Under the “dual-carbon” strategy, carbon risk has evolved from a compliance issue to a systemic factor affecting corporate financial stability, primarily through impacts on financing costs and cash flow. Although supply chain finance is regarded as a means to alleviate financing frictions,its empirical impact on mitigating carbon risk remains to be verified. This study, based on data from A-share listed companies from 2007 to 2023,delves into the impact and pathways of supply chain finance on corporate carbon risk. Utilizing a two-way fixed-effects model and incorporating financing constraints and capital structure as mediating variables, as well as profitability as a moderating variable, this study systematically examines the role of supply chain finance in reducing corporate carbon risk. The results indicate that supply chain finance significantly reduces corporate carbon risk, primarily through alleviating financing constraints and optimizing capital structure. Further analysis reveals that the higher the corporate profitability, the more pronounced the effect of supply chain finance in reducing carbon risk, highlighting the significant regulatory role of profitability in the carbon risk governance of supply chain finance. Heterogeneity analysis shows that the inhibitory effect of supply chain finance on carbon risk is more significant in the central and eastern regions, highly competitive industries, and low-tech, low-pollution industries, indicating that its effectiveness varies with region, industry competition, and technological and pollution characteristics. These findings not only provide new insights for addressing corporate carbon risk but also offer robust theoretical support and practical guidance for achieving the “dual-carbon” goals. This study recommends incorporating supply chain finance into the strategic framework of corporate carbon risk management, improving relevant infrastructure, guiding enterprises to conduct precise carbon risk management practices, and strengthening the synergistic effect of supply chain finance in the field of carbon emission reduction.