Abstract: Under the long-term goals of “carbon peak and carbon neutrality”, how to accelerate the green transformation of enterprises is currently the main problem faced with China. This study focuses on the supply chain and systematically elaborates the motives, capabilities, mechanisms, and path of state-owned enterprises (SOEs) leading and promoting the green transformation of upstream and downstream companies. To implement major national strategies, complete environmental performance assessments, and enhance the core competitiveness of state-owned capital, it is argued that SOEs should leverage their advantages in market position and basic resources to promote the green transformation of the aforementioned companies through competitive selection, supply-demand matching, and resource coordination mechanisms. This study provides policy implications from the perspective of the supply chain on how to play the leading and exemplary role of state-owned capital in ecological environment construction, accelerate the green transformation of small and medium-sized enterprises, and coordinate the role of government and the market in environmental governance.

Key words: green transformation, supply chain, state-owned enterprises