Yes it will probably also mean buying less, smaller housing and less private cars. But it would also make alternatives viable that just can’t exist right now and make less polluting solutions cheaper cause of scale (like what now happens with solar panels) and they wouldn’t even need much subsidies to get them off the ground.

That it will hurt is also why I think it will never happen cause any government that takes big steps will not be in office for 4 years. It can also only happen with:

• Higher minimum wage
• Adorable and risk free loans for energy reduction
• Social adjustments as the lowest wages are the most impacted (can be paid for with the taxes)