RESourceEU in the age of geoeconomics: Nordic companies positioned to seize opportunities

Europe has entered a geoeconomic era where access to critical resources is wielded as power. In her Berlin Global Dialogue speech on 25 October 2025, President Ursula von der Leyen announced RESourceEU, a fast‑track plan to secure critical raw materials through circularity, joint purchasing and stockpiles, EU investment and accelerated partnerships. This is not “business as usual” industrial policy; it is operational risk management for strategic autonomy.

For Nordic countries, von der Leyen’s announcement is more than a policy headline. The region’s natural resource wealth (rare earths, battery metals and aluminum), clean energy systems and advanced recycling capabilities align perfectly with RESourceEU’s priorities. From Sweden and Finland’s upstream potential to Norway’s hydropower‑backed electrification and Denmark’s wind and logistics expertise, Nordic companies are well-positioned to lead Europe’s transition from vulnerability to resilience. Those who engage early, partner‑up and execute efficiently can capture capital, contracts and pricing stability as Europe derisks its supply chains.

The geoeconomic context: from liberal globalisation to “managed openness”

The liberal world order of deep market integration is giving way to managed openness: open where safe and efficient, selective where dependencies can be weaponised. Economics has become a central instrument of power, with export controls, subsidies and choke points now commonplace.

Europe’s response: derisking, not decoupling

Europe is pursuing a nuanced approach, combining:

• Home-shoring: bringing critical production steps back to the EU for security and resilience
• Friend-shoring: sourcing from trusted partner countries to reduce geopolitical risk while maintaining efficiency
• Standard-led market access: emphasising traceability, recycled content and data security

Why this matters for Nordic industry:

• Market access will increasingly hinge on compliance with EU standards and traceability requirements, the new license to operate.
• Financing will incorporate geopolitical risk into cost of capital and covenants.
• Companies demonstrating compliant, low-risk sourcing will gain advantages in procurement and funding.

Beyond China: The US factor

While China’s export controls and price undercutting dominate headlines, the United States is also reshaping supply chains through tariffs, subsidies and technology controls. The strategic interplay between Washington and Beijing extends beyond their bilateral rivalry, setting the tone for global trade and industrial policy.

For Europe, this situation presents a twofold challenge: responding to choke points and cost dominance, while simultaneously competing with subsidy races and the quest for tech leadership.

EU’s Made in Europe and RESourceEU strategies aim not only to close gaps with China but also to maintain competitiveness against the US, which is ramping up its own industrial policy initiatives. Consequently, Nordic companies must plan for a world where EU funding and standards are not just about resilience, but about keeping pace with two leading global powers.

What RESourceEU actually does

Modelled after REPowerEU, RESourceEU represents Europe’s structural response to recent Chinese export control threats on rare earths and battery materials as well as broader supply chain pressure. As outlined in the Berlin speech, the plan encompasses five key pillars:

1. Circularity first

• Maximise recovery from materials already in Europe’s product stock
• Example: Battery recycling with up to ~95% recovery potential in some industrial settings

2. Joint purchasing and stockpiling

• Establish a centralised EU capability to pool demand, stabilise volumes and hold strategic reserves, inspired by resilience models seen in Asia.

3. EU investments and simplification

• Accelerate domestic production and processing of critical raw materials in the EU
• Cut red tape and speed up decision-making processes (the broader “urgency mindset”)

4. Global partnerships

• Fast‑track critical raw materials agreements with key partners (e.g., Ukraine, Australia, Canada, Kazakhstan, Uzbekistan, Chile, Greenland)
• Deploy Global Gateway finance to attract viable projects that serve EU demand

5. Security by design

• Apply lessons from the 2022 energy crisis to raw materials: anticipate shocks, coordinate tools and move fast

RESourceEU, in conjunction with the EU’s existing toolkit (Economic Security Strategy, Critical Raw Materials Act, Chips Act, Anti‑Coercion Instrument), marks Europe’s transition from policy intent to execution.

Nordic companies: Positioned at the heart of RESourceEU

The Nordics possess several structural advantages:

• Sweden and Finland: upstream resources and mid‑stream processing in battery metals; rare earth separation and closed‑loop recycling; scale‑up‑ready battery ecosystems
   
• Norway: hydropower‑backed electrification; upstream resources, aluminium; maritime and offshore competence
   
• Denmark: leadership in wind energy, power electronics and maritime logistics

Where value is likely to pool first:

• Mid‑stream bottlenecks (separation, refining, precursors, anodes/cathodes, magnet manufacturing)
   
• High‑yield recycling (batteries, e‑motors, wind turbines/composites) with digital product passports (data tools that track origin, composition and recycled content across a product’s lifecycle)
   
• Strategic logistics and stockpiles (Nordic ports/rail, cold‑climate storage, customs and compliance hubs)

RESourceEU’s potential benefits:

• Cost and risk stabilisation via joint purchasing and EU stockpiles for automotive, wind, electrical and defence supply chains
   
• Attracting private investment through public co‑funding, guarantees and risk‑sharing instruments under EU and Nordic schemes
   
• Preferential access where traceability, recycled content and security‑of‑supply metrics determine procurement and eligibility

Challenges are real, plan for them

• Tighter origin verification and due diligence. Expect rigorous traceability down to Tier 2/3 suppliers and country‑of‑origin attestations.
   
• Competition for EU funds. More projects will chase finite financial resources. Partnership quality and time‑to‑market will decide.
   
• Permitting, infrastructure, skills. Lead times for grid, rail, ports, chemicals permitting and workforce upskilling can clash with policy timelines.
   
• China exposure. Firms heavily reliant on Chinese‑origin inputs face near‑term cost and capability gaps as they diversify.

Implications for financiers, boards and treasurers

Capital allocation shifts

Projects that reduce EU dependency and improve supply security will benefit from policy tailwinds and potentially lower political risk premiums. Supply chains heavily exposed to China may face a higher cost of capital if they don’t have credible derisking plans.

Underwriting needs new analytics

Integrate new analytics into credit processes: geopolitical risk assessments, export control scenario modelling and standards compliance readiness. Adjust covenants and pricing grids to reflect these factors.

Enhance finance readiness

Prepare for diverse funding sources: grants, guarantees, counter‑guarantees and Global Gateway structures. Expect co‑investment tests and milestone‑based disbursements.

Leveraging disclosure as a competitive edge

Superior disclosure on traceability and recycled content will differentiate issuers in sustainable bonds and loans and in procurement processes.

Conclusion

RESourceEU redefines competitiveness as a combination of speed, resilience and standards compliance. Nordic companies are exceptionally well positioned to capitalise on this shift, given their existing capabilities and resources. However, success will favour those who organise strong partnerships and translate policy into bankable projects.