<p>Green finance is an important tool to promote the green and low-carbon transformation of China’s economic structure, and current research lacks an exploration of the differences in carbon emission across different types of green finance. This study discusses the different impacts of market-driven green finance (MGF) and government-led green finance (GGF) on carbon emissions by using two-way fixed-effects model and threshold regression model, and introduces the intensity gap variable to study the interaction between the two. The results show: (1) Both MGF and GGF can reduce carbon emissions significantly, and the carbon reduction effect of MGF is greater; however, they did not synergize to reduce carbon emissions. (2) Further analysis suggests that the interaction mode between the two is competitive; moreover, in the process of influencing carbon emissions, both MGF and GGF have a threshold effect of the level of financial development. When the financial development level is low, only GGF can reduce carbon emissions, and when the level of financial development crosses a certain high threshold, only MGF that plays a carbon emission reduction effect. This study provides new empirical evidence for formulating relevant low-carbon policies and promoting the innovation of green financial instruments in financial market.</p>