I can see no moral reason that ones monetary capability to damage the climate more than others should give the right to do so.
It is time to price in the damage that is done by consumption and emission of greenhouse gases. This won't recover the wealth (in form of consumtion rights on the climate) that was stolen by the rich from the poor, but will at least restrict such from happening in the future.
It is true that critisizing the individual consumption of the wealthy will not change anything. We need regulations. However I think particulary the 1% have responsibility to lobby for this as they have the greatest amount of power as well as the greatest responsibility in terms of damage done to our world per person.