COP28: outcomes, achievements, and costs

COP 28 key outcomes

Commenting on the conclusion of the COP28 summit in Dubai, Scotland’s First Minister Humza Yousaf said:

“I welcome the news that an agreement has been reached at COP28, notably, the $700 million committed to address loss and damage and the pledge to transition away from fossil fuels in a just, orderly, and equitable manner.

“This recognition that the climate crisis is a fossil fuel crisis is historic. It is disappointing that there was not a stronger resolution committing to the phase-out of all unabated fossil fuels, however we must all now work together to turn these words into action and to keep global warming below 1.5 degrees.  

“The agreement on loss and damage represents a significant step forward in the fight for global climate justice. We must, however, recognise that this sum is only a fraction of what will be needed to address the irreversible economic and non-economic losses which are being suffered by developing countries every year.

“We are at a pivotal moment in the fight to tackle the climate emergency and address the devastating effects of climate change – and Scotland will continue to play our part. 

“It is absolutely crucial that we have political consensus on climate change – both at home and abroad – and that we work together to make a constructive contribution to addressing this monumental challenge.”

Key outcomes from COP28 can be found on the UNFCCC website.

COP 28 business programme outcomes

Outcomes from the COP 28 business programme are still being evaluated, however, survey feedback results from our business delegates indicates that:

• 94% found the business deletgation programme valuable
• 100% found the business delegation programme to be well executed 
• 88% made positive trade connections for new business 
• 424 new contacts were made
• 94% expanded their network
• 69% identified new prospects and/or clients

Scottish Development International has validated the forecast export sales the delegates secured through the COP 28 business programme. Fourteen companies reported forecast export sales of £66.74 million over three years with three already reporting business won due to their participation. Delegates also advised that these sales have the potential to create or safeguard 92 new or other “green jobs” over the next three years. Four companies have business leads due to their participation in our investor showcase session.

Results from our marketing campaign that ran from October to December 2023 indicate that we secured a total audience reach of 1.8 billion in the UAE and wider region. Our efforts secured 257 articles, 12 print and broadcast interviews, one by lined article by the First Ministers and six news releases that promoted Scotland’s Net Zero capabilities and ambitions across the region.