The green structural monetary policy balances short-term energy security and long-term carbon reduction goals, empowering the implementation of projects such as clean coal utilization, clean energy development, and energy conservation and environmental protection. However, the actual effectiveness of this policy in energy structure transition, especially its targeted driving effect on corporate energy technology innovation, demands systematic verification. This paper selects A-share listed companies in Shanghai and Shenzhen from 2015 to 2023 as samples, empirically tests their effects and transmission mechanisms through a DID model, and explores heterogeneous characteristics.

The results indicate that the green structural monetary policy significantly promotes corporate energy technology innovation, demonstrating the targeted effect of the policy in the field of energy structure transition. The policy promotes corporate energy technology innovation through three paths: innovative capital agglomeration effect, capital cost leverage effect, and financing barrier breakthrough effect. In addition, the implementation effectiveness of the green structural monetary policy exhibits the characteristic of an “adaptative effect”. At the micro level, state-owned enterprises, large-scale enterprises, and those with participation of green institutional investors demonstrate a more pronounced policy-incentive effect due to their strong policy alignment and resource integration capabilities; at the meso-macro level, enterprises in the central and western regions, high-polluting industries, and low-carbon pilot cities show higher adaptability to policy transmission mechanisms, resulting in a relatively stronger policy promotion effect.

This paper clarifies the logic and adaptation rules of the green structural monetary policy in driving corporate energy technology innovation, providing theoretical support and practical guidance for optimizing policy tool design and improving policy accuracy, thereby assisting in energy structure transition and the achievement of “dual carbon” goals.