  This paper introduces a comprehensive framework aimed at advancing research
and policy development in the realm of decarbonization within electric power
systems. The framework focuses on three key aspects: carbon accounting,
carbon-aware decision-making, and carbon-electricity market design. It
addresses existing problems, methods, and proposes solutions. In contrast to
traditional pool-based emissions models, our framework proposes a novel
flow-based emissions model. This model incorporates the underlying physical
power grid and power flows, allowing for accurate carbon accounting at both
temporal and spatial scales. This, in turn, facilitates informed
decision-making to achieve grid decarbonization goals. The framework is built
on a flow-based accounting methodology and utilizes the carbon-aware optimal
power flow (C-OPF) technique as a theoretical foundation for decarbonization
decision-making. Additionally, the paper explores the potential design of
carbon-electricity markets and pricing mechanisms to incentivize decentralized
decarbonization actions. The critical issues of data availability,
infrastructure development, and considerations of fairness and equity are also
discussed. This paper seeks to advance scholarly understanding and foster
progress toward achieving sustainable and carbon-free electric power systems.
