Additionally, the bulk of world emissions currently comes from developing countries: https://www.cgdev.org/media/developing-countries-are-respons...
So shrinking consumption in developed countries would be far from enough. We'd need to find a way to make China, for instance, accept that they should accept a vast diminution in their living standards in order to satisfy mostly Western activists.
Solutions to climate change based on shrinking consumption or reducing growth in general are political and technical nonstarters. We need to focus on decoupling growth and consumption from resource usage and emissions. Only by developing the technology to do so do we have any hope to mitigate the effects of climate change.