Speaking on CNBC Arabia's TV seminar "Climate: The Planet Changes," Mohieldin highlighted on Tuesday evening that financing climate action in developing countries is currently unfair, insufficient, and inefficient.

He emphasized the urgent need for reforming the global financing system to provide fair and adequate financing that fulfills the needs of developing countries. He added that tackling climate change in these countries requires an annual funding of $1.2 trillion until 2025, followed by $2.4 trillion annually until 2030.

Time is of the essence in combating the climate crisis, according to Mohieldin. The world is in a race against time to strengthen three critical aspects of defence against climate change: reducing harmful emissions, adapting to climate change, and addressing resulting loss and damage.

He called for increased political will, technological solutions, and mobilization of funding from diverse sources to achieve the goals outlined in the Paris Agreement.

Mohieldin emphasized the significance of Arab countries like Egypt and the UAE hosting COP27 and COP28. This sends a powerful message about the importance of a holistic approach to sustainable development and the prioritization of climate action in developing countries and emerging markets.

He highlighted the need to start the actual implementation of climate action, provide the required technology and fair, sufficient, and efficient financing.

Mohieldin noted that Arab countries, particularly those in the Gulf, are seeking to diversify their economies away from oil and invest heavily in renewable energy, digital transformation, and human capital.

He added that COP27 witnessed the launch of important green hydrogen initiatives by Arab and African countries, setting good rules and standards for the production and exportation of this form of energy, which attracts large investments.