American Scott Minerd, one of the world’s most influential investors, was today awarded the High North Hero Prize for his efforts to promote value creation in the High North.
- Thank you so much for the warm welcome and those kind words, Minerd said after the jury’s leader Anu Fredrikson, Director of the Arctic Economic Council’s Secreatariat, located in Tromsø, Norway) had established that the American is not someone who just talks about investing in the Arctic – Minerd actually puts his money where his mouth is.
- This is one of the most important recognitions I have ever received, he says with gratitude.
The top investor, who received the Prize during the High North Dialogue conference in Bodø, Norway today, has during years stood out as a driving force for promoting long-term investments in High North infrastructure projects.
In his acceptance speech, he encouraged more people – in particular those not familiar with the Arctic from before – to look to the North.
Must avoid weakening of the Arctic
- Dare I say that the Arctic has become my second home? Our goal is to set course for the future, he says, before encouraging other Arctic actors to showing more courage and enthusiasm.
- Here in the High North, the deep roots for cooperation among the eight Arctic states constitutes a powerful example.
- We must not permit those who do not understand the Arctic to set an agenda that weakens the successful development in the region, or that undermines the many opportunities that exist in the North, he says.
Has made investment guide
Minerd has also worked closely with Norwegian Labor leader Jonas Gahr Støre and a series of other experts in shaping the Arctic Investment Protocol (AIP). The AIP is a set of guidelines for responsible investment in the Arctic that were launched during the 2016 World Economic Forum in Davos.
The AIP aims at making sure that economic activities in the High North do not come at the expense of the environment, local communities and indigenous people.
The High North Hero Prize was first awarded last year. The recipient was the former Finnish Prime Minister Paavo Lipponen, an interview with whom was published on High North News yesterday.
When the 2017 HNH Prize is awarded to Scott Minerd, it is because the jury wants to recognize the American investor’s contribution to economic growth in the High North.
Substantial need for infrastructure
Minerd is the chief investor for the Guggenheim Partners investment company and is in charge of an investment portfolio worth more than 260 billion USD.
At the age of 37, Minerd had made enough money on Wall Street to retire for good, however, retirement proved too boring. A few years later Minerd therefore helped launch the successful Guggenheim Partners company, which today has 2,500 employees spread out across 22 cities in the USA, Europe and Asia.
According to the jury, it is particularly through his role as Global Chief Investment Officer of Guggenheim Partners that Minerd in recent years has demonstrated a high level of engagement with the High North. The company has, among others, done an extensive survey on the need for infrastructure investment in the High North, and has estimated a need for about a quintillion USD in investments.
The target now is to raise sufficient capital for the significant infrastructure developments that are needed in the High North while also securing a sustainable investment practice.
- A worthy winner
The High North Centre for Business and Governance at Nord University, Bodø, Norway, awards the prize, and Director Frode Mellemvik says he is most pleased with the jury’s selection:
- Scott Minerd has used his expertise and influence to promote the possibilities that exist in the High North. We believe that economic growth is key to securing a good and sustainable future for the Arctic and everyone who lives there. Initiatives such as the Arctic Investment Protocol will contribute to good investments in the coming years.