["Corporate Social Responsibility and Environmental Management, Volume 33, Issue 4, Page 5072-5095, July 2026. ", "\nABSTRACT\nEnvironmental, social, and governance (ESG) factors have become increasingly important in corporate supply chain management practices. This study constructs a dataset representing the supply chain relationship network among publicly listed firms to examine the co‐movement effect of ESG performance. Empirical analysis demonstrates that customers' ESG performance significantly improves suppliers' ESG performance. This is driven by the governance of ESG collaborative networks, where common directors act as the primary driver and common ownership serves a supporting role. It also occurs through collaborative channel governance mechanisms, specifically the stability of customer–supplier relationships and geographic proximity. This vertical co‐movement is further reinforced by customers' horizontal peer effects derived from industrial isomorphism and regional proximity, creating a multi‐dimensional diffusion framework. Additionally, a “structural paradox” is identified: high network centrality in a supplier suppresses ESG co‐movement. This is driven by a “strategic substitution” logic, whereby suppliers with significant network power reinforce bilateral ties and rely on private channels instead of multilateral network collaboration. Ultimately, collaborative governance leads to a downstream‐to‐upstream carbon reduction effect. A heterogeneity analysis shows that this effect varies by industry and region, offering theoretical insights and policy implications for achieving ESG co‐movement and carbon‐neutrality goals through networked supply chain management.\n"]