This study investigates the influence of carbonated recycled concrete powder (CRCP), alkali content (AC), and silicate modulus (SM) on the compressive strength, chemical composition, and environmental benefits of CRCP-blast furnace slag blended alkali-activated binders (AABs). The results show that increasing CRCP content reduces the compressive strength of AABs due to lower geopolymeric reactivity. Using response surface methodology, the optimal values for AC and SM in AABs containing 50 wt.% CRCP were determined as 14.28% and 0.92, respectively, resulting in predicted and actual strengths of 49.9 MPa and 46.8 MPa. Chemical analyses reveal that calcite and vaterite are the predominant crystalline phases in AABs, while both Si-Al gels and calcite from CRCP participate in geopolymeric reactions. The effects of AC and SM on AAB strength are further elucidated through the combined analysis of precursor dissolution amount, geopolymeric gel formation amount, and calcium carbonate decomposition amount. Moreover, CRCP demonstrates negative carbon emissions, with a global warming potential of -0.16 kg CO2 eq/kg. The optimally proportioned AAB containing 50 wt.% CRCP shows global warming potential and carbon intensity values significantly lower than those of Portland cement, at 54.4% and 50.8%, respectively. These findings emphasize that AABs containing 50 wt.% CRCP not only meet the 43-grade strength classification but also offer notable environmental benefits. In summary, this study contributes to the development of a novel 43-graded low-carbon binder containing high-volume CRCP.