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Meat industries require a lot of land to feed and maintain livestock. This leads to deforestation and an increase in greenhouse gases. Turning vegetarian would free up that land, restoring at least 70% of it to natural forests, thus cooling the planet.
Also, today there are around 1 billion cows, who excrete large amounts of methane. Methane is a deadly poisonous gas, 20 times more harmful than other greenhouse gases. Cutting out meat would decrease methane in the atmosphere. Human deaths would also go down. Chronic illnesses, cancers, strokes, etc. would drastically reduce, leading to reduced medical costs as well.
However, the meat industry generates a lot of employment. We would need to think of alternative employment measures if everybody goes vegetarian. But the overall positive impact on the climate, our health and the planet cannot be ignored.