The discourse of the UN Sustainable Development Goals (SDGs) promises a brighter, more just, and equitable future by ‘leaving no one behind’ and identifies Education for Sustainable Development (ESD) as a tool for reaching this future. This paper presents a critical analysis of whether Education for Sustainable Development in its current form is fit for this purpose, based on its conceptualizations of equity. Through this paper, I argue that the way ESD is conceptualized today suffers from a ‘design flaw’ as it is embedded in the dominant theory of neo-liberalism. I showcase that neoliberalism promotes a narrow concept of equity that is (i) top-down in nature, (ii) a by-product of economic growth, and (iii) seen merely as distribution of resources. I assert that for ESD to truly deliver on ‘leaving no one behind’ it needs to be re-conceptualized through ideas and theories that broaden the concept of equity: reflexivity and ecojustice. I begin by elaborating on the evolution of ESD and sharing how the concept is conceptualized by key international organizations. I then situate ESD within the neoliberal paradigm before demonstrating how neoliberalism espouses equity. I problematize these conceptualizations of equity, contending that they are restricted in scope and inhibit ESD from being a ‘transformative’ education. Finally, I reconceptualize ESD using two intersectional frameworks that broaden the notion of equity: reflexivity and ecojustice.