The environmental crisis and resource dilemma are serious challenges exposed to the world, which has placed sustainable development on the priority agenda. This research applies the wavelet-based quantile on quantile method to explore the impact of green finance (GF) on two basic drivers of sustainability: green technology (GT) and carbon efficiency (CE). We find mixed results between them across different market sizes and conditions in the short to medium term. Concerning the scenario of the long run, the positive effects can be captured in the bull GF market, while it performs the negative influence in the bear market. Therefore, our findings reveal that the GF is not always a blessing for GT and CE. The results are corroborated by the related theoretical mechanism, which highlights their inherent interaction. In this regard, the government should act as a catalyst to accelerate the establishment of an evaluation system and information disclosure criteria that are compatible with GT and CE, thereby improving the accuracy of GF support and promoting sustainable development.

环境危机和资源困境是世界面临的严峻挑战，可持续发展已被提上日程。本研究应用基于小波的分位数方法探讨绿色金融 (GF) 对可持续发展的两个基本驱动因素的影响：绿色技术 (GT) 和碳效率 (CE)。在中短期内，我们发现它们在不同市场规模和条件下的结果好坏参半。从长期来看，在牛市中可以捕捉到积极的影响，而在熊市中会产生消极的影响。因此，我们的研究结果表明，GF 并不总是对 GT 和 CE 有利。结果得到相关理论机制的证实，突出了它们固有的相互作用。在这方面，