<p>The realization of environmental protection and carbon reduction cannot be achieved without applying clean technologies to carbon-intensive industries. However, increasingly stringent regulatory policies have caused carbon-intensive firms to suffer from the investment and financing dilemma in clean upgrading. Environmental, social, and governance (ESG) is recognized as an effective response of the capital market to the business rationale of sustainable development, which may help to alleviate the dilemma. Based on panel data of Chinese A-share listed companies in carbon-intensive industries from 2010 to 2022, this study empirically examines the effect of corporate ESG performance on maturity mismatch using the fixed-effects model. Results indicate that corporate ESG performance facilitates the alleviation of maturity mismatch and resolves the investment and financing challenges associated with the clean upgrading of carbon-intensive enterprises. Specifically, corporate ESG performance mitigates maturity mismatch by diminishing information asymmetry, improving internal control, and eliminating financing constraints. Heterogeneity study indicates that the mitigating effect is significant for non-state-owned firms, those in the growth and maturity phases, and enterprises located in Eastern China. The findings provide insights for developing transformation finance and financial product innovation to achieve cleaner production in carbon-intensive industries.</p>