If the world did this, I believe the fossil fuel companies would compensate by increasing their pollution in a deliberate show of status and power.
Carbon sequestration/extraction needs to be tied to heavy taxes on carbon emissions. What really annoys me about carbon taxes is that people want to do the offsets of the gas that burns now. Um, what about the untaxed previous century of emissions, which got us to that point?
A true carbon tax addresses offset for the emission AND eats into the existing backlog. Which is .... huge .... amounts of carbon.
If the US is spending more money on the military than addressing global climate change, you know that the power elite simply don't get it. I won't hold my breath on that.