If the pandemic is anything to go by, the collective action will harm the common people (especially the poor) while the elites get to play by entirely separate rules! While there's no doubt that sacrifices in quality of life are going to have to be made I think it's very important that the elites are seen to suffer as much as the common man otherwise the inevitable result will be increasingly ungovernable countries.
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Absolutely -- inequality has brought us to this pass, continues to be an obstacle, and will make the consequences far worse. Should we, as individuals, eat less meat, drive more fuel efficient vehicles, fly less, and other such activities to reduce our carbon output? Yes, but as many have pointed out in this and other discussions, that doesn't come anywhere close to being enough. It's the dynamic of the rich scolding people for a Starbucks latte habit, writ large.
Should the elite aggressively pivot their companies to carbon neutral strategies, divest their substantial investments from greenhouse gas producing holdings, put their political muscle toward laws that will get us off our current disastrous path, and fund this change via taxes on their wealth? Yes, and this would do far, far more to change things for the better.
If you can figure out how to make this happen, well you'll be some kind of sociological and political genius.