As the world enters a low carbon economy, companies must begin recognizing carbon emissions as a risk to doing business. This paper develops several regression models that test the effects of carbon emissions on company performance, whether or not carbon-intensive industries have been hurt, and the ability of the carbon to revenue ratio to capture a firm's risk exposure from carbon emissions. Carbon emissions data comes from the Carbon Disclosure Project and company performance data comes from Mergent Online. The paper concludes that carbon emissions are a liability to company performance, but carbon intensive industries have not been adversely affected. The carbon to revenue ratio does have a negative impact on company performance and may be used by companies as a measure of carbon efficiency.