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Planning power system (PS) towards renewable energy is crucial for reducing carbon dioxide (CO 2) emission as well as mitigating climate change. However, the inherent uncertainty and hierarchical structure of PS pose intractable challenges to the planning process. This study develops a multi-GCM-based interval bi-level programming (MIBP) method that can balance two-level decision-making conflict between CO 2 -emisison reduction and system cost minimization. MIBP can also deal with uncertainties expressed as interval values in objective functions and constraints. Then, a MIBP-PS model is formulated to plan PS for China (2021–2050), where the upper-level objective is to minimize CO 2 emission and the lower-level objective is to minimize the system cost. The major findings are: (i) the CO 2 emission for PS would reach peak value before 2030 and then reduce by [10.2, 20.4]% in 2050, which is mainly owing to the curtailment of fossil fuel; (ii) compared with the conventional model, CO 2 emission from MIBP-PS model could decrease by [3.1, 4.8]%, which shows the superiority of the developed model; (iii) the fossil-fuel power would be gradually replaced by renewable energy, and the proportion of coal-fired power would decrease by 38.8% by 2050, especially small coal-fired facilities (i.e., below 0.3 GW) should be gradually phased down. [Display omitted] [ABSTRACT FROM AUTHOR]

[Display omitted] • It analyzes the feasibility of achieving net zero emission in the Chinese power sector by 2050 and the required policy measures. • It is essential to foster the concurrent development of renewable energy, energy storage, and demand response technologies. • The carbon pricing mechanism with exponential growth is more suitable. • Referring to the European offshore wind power investment model is beneficial for the development of offshore wind power in China. The low-carbon transition in China's power sector plays a crucial role in the mitigation of climate change worldwide, and increasing renewable energy penetration rate is widely recognized as the key approach to decarbonize this sector. This paper proposes a renewable energy penetration model to examine the feasibility for net zero emission by 2050 in China's power sector taking into account of economic and social development. It also evaluates the impacts of carbon pricing and financial incentives on renewable energy penetration and carbon emissions. The results indicate that along with economic development, China's electricity demand will continue to grow, but at a gradually slowing rate. It is possible for the power sector to achieve net zero emission by 2050 while meeting this growing electricity demand, with a renewable energy penetration rate of 75%. To ensure the achievement of the goal, we recommend setting the carbon price with the current market price as the baseline and increasing it annually by a relative increment index of 10%. Furthermore, given the high initial cost and late start of offshore wind power, we suggest incorporating associated grid connection cost into the transmission and distribution price to ensure the comprehensive and healthy development of renewable energy. [ABSTRACT FROM AUTHOR]