Mohieldin's remarks came on Monday during a webinar, "Climate and Development: Synergies and Trade Offs", that was co-organised by the Institute of National Planning, COP27 Presidency, the World Bank Group, and others.

Mohieldin, who is also UN Special Envoy on Financing 2030 Sustainable Development Goals (SDGs) agenda, added that any compromising of SDGs to achieve other goals will jeopardise the success of the whole development process.

He stressed that climate action falls short of its objectives if it lowers life standards and increases poverty and unemployment in different communities.

The time has come for all countries – particularly developing countries with emerging markets – to adopt a holistic approach that strikes a balance between achieving the objectives of both economic and social development and those of climate action, he said.

The upcoming UN Climate Change Conference in Sharm El-Sheikh aims to adopt that holistic approach, Mohieldin noted.

The main hurdle in the way of achieving economic and social development in concurrence with the objectives of climate action remains obtaining the required climate financing, he argued.

Mohieldin stressed that scientific research centres can come up with solutions to overcome obstacles in climate action, especially financing deficiencies. These solutions will help countries set goals and priorities and choose effective climate projects.  

Scientific research centres and studies are one of the most important actors in climate action, Mohieldin said,

The collaboration between these centres and the rest of the stakeholders -- including governments, business societies, NGOs and international development institutions -- will help achieve the objectives of climate action, he said.

The issue of outstanding climate finance pledges made by developed nations will be discussed during COP27 in Sharm El-Sheikh in November.

During COP15, which was held in Copenhaggen in 2009, advanced nations pledged $100 billion to help developing economies meet climate action goals.

This pledge was endorsed by the Paris Agreement in 2015. It was enforced a year later with the goal of decreasing global warming by 1.5 degrees Celsius.