This paper discusses the interplay between the rise of China and India in the world economy and the global climate emergency. It considers alternative growth scenarios for China and India. The results show that, to meet their respective global climate obligations, both China and India need to accept much slower economic growth rates and possibly economic stagnation in the coming decades. This clearly indicates that both China and India need to revise their growth-oriented model of development. Only a new development strategy focused on social and environmental progress, rather than economic growth, can be compatible with climate stabilization.