The fight against global warming is now two fold. On one hand harmful greenhouse gas emissions have to be curbed while simultaneously we have to prepare for climate change that is now unavoidable.
To curb the emissions investments are being made in renewable energy sources like wind, solar, geothermal and bioenergy. This is estimated to cost some $210 billion annually worldwide. Adjusting to climate change is the more challenging part. Its cost is more difficult to estimate, but is expected to run into several tens of billions of dollars annually by 2030.
Important role of Developing Nations
Only putting in the investment is not going to help. What must be understood is that rather than investing into new power generating facilities, focus must be on utilizing the existing energy efficiently. Developing countries which are experiencing rapid economic growth are the main contributors to the greenhouse gas emissions.
Countries like India and China are burning coal and releasing carbon dioxide indiscriminately into the environment; and it is in these countries that energy is used most inefficiently. 
Huge energy losses due to problems in transmission etc put pressure for further generation to meet the demand.
Hence, today the developing countries need to fight for the climate and put in policies in place which warrant utilization of renewable energy in place of fossil fuels. At the same time the developed nations should not use emissions trading(carbon trading) to there benefit , the greater cause of protecting the environment must always be borne in mind.
