The situation reminds me of that New Yorker comic: "Yes, the planet got destroyed. But for a beautiful moment in time we created a lot of value for shareholders"
Governments should be responsible for preventing these types of externalities as one of their core functions. There is no incentive for markets, consumers, and companies to deal with this, yet the forecast costs of climate change and sea level rise are (and will be) massive. Many places have some weak patchwork framework of private insurance and FEMA style funds, but without an actual pricing and enforcement system there's no way out of the warming feedback loop.
I was extremely disappointed in the failure of my (Canada's) government to articulate what a carbon tax was or how it worked to voters, and that allowed the opposition from both sides to chip at it until now it's a politically toxic idea.
The game theory of international accords is increasingly falling apart and countries will try to undercut each other on carbon pricing.
