Capitalism is benefiting the world enormously. Any currently realistic damage from climate change can not be compared to the benefits of market economies. But

Capitalism is benefiting the world enormously. Any currently realistic damage from climate change can not be compared to the benefits of market economies. But it is theoretically (game-theory) and practically (e.g. collapse of the Atlantic northwest cod fishery) true that market economy has a failure mode known as the tragedy of the commons. The solution to global warming is cap and trade system. We cap the allowed emissions according to the climate goals and trade the remaining allowances for the emissions.