It is a key step to steadily promote ecological progress，accelerate the construction of a zero-carbon industrial system，and vigorously promote high-quality economic development with green fiscal policies to hedge against environmental risks in the new stage of development. Based on the public risk theory，this paper clarifies the environmental risk，green fiscal policy and their logical relationship，and then combs the main contents of green fiscal policy in the “13th Five-Year” period in detail. The study found that green fiscal policies have significantly enhanced their support for mitigating environmental risks，and their role in promoting universal benefit and stabilizing expectations has been significantly enhanced. At the same time，the report found that there are some potential risks，namely，imperfect environmental risk-sharing mechanism，challenging performance evaluation of green finance policy，insufficient policy synergy，ineffectively integrated into the whole life cycle concept，insufficient support for realizing the value of ecological products as well as lacking of accurate guidance for green and low-carbon emerging industries. Therefore，this article suggests that government should perfect the environmental risk-sharing mechanism，prevent cross-sectoral and cross-regional environmental risks，establish the whole life cycle of the whole industry green low carbon incentive mechanism，and strengthen the greening of the micro subject behavior guidance in order to play a more active role in hedge against environmental risks with fiscal policies in the “14th Five-Year” period.