["Corporate Social Responsibility and Environmental Management, EarlyView. ", "\nABSTRACT\nThis study examines the relationship between Environmental, Social, and Governance (ESG) performance and cost of debt among food security companies in ASEAN emerging markets, specifically addressing the Sustainable Development Goal 2 (Zero Hunger) financing gap. Using panel data from 107 firm‐year observations across 30 publicly listed food and beverage companies spanning 2020–2024, we employ MSCI ESG ratings with fixed‐effects panel regression models. The analysis reveals that companies with higher SDG 2 alignment scores demonstrate significantly lower cost of debt financing (110 basis points reduction per unit increase), while environmental pillar performance reduces borrowing costs by 60 basis points. Aggregate ESG scores demonstrate no significant relationship, consistent with ESG materiality theory. We develop a creditor‐centric theoretical framework explaining how SDG 2 alignment operates through regulatory compliance signaling, operational risk mitigation, and concessional finance access—mechanisms distinct from general ESG performance. Lagged‐variable robustness tests and formal endogeneity tests confirm these findings are not driven by reverse causality. These results advance sustainable finance theory and provide actionable guidance for policymakers designing SDG‐linked financing instruments.\n"]