In the urgent context of global warming, this paper comprehensively examines the application and challenges of environmental, social, and governance (ESG) frameworks in achieving the global carbon neutrality vision. ESG, encompassing environmental, social, and governance factors, serves as a critical tool for evaluating the sustainable development performance of enterprises. ESG ratings provide essential data for research and strategic decision-making on ESG initiatives. Originating from socially responsible investment in the 1960s, the concept of ESG has evolved through four distinct stages: origin, development, establishment, and rapid development. This paper begins by outlining the concept of carbon neutrality, detailing its emergence, timeline, and current status. It then traces the evolution of ESG. Through an extensive review of literature and detailed case studies, this paper synthesizes existing research to offer actionable insights for stakeholders, reflecting on past practices, analyzing current applications, and forecasting future challenges and opportunities in the journey towards global carbon neutrality.