Abstract: This paper uses the data of A-share listed companies in China from 2009 to 2022, measures environmental regulation based on the dual approaches of carbon trading policy shock and environmental regulation intensity, and employs the difference-in-differences and panel regression models to explore the impact of environmental regulation on corporate ESG greenwashing. The research finds that environmental regulation can significantly curb corporate ESG greenwashing. Further mechanism analysis reveals that environmental regulation exerts an inhibitory effect on greenwashing by promoting enterprises to enhance their ESG performance. The moderating effect analysis indicates that executive equity incentive compensation positively moderates the inhibitory effect of environmental regulation on corporate ESG greenwashing, while executive monetary compensation has no significant moderating effect. Heterogeneity analysis shows that environmental regulation has a significant inhibitory effect on ESG greenwashing in state-owned enterprises, enterprises audited by non-big-four accounting firms, and enterprises with low agency costs.