There is international consensus on leveraging green finance in renewable energy deployment because both are viewed as crucial for achieving carbon neutrality. We employ a spatial econometric approach to examine whether green finance can stimulate renewable energy uptake using energy data from 30 provinces in China for the period 2006–2020. We also investigate the moderating influence of government interventions in the form of environmental regulations and natural gas promotion. To assess the overall impact of China's inaugural green bond policy, introduced in 2015, we conduct a quasi-natural experiment combining the spatial Durbin model and difference-in-difference (DID) method. The empirical results reveal the following: Firstly, green finance can enhance renewable energy utilization, with spillover effects observed from green finance in one province to neighboring provinces. Secondly, environmental regulations and natural gas promotion have beneficial moderating effects, supporting green finance in advancing renewable energy deployment. Thirdly, a high level of implementation of green bond policy generates local and external boosts for renewable energy. These findings can inform government and environmental organizations in designing and implementing policies to expand renewable energy deployment.