China's rapid economic growth has been causing shortage of water resources in the North China and also has been leading to shortage of power in the coastal areas of East China. Therefore it began to execute the water right transfer policy from the agricultural sector to the power generation industry. In North China, power production mostly uses the coal. Increasing the power production will lead to emission of more carbon dioxide. Therefore, in this study, the authors firstly introduce the outline of water transfer policy, then calculation amount of CO2 emission by current water transfer policy.