Argument: Regulating C02 is wrong approach; market investments are better
Gwyn Prins1 & Steve Rayner. "Time to ditch Kyoto". Nature. 25 Oct. 2007 - "Kyoto's architects assumed that climate change would be best attacked directly through global emissions controls, treating tonnes of carbon dioxide like stockpiles of nuclear weapons to be reduced via mutually verifiable targets and timetables[...] [this is made difficult, however, by the] globally interlaced supply system of fossil energy."
Sterling Burnett. "Was U.S. wise to reject Kyoto treaty on climate change?". Kyoto cutbacks in energy use would devastate America’s Economy. National Center for Policy Analysis. 1 May 2005 - Wisely, the Bush administration charted a different course on global warming. In fact, it has spent more money - more than $6 billion per year - than any other government on the creation and promotion of technologies to reduce greenhouse gas emissions while continuing economic growth.
These efforts include annual expenditures of $700 million in tax credits to promote clean technologies, $3 billion in research on new clean technologies and $200 million to transfer clean technology to developing countries. In the United States, industry is on course to meet the administration’s goal of reducing annual emissions of greenhouse gases per 1.5 percent per unit of GDP.
The administration also raised vehicle fuel efficiency standards for the first time in nearly 30 years. The modest increases should not result in people being forced into less safe vehicles, but will improve vehicle efficiency and thus lower greenhouse gas emissions.
[...]In conjunction with industry, the U.S. government has taken the lead in research into carbon sequestration technologies. As a result the oil and gas industry annually pumps tons of carbon dioxide underground. This removes carbon from the atmosphere while boosting yields from marginal oil and natural gas fields.
Finally, the Bush administration crafted an international treaty turning the powerful greenhouse gas, methane, into a marketable product.
Department of Energy projections show that by 2015, the Methane to Markets program will remove 1 percent of all greenhouse gases that humans emit into the atmosphere.
This is the equivalent of taking 33 million cars off the road, or shutting down 50 coal-fired power plants or heating 7.2 million homes. In contrast to Kyoto, the program also produces some very tangible economic benefits.