I would prefer to think that the balance lies in making small adjustments to a lot of people's rather wasteful ways. I don't see this as dramatic cut back in living standards at all.
The sheer numbers involved worldwide can have a real impact no matter how small the change. Even if you limit these adjustments to the developed world it will still work wonders.
Let's take something terribly boring but with a powerful chance of success if enough people adopt it as a personal policy at home. They will save a lot of money into the bargain. Try wearing a jumper instead of turning up the heating. Or wear a jumper and reduce the thermostat setting by a degree or two. Horribly non-techy but it works. Given enough people over time this could have a major effect on worldwide CO2 levels.
Does anybody remember the American power company handing out free CF bulbs to its customers? The power company obviously thought that their small population of customers could save the cost of borrowing funds to build a new power station.
Does turning out the lights at vast empty office block reduce your living standards? I really don't think so.
Enjoying the benefits of solar space warming connects you to a whole new way of looking at your own world. A solar heated space can be used to grow superb fresh fruit and veg which is so utterly tasteless in the shops. It can also be used for sitting out and soaking up the view or enjoying your garden. You avoid winter sadness by enjoying higher light levels without having to get cold outside. The fresh air from the solar space wafting through the house is beneficial compared with any other kind of heating. You open an upstairs window and a natural chimney effect warms and clears the house of modern toxins. Your family's life is healthier as a result.
You actually get an improved lifestyle for very little investment indeed. And what if the sun doesn't shine? You use your heating just as you would if you had no solar space. Even grey skies will heat a greenhouse. In fact shading may be your greatest need for six months of the year.
It is amazing how many open balconies there are on blocks of flats. Glazing them will give you a solar space. Just as has been done on many blocks in Denmark when renovating. The protection provided to the doors and windows saves painting and also dramatically reduces heat loss to the flat through the climate-protected wall and windows.
No reduction of living standards so far.