The world's share of renewable energy is a paltry 2%, as the technologies for the renewable sources of energy cannot match the cost of coal-/ oil-fired power. Fast-growing economies of China and India will use coal reserves to build mega coal-fired plants. If these plants remove CO2 and store it in underground hydrocarbon reservoirs, the economies of scale will enable them to leapfrog technology.
They should fund research on cleaner technologies like carbon capture and storage, solar photovoltaics, hydro- and wind power, fuel efficiency of vehicles, etc. Oil majors like BP, Shell are willing to fund such research. India should persuade the US to urge the developed countries to fund such research, given the grave consequences of climate change.