Abstract: Achieving carbon emission reduction and carbon neutrality is the connotation requirement of high-quality economic and social development. Supply chain is the main contributor to greenhouse gas emission reduction and an important carrier of carbon neutrality. This paper combines the supply chain carbon neutrality with the supply chain financing production problem. Based on the Stackelberg game theory method, the mean-variance theory is used to construct the utility function. Under the decentralized and centralized decision-making, the supply chain faces different financial constraints. How to choice of This researh study financing production strategy, and contract coordination under the internal financing model. The research shows that under decentralized decision-making, manufacturers can obtain more profits by adopting the internal financing strategy of prepayment, and retailers can obtain competitive advantages by participating in internal financing. Under the centralized decision-making, the decision-making of the supply chain is better than the decentralized decision-making; under the advance payment mode, the two-part pricing contract can coordinate the carbon neutral supply chain of the risk-averse manufacturer. Finally, the conclusion is verified by an example analysis.

Key words: high quality development, supply chain carbon neutrality, risk aversion, financial constraints, financing strategy