The ocean plays a crucial role in our planet’s health, yet current practices are unsustainable. UN Sustainable Development Goal 14 - Life Below Water - is massively underfinanced. To address this mobilizing private capital is essential.
Life Below Water requires an estimated €147 billion annually globally by 2030. However, only €21 billion is currently available, leaving a funding gap of €126 billion. This is where the Nordics has the opportunity to play a crucial role.
The aim of this project is to close the funding gap in the Ocean Economy and accelerate the development of more sustainable ocean solutions.
The Ocean Economy
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.
The Nordic Advantage:
- The Nordic region’s Ocean Economy is a vibrant investment sector, spanning traditional industries (fishing, shipping) and cutting-edge areas (aquaculture, offshore energy, marine biotechnology).
- The diversity of the Nordic Ocean sector holds the potential to drive sustainable growth, combat climate change, and at the same time deliver strong returns for investors.
- Despite its potential, a lack of comprehensive information and understanding hinders capital inflows to the Nordic Ocean Economy.
The project:
- The Nordic Ocean Opportunity is a 6-month project focused on the Ocean Economy.
- It aims to attract Nordic and international investors by analyzing the sector’s potential, strengths, and key opportunities.
- The project will identify funding gaps, investment barriers, and actionable recommendations.
- The project will culminate with the release of a report that will be distributed and promoted in the Fall of 2024.
Project Goals:
- Showcase Nordic Strengths: Highlight competitive advantages, world-leading companies, and innovative solutions in ocean sectors.
- Quantify the Opportunity: Analyze funding levels, growth potential, and specific investment opportunities.
- Address investment barriers: Propose strategies to overcome obstacles that are preventing more capital flows
- Develop actionable recommendations: Create a roadmap of concrete steps that stakeholders can take to increase private investment in the Nordic Ocean Economy.
- Collaborate: Attract and engage investors to the Nordic Ocean Economy and foster Nordic ecosystem collaboration.
Project Partners:
The project is led by FRONTTIER in collaboration with Danish Ocean Cluster, Port of Hirtshals, North Sea Science Park, Innovatum Science Park and RISE.
