If you are implying that the market has reduced emissions in developped countries, i believe you're reading the situation wrong: China has become the world's factory, and its emissions have exploded, but the products manufactures are exported and consumed in the most developped countries. So effectively, developped countries emissions have grown. It's trivial to understand this when you observe the explosion of goods and services available in these countries, at the press of a button. There was never in history that many objects around us, in developped countries. Our footprint on the global world is growing rapidly and has never decreased.
The market is failing to deal with climate change because the environment costs (sometimes called externalities) are not part of the market dynamics. The market uses money, but has a blind eye to anything physical. Business is just money and human labor. No mines, no pollution. It's all dollars. Polluting a lake is a X million dollars fee, not an irreversible loss in a one-time resource.