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Again, this is a feature of (almost) all economic systems. With appropriate regulation and government incentives, it's not a problem.
We have probably hit peak fossil fuels this year. Every year henceforth, fossil fuel use will go down. Why? Capitalism. Competition in solar panel and wind turbine manufacture and installation, prompted by government incentives and private charitable action, has made renewable energy cheaper than fossil fuels.
Capitalism is a tool that we can use, and when it's under control it works.
Also, credit where credit is due, China's autocratic version of capitalism has done better than America's laissez faire or Europe's social democratic capitalism in this regard. But it's still capitalism.