1) Produce an excess of energy using methods that do not release CO2
What you describe is the only solution, but it almost certainly can't happen fast enough to prevent massive climate-caused death tolls, including lots of wars produced by the need to relocate billions of people and restructure global agriculture. The enormous refugee crises and wars are, of course, going to disrupt the technology transition that your solution necessarily and correctly relies on, which will slow it down, resulting in even more emissions and more warming.
I think we very well might have to employ geoengineering to mitigate the temperature increase and keep the equatorial areas livable while we decarbonize. Maybe not. I hope not. But we should absolutely be investing in geoengineering research now so that we have the capability if we need it. I understand the concern many people have that if we know how to mitigate warming without reducing CO2, we may choose to do that as the easier course. But I think we're going to find the inevitable and unavoidable (barring geoengineering to reduce insolation) CO2-driven temperature increases to be simply unmanageable.
The only other option is to somehow create a world government capable of:
1. Forcing implementation of decarbonization much faster than is economically-preferable,
2 Funding carbon sequestration at incredible rates, probably consuming a significant portion of global GDP
3. Forcing temperate regions to peacefully accept massive influxes of refugees from equatorial regions, and
4. Coordinating global production and distribution of food, accommodating for changing productivity of farmland.
Oh, and we'd better create this powerful, far-sighted and non-corrupt world government within the next decade or so. If we can't do that, self-interested squabbling between countries is going to prevent rapid implementation of the solution even in the absence of the refugee crisis and resulting wars.
Or, we can use geoengineering to slow the temperature rise down and gain some time and breathing room to implement decarbonization and then sequestration.