Corporations have long shown that they are not interested in truth, or sustainable profits, or people's health, or the environment. In fact, due to lack of government intervention, corporations like Exxon spread harmful propaganda that decreases the public's awareness about critical issues like climate change.
Collective action is important because this is otherwise a failure of humanity to recognize a tragedy of the commons. We need to collectively agree to solve the problem, through governments, because otherwise individual actors like states and corporations will increase their own wealth through greed at the expense of others.