Abstract:   Under the background of green transformation, Chinese enterprises are accelerating the promotion of sustainable development, and digital technology has become a key approach for transformation. This study adopted the green transformation of Fengdeng Environmental Protection (CONBA) as an example and conducts an exploratory single case study to construct a logical system of enterprise green dynamic capability guided by green cognition and practical experience. The study found that the enterprise has formed a "double cognition-investment behaviour-green dynamic capability" capacity building mechanism in the process of green transformation. First, the double cognition undergoes specific evolutionary processes, with green cognition undergoing a process of "aggregation-disintegration-reconstruction", while digital cognition shows a change from "enlightenment-awakening-expansion". Second, green knowledge and green performance guidance is the key to implementing digitalization investment, and the digitalization investment behaviour has shifted from passive acceptance to active adoption, and has developed into an active expansion of external opportunities. Finally, in the green cognition-guided digitalization investment practice, the enterprise gradually builds a green dynamic capability system that covers green value perception, green value reconstruction, and green value transformation. The theoretical framework of this study will provide important insights into how green transformation enterprises can drive green competitiveness through dual cognition.

Key words: green innovation, green dynamic capability, investment in digitalization, dual cognition