Richard Burge: "Partnerships between cities like London and Dubai and London and Abu Dhabi are vital to reviving a true sense of 21st century globalisation"

Richard Burge, Chief Executive of the London Chamber of Commerce and Industry, gave an interview to Oxford Business Group in which he discussed the connections between major global cities and the evolving nature of business and highlighted the relationship between the UK and the United Arab Emirates.

What are the similarities between London and the cities of the United Arab Emirates and how does this similarity help to strengthen trade and global growth?

London, an urban centre of 9 million people involved in every possible economic activity and contributing 20 per cent of the UK's GDP, should be seen as a global city, not just the capital of the UK. 

People from all over the world come to London for work and tourism, and would do so even if the city were located elsewhere. In this sense, London can be seen as an important resource for people in the UK because of the benefits it brings to the whole country. 

World cities are treated as domestic resources, not only in their host countries but also in other countries. Dubai and Abu Dhabi have a similar impact beyond the United Arab Emirates.

This ranking is at the heart of the close relationship between London and the major metropolises of the United Arab Emirates. Indeed, both London and the major Emirati cities share a strong sense of being world cities, with a very similar global worldview that is key to their prosperity.

Today, partnerships between world cities such as London and Dubai and London and Abu Dhabi are vital to reviving a true sense of 21st century globalisation, a sense that focuses on sharing prosperity, generating growth through effective business and securing peace through international trade. As such, the close ties between world cities in the UK and the UAE will be an important model for global trade and growth in the future.

How can governments work towards net zero emissions targets and a green industrial revolution through private companies?

Governments need to change the way they view green investments and incentives. At present, governments often create disincentives for sustainable development. Corporations should be discouraged from using fossil fuels and given sufficient incentives to implement renewable solutions instead.

The governmental approach should view green incentives as investments in a country's future, rather than deficits in public spending. This shift in thinking would encourage deeper private sector involvement in the green economy.

In addition, the public sector needs to have more open discussions with a wider range of private stakeholders on green issues, from early-stage start-ups to mature companies. This would help define and refine business strategies and enable accelerated progress in the green industrial revolution.

To what extent is it important for private companies to adopt environmental, social and governance (ESG) principles?

The focus should be on resilience, both in terms of building a company's own resilience and contributing to global business resilience.

For too long, private companies thought primarily about individual financial resilience and shareholder value, with regulations and policies incentivising short-term revenue rather than long-term investment in sustainable growth.

The time has come for companies to plan for long-term sustainability, including assessing environmental and social impacts, and analysing their own resilience and preparedness for the future.

There are two main ways for companies to do this. The first is to verify that their activities align with the UN Sustainable Development Goals. The second is to measure the impact of sustainable business ventures against recognised ESG criteria. However, for this to happen more broadly, the business world requires consistent and globally accepted standards for ESG assessment and validation.

Who is responsible for ensuring that the future workforce is equipped for the rapid changes associated with the Fourth Industrial Revolution?

The public and private sectors are responsible for creating a workforce that is fit for work and fit for the future. Businesses must accept a greater role in this process and governments must do more to enable the transition. The UK's new Local Skills Upgrading Scheme is a good example of such efforts.

Businesses cannot expect to recruit fully skilled workers directly from technical schools or universities. They will need to invest in work readiness programmes that target the development of specific skills needed in a workplace.

The education sector, for its part, must ensure that students are equipped with the soft skills needed to succeed, such as intellectual flexibility, curiosity and teamwork.