Review by the fund manager

The Nordic Project Fund (Nopef) is dedicated to driving the green transition towards a climate-neutral and sustainable society by supporting the internationalisation of Nordic green solutions. Nopef is committed to realising the ambitious goals set forth in the Nordic Vision 2030, which aims to establish the Nordic region as the most sustainable and integrated region in the world.

Nopef’s mission is to strengthen the international competitiveness of Nordic SMEs by supporting the scale-up and growth of Nordic green solutions on global markets. More specifically, Nopef offers financial support to Nordic small and medium-sized companies (SMEs) for feasibility studies and similar internationalisation efforts, with a focus on green investments with potential for international scale-up. By helping Nordic SMEs to achieve international growth, Nopef also contributes to increased job creation, knowledge sharing and development of sustainable business models.

In 2023, Nopef witnessed a surge in the number of SMEs eager to expand globally as the volume of applications aligned with pre-pandemic figures. This demonstrates the determination of Nordic SMEs to seize international opportunities.

During the year, Nopef deepened its collaboration with Nordic Innovation by piloting a collaboration project. The project aims to support the objectives of the Nordic Vision concerning a green and competitive Nordic region by focusing on Nordic companies providing green and sustainable solutions to global markets. Through the project, Nopef provided financial support to eight SMEs with products related to energy efficiency and batteries, supporting their participation in Nordic delegation trips to Singapore and Tokyo. By joining forces, Nopef and Nordic Innovation aim to amplify the impact and facilitate greater access to international markets for Nordic SMEs.

Nopef receives annual budget allocations from the Nordic Council of Ministers and is administered by Nefco (Nordic Environment Finance Corporation). Nopef has during the year continued its collaboration with Nefco to facilitate further financing options for its customers. This relationship has created increased synergies with Nopef to generate positive environmental impact in alignment with the interest of the Nordic countries. Moving forward, Nopef remains dedicated in its commitment to contribute to a green, competitive, and socially sustainable Nordic region.