Yep, solutions involving austerity are a non-starter. In particular if you have no plan to help the third world develop beyond it's current state they will never cooperate with your ideology.
> reverse the damage wreaked over the past century.
We also accomplished quite a bit and cleaned and improved a lot of land over the last century.
> the fossil fuel industry's idea of carrying on business as usual
The business and all users of the product have changed significantly over the past several decades. New forms of energy are being developed and earnestly deployed. Progress is always slow. It's unlikely we will be finished in our lifetimes, but that's hardly any reason to abandon hope.