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Cap & Trade is not the answer, so get that disaster out of your mind right now!
First we must start drilling for our own crude oil and natural gas deposits.
While doing that we must start building nuclear energy plants that will have the capability to re-impregnate spent fuel rods (right now that is against federal regulations in the U.S and is the main reason we have so much nuclear waste – France refurbishes their spent fuel rods and does not have the nuclear waste problem). That will resolves the electricity problem.
Next we need to research and develop cost efficient alternative motor fuels to replace the fuels from crude oil if that is what we want to do. FYI – Crude oil is carbon based, and carbon is the most abundant and most renewable resource element in the universe (we can actually make our own crude oil from anything that is carbon based).
However, none of this will happen overnight and most likely not in our lifetime. Patience is the keyword here, patience.
(literally every thing we touch, eat, or interact with is carbon based – ask any real scientist)
Just my not-so-humble opinion. B)