<p>Against the backdrop of low-carbon economy development, enterprises are increasingly engaging in low-carbon recyclable products. However, consumers’ environmental awareness is also growing, and enterprises’ emission reduction equipment is aging, thus the actual emission abatement volume of green products and consumer expectations are both constantly evolving. This presents enterprises with new challenges in dynamically adjusting their dual-channel recycling strategies. Based on the above observations, this study integrates dynamic carbon abatement and the reference low-carbon effect into a dual-channel closed-loop supply chain (CLSC), constructing three recycling strategies: manufacturer, retailer, and third-party recycling. By introducing low-carbon cost-sharing, this paper employs a differential game to explore how these factors influence recycling strategies in dual-channel CLSC. This study obtains some key findings. First, when the manufacturer’s recycling cost coefficient is sufficiently high, outsourcing to the third-party recycler improves recovery efforts more effectively than the retailer recycling, despite both having lower costs. Second, a high memory parameter always reduces the supply chain profit when the product emission reduction is in the growth stage but may enhance profits in the stabilization stage. Finally, and interestingly, transferring retailer’s low-carbon promotion costs to the manufacturer and manufacturer’s abatement technology costs to the retailer or the third-party recycler can intrinsically enhance CLSC profits.</p>