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A cap and trade system? It would be a lot harder to set one up that worked the way you intended. Plastics are incredibly useful, health and environmental concerns aside. So you would have greater incentive to try and write in a bunch of exceptions or tailor things perfectly and it probably wouldn't work how you intended. My mind is thinking of loads of medical equipment that's best made with plastics, for just one example.

With carbon dioxide? Well, there's an easy way to generate credits by buying carbon, so you don't actually have to ban carbon fuels entirely, meaning planes and helicopters will still have their place. But I would have a tough time coming up with an easy way to filter out and sequester plastic contaminants, so there's not really a equivalency.

There's also the problem of trying to properly define just what the fuck a plastic even is. Is natural rubber a plastic? What about epoxy? Wax? The second you come up with a hard definition for plastic every manufacturer is going to look for alternatives that don't technically meet that definition.

Now, in my version of a carbon cap and trade market, it would focus entirely on what's underground. You have to buy credits to extract carbon from under ground, and you're awarded credits for returning it to under ground (at a less than 1:1 rate). The reason you do it that way is because it's just the easiest point of control. Fewer players involved, obvious locations for auditing

Anyway, this system would have the side-effect of also making plastic products more expensive so manufacturers would look for alternative materials and/or alternative sources of carbon. Probably a bit of both would be going on.

Probably the only thing you could really do is set up a broad definition for what a plastic is, then put in an excise tax on plastic and write in exceptions for things where we really need the material.

It's just a harder situation because we don't have good substitutes for most of the applications for plastic, which isn't true for carbon fuels.