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Green finance plays a critical role in promoting regional green innovation. However, the precise influence of green finance on diverse facets of green innovation remains underexplored. This study empirically analyses the diverse effects of green finance on heterogeneous green innovation by applying the negative binomial model, the threshold model, andthe spatial error model using China’s regional data from 2010 to 2019. The results indicate that green finance has a positive impact on regional green innovation performance, primarily through significant contributions to fossil energy carbon reduction, energy conservation and recovery, and clean energy technology innovation. The effect of green finance is also influenced by the level of local environmental supervision, exhibiting a significant threshold effect. In addition, the development of green innovation in the region can have a siphoning effect on the resources of surrounding areas, hindering their innovation development. These findings highlight the necessity for strategic government policy-making, which should leverage the diverse impacts of green finance on various forms of green innovation. Customizing green financial instruments to suit regional environmental regulatory conditions and the green innovation levels of neighboring regions could significantly aid in promoting regional green transformation and growth.
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