We introduce and analyze a simple formal thought experiment designed to reflect a qualitative decision dilemma humanity might currently face in view of anthropogenic climate change. In this exercise, each generation can choose between two options, either setting humanity on a pathway to certain high wellbeing after one generation of suffering, or leaving the next generation in the same state as the current one with the same options, but facing a continuous risk of permanent collapse. We analyze this abstract setup regarding the question of what the right choice would be both in a rationality-based framework including optimal control, welfare economics, and game theory, and by means of other approaches based on the notions of responsibility, safe operating spaces, and sustainability paradigms. Across these different approaches, we confirm the intuition that a focus on the long-term future makes the first option more attractive while a focus on equality across generations favors the second. Despite this, we generally find a large diversity and disagreement of assessments both between and within these different approaches, suggesting a strong dependence on the choice of the normative framework used. This implies that policy measures selected to achieve targets such as the United Nations Sustainable Development Goals can depend strongly on the normative framework applied and specific care needs to be taken with regard to the choice of such frameworks.Since a later voluntary or involuntary phase-out of many climate engineering measures can have even more disruptive effects than natural tipping elements [11], one should, of course, also be concerned that a focus on climate engineering and, maybe to a somewhat lower degree, also a focus on adaptation might increase humanity's dependence on large-scale infrastructure and fragile technology to much higher levels than we learned to deal with, posing a growing risk of not being able to manage these systems forever.While one might argue that there does not need to be a strict choice between either mitigation or adaptation, the presence of tipping elements in both the natural Earth system and in social systems [12], and the likelihood of nonlinear feedback loops between them [13], suggests that only significant mitigation efforts will avoid natural tipping, and only significant socio-economic measures will cause the "social" tipping into a decarbonized world economy that is no longer fundamentally based on the combustion of fossil fuels. This means the current generation may face a mainly qualitative rather than a quantitative choice: do or do not initiate a rapid decarbonization? Additionally, this choice might take the form of a dilemma where we can either pursue our development and adaptation pathway and put many generations to come at a persistent risk of technological or management failure, or get on a transformation pathway that sacrifices part of the welfare of one or a few generations to enable all later generations to prosper at much lower levels of risk.While all th...