• India has been at the forefront of developing new green technologies and solutions such as hydrogen, batteries, and carbon capture to succeed in the green transition.
• Over the last decades, Nordic countries have been pioneering green technologies.
• However, the Nordic countries alone cannot deliver the green transition the world requires.
• Together, the Nordics and India can deliver key technologies and solutions to stop climate change and boost green growth.

Nordic countries

• The Nordic countries are a geographical and cultural region in Northern Europe and the North Atlantic.
• ''Nordic'' is a term derived from the local Scandinavian-language word ''Norden'' which means “the northern islands”
• The Nordic countries are top performers in numerous metrics of national performance.
• They are the least corrupt in the world and have a low crime rate.

Significance of Nordic-India Connection

• India gets to expand its strengths by collaborating with these countries:
• Nordic countries are pioneers in innovation, clean energy, green technologies, education, health care, human rights, rule of law.
• They represent the most advanced economies of Europe.
• India presents an ideal opportunity to these countries because of its large market.
• The Nordic countries can take an active part in the flagship programs launched by India.
• India and Nordic countries enjoy robust business partnerships though the economics of these five countries individually is much smaller than those of the G20 countries.
• The total bilateral trade and services between India and the Nordic countries are US$13 billion.
• At the Nordic-India Summit held in Copenhagen in 2022, the five Nordic Prime Ministers and India’s Prime Minister agreed to intensify cooperation on digitalization, renewable energy, maritime industries, and the circular economy.
• Nordic businesses are operating in India and have made substantial investments.
• Their business community in India is growing.
• India is the only country with which the Nordic countries have summit-level meetings, apart from the U.S.
• Trade between Norway and India has doubled in the last three years.
• The Norwegian government has recently established a new Climate Investment Fund for investments in renewables abroad, and India has been defined as a focus country.
• Almost ₹1,500 crores have been invested in India.
• Nordic countries are often used as role models for good governance in equality, education, sustainability, and economic policy.
• India can emulate the best practices.

Future Benefits for India

• In India’s current developing phase towards a green, digital, and innovative future, Nordic countries can be formed as a big helping hand in India’s green transition. 
• Nordic countries have world-leading technologies and expertise to offer.
• Nordics have business delegations and companies that are leaders within sectors such as clean energy, circular economy, digitalization, tourism, and the maritime sector.
• Trade in services is an area of significant potential, especially with tourism, education, IT, energy, maritime and financial services.
• The Norwegian Sovereign Wealth Fund is likely to become one of India’s largest single foreign investors (around $17.6 billion).
• Strong partnership with Nordic countries will boost innovation, economic growth, sustainable solutions, and mutually beneficial trade and investment.

There is still significant untapped potential for trade and further collaboration with Nordic countries. Together, the Nordics and India can be the powerhouse of the green transition globally. Good ties with Nordic countries and a little more effort can speed up the process of India’s transition toward a developed nation.