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Earth system models (ESMs) project that global warming suppresses biological productivity in the Subarctic Atlantic Ocean as increasing ocean surface buoyancy suppresses two physical drivers of nutrient supply: vertical mixing and meridional circulation. However, the quantitative sensitivity of productivity to surface buoyancy is uncertain and the relative importance of the physical drivers is unknown. Here, we present a simple predictive theory of how mixing, circulation, and productivity respond to increasing surface buoyancy in 21st-century global warming scenarios. With parameters constrained by observations, the theory suggests that the reduced northward nutrient transport, owing to a slower ocean circulation, explains the majority of the reduced productivity in a warmer climate. The theory also informs present-day biases in a set of ESM simulations as well as the physical underpinnings of their 21st-century projections. Hence, this theoretical understanding can facilitate the development of improved 21st-century projections of marine biogeochemistry and ecosystems., Competing Interests: The authors declare no competing interest.