<p>This study utilizes the panel data of A - share listed companies on the Shanghai and Shenzhen Stock Exchanges spanning from 2010 to 2022. Employing the difference-in-differences model, it explores the influence of the green credit policy on the total factor productivity (TFP) of high-energy-consuming enterprises. The main research results are as follows: Firstly, the green credit policy has a notable positive impact on the TFP of enterprises. Secondly, the policy shows a more pronounced effect in state-owned enterprises and in the central and eastern regions of China. Thirdly, easing financing constraints serves as the crucial transmission mechanism through which the green credit policy impacts the TFP of enterprises. The research outcomes offer empirical backing for the effectiveness of green financial tools. They also present valuable insights for policymakers who aim to optimize the allocation of green credit, enhance resource utilization efficiency, and drive sustainable economic development. This paper not only uncovers the productivity - enhancing effect of the green credit policy at the micro-enterprise level but also provides fresh empirical evidence and new perspectives for the implementation of differentiated policies in the policy design that strives for the coordinated advancement of environmental objectives and high - quality economic development.</p>