On the background of low carbon trends of electric power sector, a reserve market bidding model considering carbon emission reduction is presented. A reserve demand curve is built firstly, which can consider the uncertainty of contingencies and coordinate the allocation of multiple reserve resources. Internalization of externalities theory is applied and according to which the marginal carbon emissions cost is internalized into the bids to get the marginal overall cost to reflect the affects of carbon emission. Last, supply and demand theory is used to obtain the decision point. The differences of the presented method is compared with the traditional method, results show that the former can realize optimal allocation of reserve resources, and also has incentives to the reduction of carbon emission. Case study demonstrates the presented method can balance both marketing operation of reserve service and carbon emission reduction requirements.