<![CDATA[High-carbon industries face growing climate transition pressures that may intensify corporate financial vulnerability, making environmental, social, and governance (ESG) performance increasingly relevant to financial resilience. This study examines the relationship between ESG performance and corporate financial distress, emphasizing differences across ESG dimensions, financing constraints, and carbon exposure. A comparative secondary-evidence approach synthesizes published empirical studies, international environmental statistics, and corporate disclosures, including ArcelorMittal’s reported emissions performance. The findings indicate that prior research associates stronger aggregate ESG performance with lower financial distress, while governance quality is particularly relevant to distress outcomes. Evidence from high-carbon enterprises links environmental practices to reduced financing constraints, suggesting that distinct ESG dimensions operate through different financial mechanisms. ArcelorMittal’s declining emissions intensity illustrates environmental progress alongside continuing absolute emissions and transition investment requirements. These observations do not establish a causal relationship or quantify firm-specific distress effects because an original firm-year regression was not conducted. The study concludes that ESG performance should be evaluated alongside carbon intensity, financial constraints, and conventional solvency indicators rather than treated as an independent guarantee of resilience. ]]>
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