In　this　study,　taking　the　pilot　zones　for　green　finance　reform　and　innovations　set　up　in　2017　as　the　objects,　a　quasi-natural　experiment　is　conducted　to　assess　the　environmental　effects　of　green　finance　policy　using　the　difference-in-difference　propensity　score　matching　(PSM-DID)　method　based　on　the　panel　data　in　30　provincial-level　administrative　regions　from　2011　to　2019.　In　addition,　further　efforts　are　made　to　investigate　the　differences　of　green　financial　policies　in　environmental　effect.　According　to　the　research　findings,　the　set-up　of　green　finance　pilot　zones　can　reduce　the　environmental　pollution,　and　green　finance　policy　is　conductive　to　environmental　enhancement.　Meanwhile,　a　partial　mediating　effect　exists　between　a　region＇s　innovation　capability　and　industrial　structure.　On　the　whole,　green　finance　policy　plays　the　most　significant　role　in　improving　the　eastern　region＇s　environmental　pollution,　followed　by　the　central　region,　but　barely　enhances　the　environment　in　the　western　region.　To　sum　up,　the　more　serious　the　environmental　pollution　is,　the　better　the　effect　of　green　finance　policy.