Abstract: Green finance, as a link between capital and environmental protection, is an important measure to promote the green transformation of the economy and realize the goals of "carbon peak and carbon neutrality". Different from the single perspective of previous studies, based on the panel data of prefecture-level and above cities in China from 2010 to 2022, considers the green finance reform and innovation pilot zone policy as a quasi-natural experiment, and examines its carbon emission reduction effect from the two-dimensional perspectives of "quantity" and "quality". The research findings indicate that the Green Finance Reform and Innovation Pilot Zone policy has achieved carbon reduction with both "quantity and quality in mind". Heterogeneity analysis reveals that the policy effects of the Green Finance Reform and Innovation Pilot Zone differ depending on whether a city is an old industrial base or a resource-based city. From the perspective of mechanisms, the Green Finance Reform and Innovation Pilot Zone policy primarily achieves "quantity and quality" carbon reduction through channels such as improving energy efficiency, optimizing industrial structure, and promoting green technological innovation.