I think both will be necessary. We will have to adapt because we are at a point where change is inevitable. On the other hand, not taking steps to reduce the rate of change will make adapting much more difficult, if not impossible.
The trouble is most attempts to "reduce" emissions to date has little impact on the big picture. This means that money spent is money wasted. If we could have a conversation where the only reduction measures that will be considered will be those with a suitably low cost/tonne CO2 then it would be worth discussing. We can't have that conversation so it is really a choice between pissing away money on pointless but highly visible projects or doing nothing on the mitigation. Doing nothing makes more sense.