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One of the key issues facing the government in achieving carbon neutrality is what methods can be used to effectively reduce carbon emissions. Taking manufacturing enterprises as an example, this paper studies the carbon emission reduction effects of green technology innovation subsidy (GIS), carbon tax (CT), and carbon emission trading (CET). Under the background of social welfare and carbon emission reduction efficiency, we get the results of optimal carbon emission reduction measures in different environments. The results are as follows: (1) In the initial and mature stage of green technology innovation, GIS is the best choice to improve the degree of green manufacturing and maximize social welfare. CT and CET are the best choice to obtain the highest SE (carbon emission reduction efficiency). (2) In the transitional stage, CET and CT can promote the maturity of green technology. However, with the maturity of green technology, the promotion of green technology has weakened. CT is the best choice to achieve the highest SE. (3) When the carbon tax or carbon trading price is at a high or low level, raising the tax rate or carbon trading price can increase the income of enterprises. Therefore, the government should take measures according to the objectives of different stages. When the goal is to maximize social benefits, GIS is the best choice in the initial stage and transition stage, and CET or CT is the best choice in the transition stage. In the initial stage and fertilization stage, when the highest SE, CT, or CET is the best choice, while in the transition stage, CT is the best choice.
