Yes, the house is burning down! We have a whole lot of gasoline on hand. We can dump it all onto the burning fire to try and put it out.
Possible outcomes:
1) We manage to dump enough gasoline on it to starve it of oxygen quickly enough and the fire is burnt out. We clean up all the gasoline. The day is saved.
2) The gasoline catches on fire and the whole neighborhood burns down from our attempt to fix it.
3) We manage to dump enough gasoline on it to starve it of oxygen quickly enough and the fire is burnt out. The gasoline left behind isn't cleaned up well enough and it catches on fire a day later causing a bigger fire.
Or we choose to do nothing:
1) The house burns down. The fire does not spread. We build a new house.
2) The house burns down and the fire spreads, burning down the whole neighbourhood.
Or maybe we watch the fire for awhile and find a better way to put it out. The climate isn't as simple as this analogy. This isn't a black and white issue where we can dump our whole economy down the drain and everything is guaranteed to be rosy.