Mundus International has analysed the Nordic green business for the whole of 2021. It is the only analysis that we know of its type and it tracks the Nordic green transition with total activity, dissecting it via country and technology type. In addition, we track changes in government policy and activity in the financial markets, collating the key drivers of economic transformation.

1. Across the Nordics, there has been a 35% increase in activity over the year. Businesses are clearly responding to the threats and opportunities that they are perceiving about climate change.
2. Much of this change in activity comes from Sweden, where there appears to be a boom in green innovation.
3. The green sector with the most “hype” is hydrogen, which accounts for over 20% of reporting. However, many of the press releases made here are either small in scale, or speculative. Batteries are seeing significant investment and other emerging sectors such as EVs, CCS and PtX continued to move forward.
4. December saw 7 new major projects announced. The most significant of these was Svenska kraftnät, the Swedish grid operator saying that it is planning for SEK 100 billion of investments in upgrading grid capacity over the next decade.

A clear observation is the need for international collaboration in developing megaprojects. Two of the projects involved collaboration between Swedish and Iberian companies and another with a South Korean supplier of battery materials.