Certainly.
Indeed, the intent of carbon pricing is to keep costs low for regulatees and provide them with maximum flexibility on how to comply as well as to drive investment in decarbonization.
There are three ways a company can comply: They can reduce their emissions so that they are below the required limit, they can purchase credits or they can pay the price directly to government. It's purposely designed to have a lot of flexibility to encourage the kind of innovation that you're mentioning.