Availability of light and CO2, substrates of microalgae photosynthesis, is frequently far from optimal. Microalgae activate photoprotection under strong light, to prevent oxidative damage, and the CO2 Concentrating Mechanism (CCM) under low CO2, to raise intracellular CO2 levels. The two processes are interconnected; yet, the underlying transcriptional regulators remain largely unknown. By employing a large transcriptomics data compendium of Chlamydomonas reinhardtii responses to different light and carbon supply we reconstructed a consensus genome-scale gene regulatory network from complementary inference approaches and used it to elucidate the transcriptional regulation of photoprotection. We showed that the CCM regulator LCR1 also controls photoprotection, and that QER7, a Squamosa Binding Protein, suppresses photoprotection- and CCM-gene expression under the control of the blue light photoreceptor Phototropin. Along with demonstrating the existence of regulatory hubs that channel light- and CO2-mediated signals into a common response, our study provides a unique resource to dissect gene expression regulation in this microalga.