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With the continuous advancement of technological revolution and industrial transformation, digital finance supported by big data and artificial intelligence has become an important engine for promoting carbon neutrality. We measured the industrial structure transformation index (ISU) of 30 provinces in China, and discussed the spatial spillover effect and transmission mechanism between digital finance and ISU using the spatial Durbin model. The research results demonstrate that the digital finance development can significantly improve the local ISU. Interestingly, the impact of digital finance on the ISU of adjacent areas has a significantly negative spatial spillover effect, which still exists under the different spatial weight matrix. Digital finance can improve ISU by improving green technology innovation, upgrading industrial structure, and alleviating capital allocation. We also found that the higher degree of marketization and environmental regulation can increase the positive influences of digital finance on ISU. This research proves the effectiveness of the digital finance in improving energy efficiency, and it encourages policymakers around the world to rely on digital finance to promote ecological governance and achieve high-quality economic development.

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National industrial policy is a common means for the government to regulate economic activities, and its effect on the environmental performance of enterprises is controversial. Based on the encouraged industries in China's “Five‐Year Plan,” the impact and micro‐influence mechanism of industrial policies on SO2 emission of enterprises are systematically analyzed. The results indicate that industrial policy can significantly reduce the SO2 emission in encouraged industries, and the conclusion is still valid after a series of robustness tests. This emission reduction effect is greater for the state‐owned firm, high R&D intensity firm, and high‐pollution firm. Compared with the firms in general encouraged industry, industrial policy has a greater impact on the SO2 emissions of firms in the key encouraged industries. The industrial policy promotes the resources transfer from high‐polluting companies to low‐polluting companies, reducing the market share of high‐pollution firms. Additionally, it reduces pollution emissions through front‐end pollution control (clean energy substitution and technological innovation). The conclusions of this study provide theoretical support for appropriate government policy intervention and have important practical significance for China's green sustainable development.