This article explicates the connotation of transition finance, compares the difference and connections with green finance, and clarifies the positive role of transition finance in China's pursuit of achieving the "dual carbon" goals and assisting the green and low carbon transformation of traditional high-emitting and high energy-consuming ("two-high") industries. The cement industry is a typical "two-high" traditional industry, supported by transition finance. The Directory of Economic Activities Supported by Transition Finance delineates the strategies and fundamental principles for curtailing carbon emissions in the cement production. In China, the inaugural batch of cement industry transition finance cases have been initiated with the utilization of bank loans. It is foreseeable that, in the forthcoming phase, a more extensive array of financial institutions and financial instruments will partake in this initiative. The cement enterprises should, with their own characteristics, proactively seek transition finance support to catalyze green and low-carbon development, thereby contributing to the realization of the "dual carbon" goals.