The study shows that Corporate Venture Capital (CVC) enables firms to capture green innovation and improve environmental performance. Ambidextrous strategies—combining exploration of new technologies with exploitation of existing capabilities—are most effective, especially when dynamic and balanced. Firms using this approach generate more green patents, which directly reduce greenhouse gas emissions. The findings highlight that ambidextrous CVC supports sustainable competitiveness and offers guidance for managers and policymakers to foster cleaner, more innovative business models.