<p>The complexity of governance patronage among firms, especially in relation to their policy engagement and its influence on corporate carbon emissions, presents a multifaceted challenge. This study delves into a detailed analysis of how varying levels of policy engagement influences corporate carbon emissions. Our results reveal that intensified policy engagement does not necessarily translate to a reduction in substantive carbon emissions but may instead heighten symbolic carbon emissions, a phenomenon more evident in smaller firms and carbon-sensitive firms. What’s more, we find that carbon awareness reflects a significant negative moderating effect on the relationship between corporate policy engagement and substantive carbon emissions. When firms aim to reduce emissions, the effective resources generated by these policy activities will inevitably tilt towards the reduction of substantive carbon emissions. Our research underscores that while strategic policy engagement can yield advantageous outcomes for firms, its effectiveness is heavily reliant on the specific environmental strategies and conditions of each firm.</p>