Gary, I'm not sure if stepping back is much of an option. Are we in the rich world going to tell folk in developing countries not to build factories, schools, and hospitals to better their lives? Maybe not. And, if we contract our economies, we are not going to have the prosperity to pay for the solutions required.
Getting control of climate will take the money and ingenuity of America, Europe, Japan and a few others initially. Fossel fuels will still likely be needed in many parts of the world after others have gone green. That's OK and needs building into the equation.
There are enormous opportunities to be had with the greening of the world. It's certainly not all downside. It is an opportunity to raise the living standards of all on plant earth beginning with basic stuff like good reliable water and electricity.
Many thanks