Well, in the long term externalities wouldn't yield much money, and instead move allocation of capital to methods of production with minimal external costs.
It would promote the local economy (the one with less externalities). That would created meaningful jobs, jobs that you know have a propose. Yes we could not buy cheap clothing every weekend or go to a 3 day holiday in the south of Europe 4 times a year but we don't need to. What we need to live within the boundaries of the planet.