I actually disagree with this... if there was an actual consequence for over-consuming and the top 1% were punished for it, I think we'd actually see a far more equitable approach from the next 1%... and if not, maybe the next 1% after that.
We are literally talking about the trolley problem here. To heal the atmosphere, you have to choose between terminating 80,000,000 people or 5,280,000,000 people - what do you choose?