There’s a bunch of effects to consider 1) improving lives right now may well improve subsequent generations lives directly 2) your future project may have a higher failure rate than your current one 3) the problems you are trying to solve may no longer be relevant in the future 4) you could be very wrong about future population growth.
All of this boils down to: you should be risk-discounting future benefits just the same way as you do future cash flows.
Taking a good thing and fucking people over with it in every way possible is "regular business reasoning"
At a certain point it's smart to say "We have the technology to do something good, let's be extremely cautious about concerns over what's profitable and focus on doing what's right with it"
Of course, this creates a perverse situation where choosing humanitarian impact today over investment is always irrational, but this is the fundamental tension in charity vs investment, and aside from relying on governments and guilt, I'm not sure we have discovered a great model to solve it