Greenhouse gas is an externality. Elementary economic theory claims that any externality creates inefficiency. This means it is possible to correct the externality in a way that benefits some people and is bad for no one. So a response to climate change can be designed that is in in the interest of everyone in every generation; it is not necessary for the present generation to make a sacrifice for the sake of the future.
Since twenty-five years of negotiation have not achieved a moral response from governments, I think we should now work to achieve a response based on self-interest. However, the possibility of finding one depends on the claim of economic theory that externalities create inefficiency. The standard argument for this claim breaks down when it is applied to future generations, because of the non-identity effect.
Can the argument be repaired?