Is there a better mechanism than financial incentives? I am afraid that is the best working mechanism we have.
Planned economies generally have not fared well in history, not only from economic value added perspective, but also from the fascist political systems they produce as a by product. They may get some narrow domains correct, but by and large they are net negative.
Secondly, financial incentives are very powerful if correctly designed. At the moment they are used for things like subsidising hydrogen or adaptation technologies. But they are not deployed - for example as penalties - to deter investment in stuff that is net damaging to human wellbeing. We have a situation where banks are both financing companies that create climate change and also companies that create climate change solutions. Aside from that being GREAT business, it’s also the type of problem that might arise in a centrally planned economy (to the first point).
The best-known planned economies were socialist and were under constant attack from outside capitalists (hard to make a buck on some other country making life better for its citizens).
Socialists are notable because, like Woody Guthrie's guitar, they kill fascists. Capitalists tend to ignore that because they don't like to admit that strong capitalism is one of the pillars of fascism.
If you can't be bothered to read a book, at least start with Wikipedia:
2. I don’t trust Wikipedia, it is a far-left nutcases cesspool. Can you point to a book or two for me to read?