To vigorously reduce CO2 emission in the energy sector is an inevitable choice to achieve world's carbon emission reduction and to accelerate the construction of a modern energy system. The development of CO2 capture, utilization, and storage technology (CCUS) is of great significance for promoting low carbon utilization of traditional energy and realizing the low carbon transformation of coal power industry. The joint development of biomass combustion integrated with new energy technology and consideration of fuel conversion CO2 capture from the source is a technical solution with high efficiency and low energy consumption in coordination, which will bring new development opportunities for conventional thermal power industry. In this study, a low carbon system of collaborative renewable energy CO2 source capture is constructed. Numerical simulation method of multiphase flow coupled with thermal mass transfer and chemical reaction of the combustion mathematical model is employed to study the combustion characteristics in the biomass combustion system. The combustion efficiency, carbon conversion, and pollutant emissions are calculated compared with the conventional coal combustion system. Hydrogen production and CO2 emissions are analyzed based on life cycle assessment method. The energy integration full‐chain system of geological storage and CCUS is optimized, which is committed to achieving nearly zero carbon emission in the thermal power industry, contributing to the global low CO2 emission work.