ESG rating divergence is the derivative information of ESG ratings,and research on its impact on companies' sustainable development strategies contributes to a better understanding and advancement of China's ESG industries. Considering that ESG rating divergence can impact the operational risks of listed companies and that these companies can significantly enhance their sustainable de-velopment capabilities and smooth their operational risks by improving their level of green innovation,this study examined ESG rating data of A-share listed companies from 2010 to 2022 to explore whether and how ESG rating divergence affected listed companies' green innovation. The findings were as follows:① ESG rating divergence had a reversed-force mechanism on green innovation of companies,and this conclusion still held after a series of robustness tests and the exclusion of data suspected of 'greenwashing.' ② ESG rating di-vergence primarily influenced companies by affecting their access to financing resources provided by the capital market,competitive re-sources offered by consumers and suppliers,and by increasing the performance pressure on management,thereby motivating companies to elevate their green innovation to address potential operational risks. ③ External media attention could amplify ESG rating diver-gence,prompting listed companies to actively adopt green innovation measures to cope with the risks from divergence;however,the pur-suit of advanced digital transformation could somewhat diminish the enthusiasm of companies to adopt green innovation strategies in re-sponse to risks posed by divergence. ④ The role of ESG rating divergence in promoting green innovation was particularly pronounced in state-owned companies,those in heavily polluting industries,and in companies operating in environments with robust market informa-tion and strong emphasis on sustainable development by both the company and local government.
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