There is no scientific consensus on what should be done about global warming.
The commonly accepted way to reduce climate change (archaic form: global warming) is to reduce emissions of greenhouse gasses (GHG).
The largest sources of human caused GHG emissions are a. coal fired electricity generation b. industrial agriculture.
The total CO2 equivalent emitted by you, me and what we consume, every year is 30 Billion tons.
That needs to be reduced by at least 50% within two decades or so.
Coal fired electricity generation produces prodigious amounts of CO2.
The problem with reducing coal based emissions is many fold:
on one side are entrenched interests in coal mining, and built infrastructure, that influence politics and public opinion.
Renewables were once very expensive but are competitive now. The mass production of PV panels shows what can be achieved.
The Germans have done a great deal of research to evolve technology solutions to maintain modern lifestyles.
Industrial agriculture produces prodigious amounts of CH4 (aka methane).
The waste of up-converting feed stock into live stock will be reduced by increasingly poorer climate conditions.
Since the ratio of petrochemical energy in to food energy out is something like 10:1 all food will get expensive
as fuel costs keep rising with the inexorable increased cost of oil exploitation (aka peak oil).
Obama's $1B will fund a lot of US research to help you maintain your life without ruining the earth's ecological systems