The latter, without an alternative source of energy, just means people will be worse off. Greenlash is already a thing in many developed countries that have tried to set unrealistic policy goals. In my opinion, the focus on net-zero should really be a focus on a clean, abundant, and cheap energy source -- like fusion, if it can be realized. Instead, it seems like the current focus of net-zero is on how to divide the energy we can currently produce and in what way.
It is immoral to ask or force the global poor living in yet-to-be-developed countries to not raze their forests for agriculture or other use, when it is the same path that every developed nation has already trod; and besides, they aren't going to listen either way, when their own livelihoods are at stake. The way out of the problem is through: through more energy.