Stockholm (NordSIP) – Covering three-quarters of the surface of our planet, oceans are crucial for life on Earth. They help regulate the climate, provide an environment upon which aquatic fauna and flora can live and evolve and provide an important source of food for world markets. However, they are often overlooked in the fight against climate change. For all their importance, only one of the 17 Sustainable Development Goals (SDGs) underpinning the Paris Agreement is dedicated to it (SDG 14 – Life Below Water).
Under-appreciated and underfunded, the role of oceans demands the attention of all stakeholders. An ongoing study, led by FRONTTIER, a consultancy, seeks to raise the profile of this issue and provide insights to Nordic investors on their potential role and the opportunities at their disposal.
Why Oceans Matter
As a recent report by the Intergovernmental Oceanographic Commission (IOC) and the United Nations Educational, Scientific, and Cultural Organization (UNESCO) notes, increased pollution leads to rising pressures on oceans to store CO2.
“The ocean is continuing to act as a carbon sink, absorbing large amounts of carbon, which are predicted to increase ocean acidification by more than 100% by the end of the century,” the joint IOC/UNESCO report warns. At the same time, the expectation of global population growth by 2 billion people in the next 25 years “will pressure already impacted food supplies on land and in the ocean”, the same report explains.
The industrial significance of oceans cannot be underestimated. On the one hand, aquatic foods represented 20% of the per capita protein supply from all animal sources in 2021, according to a recent report by the UN’s Food and Agriculture Organisation (FAO). In 2011, FAO estimated that 35% of aquatic foods were either lost or wasted globally. The industry also contributes to biodiversity loss in general.
“Life Below Water” is also the least funded of the UN’s SDGs. 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.
To better understand these dynamics and how they matter to Nordic investors, a new initiative is in development to provide useful insights: the Nordic Ocean Opportunity Project (NOOP).
The Nordic Ocean Opportunity Project and Survey
NOOP is a project focused on the ocean economy that aims to attract Nordic and international investors by analyzing the sector’s potential, strengths, and key opportunities. The project seeks to identify funding gaps, investment barriers, and actionable recommendations.
The initiative is led by FRONTTIER in collaboration with Danish Ocean Cluster, Port of Hirtshals, North Sea Science Park, Innovatum Science Park and RISE. FRONTTIER is a consultancy company providing tailored financial, venture, and private equity expertise to help investors navigate the complexities of private market investments with a focus on healthcare, ocean economy and circularity across industries.
As a part of the project, FRONTTIER is conducting a survey enquiring about the perception of Nordic Ocean economic and investment opportunities. The survey is open to the public and enquires about participants’ perceptions of challenges and opportunities for the Nordic ocean economy, funding availability as well as the influence of sustainability in this field.
Understanding these insights will help FRONTTIER design strategies and recommendations to attract investment into this critical sector, mobilise capital, and develop policies that foster growth in sustainable ocean solutions. The results will guide both private and public stakeholders in making more informed, impactful decisions.
The FRONTTIER Perspective
FRONTTIER’s participation in this project stems from its belief in its relevance. “The ocean economy is crucial as we move into 2025 because it holds the key to global sustainability and economic growth. The oceans provide vast resources, including food and energy, and play a central role in mitigating climate change. Yet, they are at risk due to overexploitation and environmental degradation,” Verineia Codrean (Pictured), Director of Strategy & Sustainable Finance at FrontTier tells NordSIP.
“With the ocean economy representing €2.5 trillion in annual output and expected to grow twice as fast as the mainstream economy by 2030, investing in sustainable solutions is both a strategic and economic imperative. Beyond sustainability, it strengthens global food security—offering the potential to feed two-thirds of the 2050 population’s animal protein needs—and protects critical infrastructure vital to defense and resilience,” Codrean says.
“The ocean’s challenges are less visible, leading to an “out of sight, out of mind” mindset. Perceptions of high risk, lack of clear data, and fragmented regulations have also deterred investors. In addition to that ocean linked investments are higher in CAPEX and take longer to generate ROI as well as require ocean capabilities & knowledge. This combination of uncertainty and complexity has delayed meaningful investment in ocean solutions,” Codrean adds.
“Investing in the ocean economy isn’t just about sustainability—it’s about securing our future. By protecting critical infrastructure like undersea cables and offshore energy, and advancing maritime defense, we can ensure both economic resilience and national security in a rapidly changing world,” Codrean concludes.
