consortium.

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Join us to explore the next great economic frontier in the Nordics. Join us to navigate the Nordic Ocean Opportunity.