Climate Change & Peak Oil

  This topic came up again on Sunday's No Agenda Show.
  There appears to be a correlation between people who believe in Peak Oil and man made Climate Change.
  This appears to be a dichotomy. As we run out of oil, the less CO2 emissions can be produced from this fossil fuel.
  We may not have any way of efficient transportation and energy generation from alternative sources by that time, but the polar bears will live.
  If this is true, do we have to worry about man made Climate Change (AGW) at all? Should we be paying carbon credit taxes? Is peak oil true? Is climate change true?
  Surely someone can come up with a counter to this?
  Discuss.