Under the background of the “dual carbon” strategy, green finance has become an important financial tool to support enterprise green innovation and promote the development of green economy. Based on the data of A-share listed companies in Shanghai and Shenzhen from 2012 to 2021, a fixed effects model was used to test the impact of green finance on corporate green innovation. The research results indicate that green finance significantly promotes the green innovation activities of enterprises and can influence their green innovation by influencing their R&D investment. After a series of robustness tests, this conclusion still holds. Further heterogeneity analysis based on enterprise ownership and region reveals that green finance plays a greater role in promoting green innovation between state-owned enterprises and enterprises in the eastern region.