You keep saying "The government" - we have lots of governments, with a lot of variation in how effective and corrupt they are. I'd expect that in total a lot of people would get the permission to exit CO2, a lot of money would be exchanged and somehow very little CO2 would actually be extracted.

Maybe if we had a single "world government" but then the cure (not to the mention the process required to get to that state) might be worse than the disease!