The study was aimed at generating insight on the potential of circular economy in the Nordic region and providing recommendations for unlocking this potential. This report covers the first part of the study. Based on a review of circular economy priorities in the Nordic countries, the study revealed focus areas where the Nordic countries share strategic interests. These combine some key industrial branches – the bioeconomy; the food and beverage industry; real estate and construction; and transport, logistics, and mobility – with two significant drivers of change: digitalisation and new circular business models. In the next phase of the work, the aim will be to understand the circularity transition’s impacts on the climate, environment, and economy in the Nordic region while also identifying the obstacles to transition.