Environmental, Social, and Governance (ESG) factors are growing highly prominent in an evolving corporate world, exhibiting an increasing consciousness towards responsible business conduct and sustainability. ESG criteria has evolved as an essential investment factor of consideration among investors and global leaders in their investment decision. On that account, this article intends to broadly evaluate the evolution of ESG as a new sustainability benchmark along with cross-country comparison of ESG disclosure practices and how it is different from corporate social responsibility. With reference to the evolving regulatory frameworks of sustainability, the research seeks to analyse the opportunities and challenges of incorporating ESG disclosure practices by companies and its impact on various stakeholders and the society.