Can we invest with Iceland + to protect and help develop us?

When I look at this picture published in the FT today, I realise just how the countries north of us are bereft of communication (and power) cables. Look at the UK’s connections with mainland Europe , Ireland and with America and Canada by subsea cables. Then compare Iceland; and Greenland and the Faroes (parts of Denmark).

The FT run this on its front page. These northern countries are more than cute tourist spots for well- heeled adventurers.

Why we should be careful of their security is that they have enormous value to the world’s climate and in the case of Iceland its geothermal power. It’s not just America who is making advances f on Greenland, the Icelandic Government makes it clear it feels vulnerable as do the Faroes. The FT reports. The real concern is to the East.

Arctic leaders have warned that the threat of hybrid warfare by Russia and others is moving from the Baltic Sea to the far north, including sabotage of undersea internet cables.

Aaja Chemnitz, a Greenlandic MP in the Danish Parliament said

“The vulnerability that you see in the western world, you can times it by 1,000 here. If you cut one of our cables, we won’t have internet for six to nine months,”

Chemnitz added that Greenland lacked surveillance capacity to track any attacks that did happen.  Many of the Arctic countries have backup deals with satellite companies for internet, but these cover only a small proportion of communication. Chemnitz said it was about 1 per cent for Greenland.

Kristrún Frostadóttir, Iceland’s prime minister, told the Financial Times that Iceland had a backup deal that was “enough for critical needs”. She added:

“Everyone is thinking about hybrid . . . To an extent, we are prepared; to an extent, we are not. We have participated in talks on cables and the Baltic Sea. Like the Faroes, Iceland is very sensitive to any sort of cut off. We share intelligence. We share learnings.”

I worked in Iceland , learning Iceland which I’ve now forgotten, after I left college. To support myself I worked boats fishing off the Greenlandic basin and between the South East of Iceland and the Faroes. That was nearly fifty years ago and then the war between Britain and Iceland over fishing was still fresh in Icelandic minds.

Nearly 50 years on the vulnerability of being asset rich but people small, still sits with Iceland and its neighbours.

Britain has the capacity to build connectors and connect Iceland , Greenland and the Faroes to itself. It would be good if we did. We had Amelia Henning of GIG speaking on our Pension PlayPen recently. She spoke with Nicholas Lyons (Phoenix chair) on how Britain can invest pensions into infrastructure.  Her business is helping these northern nations host Data Centres which can use their own energy as well as export it.

Henning spoke of these countries needing our help; so strong are they, so rich in assets yet so vulnerable. Countries that process data need protection and connection. They also need our capital invested in joint ventures.


Addendum!

I was pleased to see that I had my first reader from Greenland last week.

Where this blog is read these days

I am pleased that most of the north now reads this blog and if any of my friends from the early 1980s want to be in touch , I am at henry@agewage.com

 

About henry tapper

Founder of the Pension PlayPen,, partner of Stella, father of Olly . I am the Pension Plowman
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