Then and more importantly, deficit countries like the UK and US must rein in their spending and save more; whilst purely export driven companies like China and Germany will be pushed to develop their own internal consumption to a higher level.
The difficulty is to see how this will be enforced. The Germans love their beggar-thy-neighbour policy which has helped to crush Italy and Spain as economic powers. China will find it hard to increase demand in such an impoverished society; meanwhile the UK and US have addicted consumer societies that will also find it hard to accept was is in effect a lower standard of living today for the benefit of developing longer term prosperity.
Also I do not see how the actions of the Climate Change are bound into this. The vast reductions in CO2 emmissions being put forward will require slower economic growth all over the world in order to allow the technologies time to be developed and deployed.
The world faces some challenges which are structural in nature; we don't have a very good history of dealing with these without major wars, perhaps though the resolution of the cold war gives us hope.