From the Super Mario Wiki
The Green Balloon is an item in the Donkey Kong Country series. It is identical to a Red Balloon, except, as its name indicates, it is colored green. In the first three Donkey Kong Country games, it serves as a type of Extra Life Balloon and grants two extra lives.
It is retooled with a different purpose in Donkey Kong Country Returns 3D and Donkey Kong Country: Tropical Freeze, where it can be obtained at Cranky Kong's Shop for three Banana Coins or at Funky's Fly 'n' Buy for seven Banana Coins, respectively. If Donkey Kong (or Funky Kong in the Nintendo Switch version of Donkey Kong Country: Tropical Freeze) equips a Green Balloon, it brings him back to the stage after falling into a bottomless pit. However, Green Balloons cannot be used in stages which require Donkey Kong and Diddy Kong to keep moving, or when falling into pits is impossible (such as when riding a Mine Cart or a Rocket Barrel). Green Balloons cannot be used during multiplayer.
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