Nordic Ocean Opportunity (NOOP)

Nordic Ocean Opportunity (NOOP) is a project aimed at closing the funding gap in the ocean economy by attracting more private capital to sustainable ocean solutions in the Nordic region. The project focuses on promoting investments in the ocean economy, which plays a critical role in ensuring the health of our planet. Specifically, the project addresses the underfunding of the United Nations’ Sustainable Development Goal 14 (Life Below Water), which is essential for protecting marine resources and ecosystems.

Currently, only €21 billion of the required €147 billion needed annually to achieve the Life Below Water goals by 2030 is available globally. NOOP aims to reduce the significant funding gap of €126 billion, which makes it challenging to implement sustainable solutions in the ocean economy.

The project will highlight the strengths and opportunities within the Nordic ocean economy, including traditional industries such as fisheries and shipping, as well as innovative areas like aquaculture, ocean energy, and marine biotechnology. It will analyze the sector to quantify growth potential and identify specific investment opportunities. Furthermore, it will examine the barriers preventing investments and propose concrete solutions to overcome these challenges.

The outcome of the project will be a report expected to be published in the fall of 2024. The report will provide recommendations on how to attract private investments and include an action plan to strengthen collaboration among stakeholders in the Nordic ecosystem and foster growth in the ocean economy.

The project is led by FRONTTIER in collaboration with several partners, including Danish Ocean Cluster, Port of Hirtshals, North Sea Science Park, Innovatum Science Park, and RISE (Research Institutes of Sweden).