ESG investment has become increasingly important globally in the context of negative events. This article compares and analyzes the current status and regulatory policies of ESG investment development in Beijing and other cities. The results show that there is significant differentiation in the head effect of state-owned enterprises and high-value companies in Beijing’s ESG development level. The environmental dimension is developing rapidly compared to the social and governance dimensions，and there are objective gaps in ESG information disclosure and rating performance among different industries. In terms of policy regulation，Beijing’s ESG investment policy is highly integrated with the “two zones” construction，with a focus on the environmental dimension. In addition，due to the special positioning of the Beijing Stock Exchange in serving small and medium-sized enterprises，it lags behind the Shanghai Stock Exchange and the Shenzhen Stock Exchange in information disclosure requirements. It is recommended that Beijing should build a hierarchical，sequential，and substantive ESG investment regulatory framework，fully rely on the advantages of the “two zones” construction and strong technological foundation，and learn from the market-oriented guidance measures for ESG investment of overseas pension funds and other policy-oriented funds，and work together with industry associations，group organizations，and companies to promote the development of ESG investment in Beijing.