Amidst climate change threats, carbon emissions have become a key consideration in power system operations. This paper proposes a low-carbon economic dispatching for smart microgrid, where consumption-side carbon emission penalty scheme and shared energy storage mechanism is developed. Firstly, price elasticity matrix and carbon emission flow model are introduced to form the consumption-side penalty scheme, with the aim of altering energy consumption profile to reduce carbon emissions. Secondly, based on cyber physical system (CPS) architecture and benefit allocation method, shared energy storage mechanism based on green and low-carbon transportation energy system is established to enhance the operation flexibility of low-carbon power system. In this end, low-carbon economic dispatching model for smart microgrid with shared energy storage is proposed to improve the operation economy and system decarburization.