If it's a thread to every major economic player, then in terms of competition, it levels the playing field, right? Somehow it sounds to me as if we just go forward in playing the big final game despite the fact that both teams went down with fever and cough, diarrhoe and headaches. But because the final game is so important for the season, we call the people warning about the teams being sick "infection alarmists".
Sounds similar to http://en.wikipedia.org/wiki/Tragedy_of_the_commons
Additional problems are caused by other countries trying to build up their industries to catch up to the already industrialized countries. If we are already at the limit of what the planet can handle, then it implies that some countries will have to reduce emissions so that other countries can increase their emissions.
Since this probably means less money for the wealthy, they will do everything they can to prevent scaling back, ie: "It's not hurting the planet/This will cause economic disaster/etc". Unless someone figures out a way to take the political clout of the wealthy elite, then we're screwed.