Yes, the current state is a pretty near constant improvement on standard of living and a pretty steady decrease in greenhouse emissions (at least in the US) despite rising population and access to gadgets. Electric vehicles exist because capitalists found a niche and exploited it at a time when battery densities could finally support a reasonable range. Rooftop solar exists because people care and can afford to place them on their houses. Governments came in later to help encourage those, but the tech existed before the subsidies did.

Capitalism isn’t the enemy, it’s merely a force that can be channeled to create a lot of good in the world. If a society sets up the right incentives, capitalism is incredibly efficient at meeting the demand.

So we shouldn’t be destroying the economy to combat climate change, we should be channeling the economy to combat climate change. For example:

• carbon taxes on everything - coal would get taxed out the nose, while solar would pay pretty much nothing, with natural gas falling somewhere in the middle
• eliminate subsidies and loopholes - charge big trucks significantly more for damage to roads, which makes things like fracking a lot less attractive (if they have to pay to repair the roads they tear up, costs go way up)
• remove protections for corporations - arrest execs instead of just issuing fines for irresponsible, greedy behavior that hurts people

Most of the reason renewables are less attractive vs fossil fuels is because fossil fuels don’t need to pay for negative externalities like pollution. If we add that in, the market will adapt and change their operations to reduce costs.