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Green credit policy (GCP) relies on financial means to promote environmental governance. Whether it can achieve the dual goals of economic development and environmental protection, especially in the context of different institution supply, remains to be scientifically tested. Taking the implementation of China's green credit guidelines in 2012 as a quasi-natural experiment, this study uses the panel data of China's A-share listed companies from 2009 to 2019 to explore the impact of GCP on the green technology innovation of heavily polluting enterprises and the role of institution supply in it. It is found that the GCP plays a significant role in promoting the green innovation of heavily polluting enterprises, and the conclusion is still valid after a series of robustness tests. Further analysis finds that the supply of environmental protection system by local governments can strengthen the green innovation effect of GCP. However, the institution supply of innovation has not yet released a significant positive impact. In addition, the impact of GCP on green innovation of heavily polluting enterprises shows significant heterogeneity due to the differences in the types of green patents, the nature of enterprise property rights and the level of regional financial development. This paper analyzes the policy effect of green credit from the perspective of micro-enterprise green innovation, and brings the institution supply of local government into the analysis framework, so as to clarify the relationship between green credit and green innovation on the one hand. At the same time, it also provides inspiration for local governments to scientifically issue environmental protection policies.