The global economy runs on energy and material resources.
We call the mechanism we use to track the presence and value of these inputs "money".
We have collectively (publicly and privately, legally and illegally) lent out far more money than what accurately represents the real wealth (i.e., usable stuff) in the global system.
When the global economy recognizes this (it happens periodically, called a 'recession'), the revaluation of money to correspond with current real assets will cause a shrinkage in economic activity corresponding to the removal of excess money from the system. We cannot avoid this, since we have already made the claim on future output and spent it. If we cannot pay down debt in real wealth, we'll default on it.
How much less energy/resources will we consume then? (The US debt stands at over 100% of GDP, for example. We call a 10%+ reduction in economic activity a 'depression'. )
Thus will we reduce the generation of CO2 into the atmosphere, and then we'll get to see the effect on climate.
That is, those of us still generating CO2 for ourselves will see.