There are still many who believe that capitalism will solve the climate problem it created because the profit motive incentivises entrepreneurs and companies to come up with solutions.
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However, we're not dealing with a totally free, rational, and efficient market. For as long as we fail to price in negative externalities, fail to address the distortion created by fossil fuel subsidies, or fail to break the hold that the industry has over politicians, capitalism cannot win here.
We need a global price on carbon (in other words, fold externalities into the picture) while phasing out fossil fuel subsidies (or offering equal incentives for low-carbon alternatives to level the playing field), and finding a way to prevent political meddling.
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https://www.news24.com/fin24/opinion/nick-hedley-bp-proves-capitalism-and-climate-change-dont-mix-20250303