Green financial reform and innovation attempts to combine the two core principles of green development and innovation-driven to promote the sustainable development of enterprises. This paper adopts the synthetic control method to establish the experimental and reference groups according to whether the study area is a pilot area for green finance reform. According to the research theory, the indicators affecting the sustainable development of enterprises are selected, and the changes in the indicators of the experimental group before and after the green financial reform and innovation are compared and analyzed. Based on the Mean Difference value and Median Difference value, determine the role of green finance in influencing the sustainable development of enterprises. The parallel trend hypothesis test is carried out to verify the feasibility of the double difference model setting. Construct the mediation model for green lending and enterprise R&D investment to promote sustainable development within enterprises in the context of green finance reform and innovation. The regression results show that the coefficient of the double difference interaction term Treati* Aftert is 0.2653, which passes the significance test at the 1% level. The mediation model, after adding all control variables and three fixed effects, has a double difference term coefficient of 0.0876. After removing irrelevant factors, it further indicates that the implementation of the green financial pilot zone policy can promote the green technological innovation of enterprises to a certain extent and that the green financial pilot zone policy plays a significant role in the promotion of sustainable transformation of enterprises.