From this article:
Can Global Warming Be Stopped by Technology Alone? One of the themes in the comments over the last week has been the debate over technological advances vs. emissions reduction -- which one offers a better solution to global warming? In an article in the new policy journal The American Interest (subscription required), Sen. Joseph Lieberman argues that creating market incentives through legislation to limit emissions accomplishes both goals. He points to the successful cap and trade system that governs sulfur dioxide pollution (the stuff behind acid rain.) As long as fines are high enough that it's more cost effective to comply than to risk emitting more than one's credits -- and glaring loopholes are closed so companies can't wriggle through to circumvent the restrictions -- the system works.