Field measurements and model results have recently shown that aerosols may have important climatic impacts. One line of inquiry has investigated whether reducing climate-warming soot or black carbon aerosol emissions can form a viable component of mitigating global warming. We review and acknowledge scientific arguments against considering aerosols and greenhouse gases in a common framework, including the differences in the physical mechanisms of climate change and relevant time scales. We argue that such a joint consideration is consistent with the language of the United Nations Framework Convention on Climate Change. We synthesize results from published climate-modeling studies to obtain a global warming potential for black carbon relative to that of CO2 (680 on a 100 year basis). This calculation enables a discussion of cost-effectiveness for mitigating the largest sources of black carbon. We find that many emission reductions are either expensive or difficult to enact when compared with greenhouse gases, particularly in Annex I countries. Finally, we propose a role for black carbon in climate mitigation strategies that is consistent with the apparently conflicting arguments raised during our discussion. Addressing these emissions is a promising way to reduce climatic interference primarily for nations that have not yet agreed to address greenhouse gas emissions and provides the potential for a parallel climate agreement.