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AbstractThis paper examines the impact of mandatory disclosure requirement on corporate environmental, social, and governance (ESG) performance, specifically within the framework of China's "Dual‐Carbon" targets. Utilizing data on ESG performance of nonfinancial companies listed in mainland China from 2013 to 2021 and the implementation of the "explanation for nondisclosure" requirement by the Hong Kong Exchanges and Clearing Limited (HKEX) in 2016 as a quasi‐experiment, this study employs a difference‐in‐difference approach for empirical analysis. The findings reveal that the implementation of "explanation for nondisclosure" requirement has resulted in an average increase of 0.57 points in the ESG performance scores of corporations. Mechanism analysis indicates that this requirement promotes ESG performance by curbing corporate managerial myopia and enhancing the quality of internal controls. Further analysis using a triple difference model (DDD) reveals that the impact of the "explanation for nondisclosure" requirement is more pronounced for companies in heavily polluting industries. These findings are significant for understanding the role of mandatory ESG disclosure policies in promoting corporate green transformation and sustainable development. The results not only empirically support the advancement toward China's "Dual‐Carbon" goals but also offer insights for global policymakers in similar regulatory environments. Additionally, this study underscores the pivotal role of regulatory frameworks in aligning corporate strategies with global sustainability objectives.