I don't think they're pumping much in the way of toxic chemicals into the air - it might be different in the US, but here, the regulations are tight, and there's a certain amount that's filtered and sent to a toxic waste processing facility in Cumbria, which also deals with nuclear waste.
Saying that, I don't like the toxic waste that does have to be locked away 'safely' for 1000s of years, and the solution you're talking about sounds great! I'll read up on it. As you say, it needs investment, and people don't want to pay. Thanks for commenting. You've raised some interesting points.