That’s the only potential way out, yes. We’ll need lower population on earth, but to continue our current speed of scientific progress we’ll need the same or an even larger population overall, so we’ll have to move into space (the final frontier, these are the voyages…)
It’s not sustainable with our current consumption standards, especially considering AC usage, space usage for single-family homes, and meat consumption.
If everyone was a vegetarian living a dutch lifestyle we’d have no issue, that’s true.
We're capable of developing and building out abundant energy production over the next century if we want to, and doing so is going to be a far preferable option to deliberate material deprivation.