Did anyone worry about the cost when we were building stuff to fight the Nazis and Japanese? If the answer is no, why should we worry about the cost of dealing with global warming, a more implacable and deadly foe than either Germany or Japan?
Except it's not the same. AGW causes poverty, there's no doubt about that. But the question is whether more wealth (net) is built by allowing AGW to happen. IF the Bangladeshi are being impoverished by loss of shoreline (they are) and IF there are sufficient profits created by which to compensate them, then it might be better to allow AGW to happen.
By analogy, allowing mercury into the ocean was more than offset by the benefits of burning coal, especially in the early stages. The quality of life improvements from coal were so strong. Not everyone was properly compensated, but there was a rather good effort.
The problem with my first paragraph is that there will be no mechanism by which to compensate the victims ahead of time. The people who benefited from causing AGW will fight tooth and nail to prevent their wealth being taxed to pay for their theft. It's why we need the property rights to be created ahead of time, in the early stages of the theft. Backdating the debts to 1992 is vastly easier in 1997 than it will be in 2005 or in 2020.
It's an open question if there will be more wealth created (net) by allowing ppm to get to 550 ppm. The odds of a catastrophe are obviously higher, but they're unknown. The second question is whether the victims will be compensated by the decision.
Going Manhattan on AGW might not be the wisest decision. It's easily the most moral, since it wipes away future unfunded obligations. But it might not be the wisest. Everyone who's artificially poor because we weaned off of fossil carbon too soon will also be the victims of opportunity cost.
It's why I tend to be pro Natural Gas. There's enough room in the buffer for natural gas, it's the easiest to be ecologically friendly, and it delivers a lot of energy per unit of fossil carbon.