That isn't really "renewing", though. If part of the process involves the substance being dispersed in the environment and then extracted again, that's different from capturing waste as it's produced. Furthermore, you're not necessarily capturing the same carbon dioxide that you released, but when you recycle a battery, it's the same lithium. And getting the lithium from a battery should take less energy than mining it, while capturing and reducing carbon dioxide definitely requires more energy than pumping oil from the ground.

So I don't think this analogy holds up.