The effects of CCUS combined with renewable energy penetration under the carbon peak by an SD-CGE model: Evidence from China

•Reveal the complex mechanism in coupling developing CCUS and renewable energy.•Assess the economic effects of CCUS and renewable energy penetration by a CGE model.•Identify the optimal policy intensity to deploy CCUS and renewable energy in power sector.•Explore the impact of CCUS application on carbon peak in China’s new power system.•Building a green energy dominated power system is harder than the carbon peak target.