Air conditioning uses a lot of energy but some people really need it because it gets hot out there! In the future though, such systems may actually be able to create fuels making a new synthetic renewable energy source.
The new method would work with air conditioning and ventilation systems and produce fuels from carbon dioxide and water. This sort of crowd sourced oil can be used in other applications and help offset the need for oil. However, even if everyone adapted the system, it would not be enough to completely eradicate the need for oil from other sources.
The process also requires a great deal of electricity so in order for this to truly be a sustainable option, energy needs to come from renewable sources to start with. An interesting prospect but many of the finer details need to work out before it is viable.