I don't think banning private jets solves the problem - there's much bigger fish to fry, orders of magnitude (container shipping). This is like trying to move an ocean with a bucket.
Anyways, I think the idea of private jets being replaced by luxury airliners is good, I just don't think this sort of rule ("ban private jets") is going to work well and result in a better world.
For example, it's notoriously hard to separate business and personal jet usage - the common scheme is having an Air Operator company manage your jet (provide maintenance, airport operations, crew, supply, etc) and provide it to other clients of the Air Operator when you're not using it. You're the nominal owner of the jet, but it's leased to the Air Operator and you have a contract that specifies how much usage of your jet is free. Thus every flight is a business flight - because the Air Operator is using it for the business of transporting people, sometimes the owner.
Regulators have given up and just treat business and personal usage the same (from owner perspective, there are differences in pilot licensing and crew/ops requirements).