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An increasing number of cities are transitioning from fossil fuel-powered buses for public transport to battery electric buses, but there is still much confusion about the economic evaluation of the electrification of buses, especially in terms of the carbon asset value for carbon emissions reduction in this transition. Taking Beijing as the example, this paper studies the economic value of the transition of public buses from fossil fuel-powered buses to battery electric buses from the perspective of carbon asset theory, and mainly focuses the analysis on direct carbon emissions. First, the theory and methodology of carbon asset evaluation are introduced for the transition from fossil fuel-powered buses to battery electric buses. Second, the internal determinants of the carbon assets for the transition from fossil fuel-powered buses to battery electric buses are studied. Third, the distinct impacts of the determinants of the carbon assets of the transition from fossil fuel-powered buses to battery electric buses are analysed. The results indicate that (1) the transition from fossil fuel-powered buses to battery electric buses has a carbon asset value; (2) the carbon asset value of the transition from fossil fuel-powered buses to battery electric buses is determined by the distance-specific CO2 emissions of fossil fuel-powered buses, the carbon price and the annual driving distances of the buses as well as the discounted rate of the carbon assets for buses and the termination time of the fossil fuel-powered or battery electric buses; and (3) the carbon assets contribute to the economic value of the transition from fossil fuel-powered buses to battery electric buses. This paper provides academic support for the economic evaluation of the transition from fossil fuel-powered buses to battery electric buses in a low-carbon society.