How can the oceans provide us with greater prosperity, while at the same time helping us to achieve our green-growth goals? This was the question posed by NORA and Oslo-based Nordic Innovation during the 2022 Arctic Circle Assembly in Reykjavík.
The oceans and seas have always played a significant role — economically, culturally, and socially — in the development of the Nordic countries. But the rapid expansion of the global ocean economy has placed increased importance on ocean ecosystems and led to renewed attention on the sustainable use of the oceans.
The Nordic countries have set a goal of becoming the most sustainable and integrated region in the world by 2030, and NORA is contributing to this effort, in part through its focus on the ocean economy. One notable investment was crucial funding for a project that led to the establishment of Ocean Rainforest, a Faroe Islands-based firm that cultivates and harvests seaweed for terrestrial use. Ocean Rainforest, which also received funding from Nordic Innovation, has already expanded its operations to California and further growth is on the horizon.
“We think seaweed is a good solution because it grows faster than any other plant we know of, it only uses the natural nutrients in the ocean, and, as it grows, it takes up CO2 as well, and we can see that there is an increased market interest for these products in Europe and in the US,” said Ólavur Gregersen, the Ocean Rainforest managing director.
Mr Gregersen was speaking during a panel that also featured the participation of Þórður Reynisson, the head of Nordic Innovation’s Ocean Economy programme, Paul Dobbins, of World Wildlife Fund USA, and Catherine Barth, of Nordic Circular Hotspot.
Among Nordic Innovation’s contributions to increased and more sustainable use of ocean resources is a study written in support of a planned Nordic Sustainable Ocean Economy initiative that aims to strengthen the maritime industries in the region by promoting cross-border collaboration, and by creating new opportunities for growth and innovation in the region.
The Nordic region, Mr Reynisson argued, has a track record as a pioneer in creating innovative ocean-economy solutions that will serve it well as it seeks to come up with new initiatives.
“Oceans are oceans of possibilities,” he said, “but we need to unite and be smarter to utilise those possibilities and come up with innovations that can simultaneously protect the oceans and increase ocean utilisation at the same time. We need new circular business models that are good for business and good for the environment.”
