Based on the actual PM10 and CO2 emissions in 2010, and the projected situation in 2015, this study assesses the co-benefits of the Local Air Particulate Matter (LAP) reduction plan and Greenhouse Gas (GHG) control plan in a coal-fired power industry in Tianjin, China. This co-benefit analysis used the Ambient Least Cost Model (ALC) to estimate PM10 and CO2 emission reduction and cost, then developed a PM10 and CO2 control technologies inventory. The results show that a rebuilt bag-house precipitator in 300 MW units is most cost-effective method of reducing PM10 emissions in a thermal power plant. In contrast, CCS-MEA is the most effective option for reducing CO2 emissions in the existing plant. The results of the cost-benefit analysis indicated that using a Nuclear Power plant is the most cost effective way to reduce PM10 and CO2 emissions at the same time, but IGCC is a safer choice for Tianjin. The integrated environmental strategy (IES) scenario presented in this work makes it possible to reduce CO2 emissions by 28,095,386 t and PM10 emissions by 35,930.73 t, at a cost of 9.69 billion Yuan from 2010 to 2015, which is better than both suggested targets (ST) for PM10 and CO2 during the Twelfth Five-Year Plan.