Under the dual carbon strategy, in order to promote and guide the green development of enterprises and enhance enterprise value, this paper takes the panel data of 209 listed manufacturing enterprises in China from 2013 to 2019 as samples to explore how green process innovation can improve enterprise performance by influencing intellectual capital and its components (human capital, structural capital and relational capital). And the moderating effect of organizational redundancy. The results show that: (1)Green process innovation has a significant effect on enterprise performance; (2)Human capital and structural capital play a partial mediating role between green process innovation and firm performance, and the mediating effect is different; (3)The direct forecasting effect of green process innovation on firm performance is positively moderated by unabsorbed redundancy, but not by the moderating effect of absorbed redundancy. In order to accelerate the development of green innovation, it is suggested that enterprises should increase the investment in R&D, improve the innovation ability of green technology, strengthen the development and management of intellectual capital, attach importance to the utilization of redundant resources and optimize the mechanism of resource allocation.