We can blame Exxon and greedy capitalists as much as we want but this is the textbook example of a system with perversive incentives. Human society, and I would even argue human nature in itself, presents us with the wrong system of incentives for self preservation at scale.
This is exactly what laws & regulations are for. So corporations can't do whatever they want, because they 'care' only about profits, and will do anything for profit within allowed framework.
Note, that 'care' in in quotes. It is because corporations are not humans, or even alive. They are not greedy, good, bad, evil etc. Do not anthropomorphize entity created to maximize profits, led by top people hired to do just that.
Maybe it reflects human nature. Most scientists agree that being overweight is harmful to our health, yet the majority of us can't even control how much food we consume, in spite of the strong motivation of self-preservation. If we can't even control ourselves to do that, how can we expect to control ourselves to reduce carbon-emitting activities?
Humans aren't that far removed from animals. If you keep giving a cat food, it may keep eating until it's sick. Communism or capitalism can't change human nature.
The point is that capitalism just allows people to realise their preferences, and peoples' preferences as revealed by ther actions clearly show they don't really care that much about preventing climate change. No economic system is going to change this, unless it prevents people from doing what they want (what they want is to enjoy a good standard of living, with pickup trucks, SUVs, regular flights, large beef hamburgers...).
