Check out this article on Popular Mechanics about using excess CO2 and algae to create biofuels. It’s an elegant solution, using one problem (excess CO2) to solve the other (the need for energy).
If I were Bill Gates, or at least in some position of power in his charity, I would subsidize the creation of these things in the third world. Doing that would create industry in the (mostly) quite hot third world countries where it has never been. Unlike the traditional oil regimes though, this industry would not be easily stolen as capital and expertise could be moved fairly easily.
I’ll have more ruminations on the “Curse of oil” and capital flight eventually.