This study examines the relationship between carbon emissions and the financial performance of companies listed in Brazil's Carbon Efficient Index (ICO2). Employing econometric techniques on 2021 data from 73 companies, we find a positive correlation between CO2 emissions and financial metrics like Earnings per Share (EPS), Return on Equity (ROE), and Return on Assets (ROA). We employed descriptive statistical methods for this study using ordinary least squares (OLS) and generalized least squares (GLS) estimation models. The econometric analysis software Gretl was used for linear regression analysis. The study found that, on average, companies with higher CO2 emissions had better financial performance regarding EPS and ROE. However, the relationship between carbon emissions and financial performance is complicated, and the results should be interpreted cautiously, considering the study's limitations. However, our findings challenge the notion of a simple positive association. We highlight the need for sectoral analysis, as different industries may exhibit varying relationships between emissions and financial health. Additionally, company location plays a role, with regulations and economic contexts influencing this connection. We acknowledge limitations, including using single-year data and potential industry-specific discrepancies. Future research should explore a broader dataset, analyze companies within their specific contexts, and consider the influence of macroeconomic factors and regulations. This study contributes to the ongoing debate on carbon emissions and financial performance. We emphasize the importance of a nuanced approach, acknowledging the potential for a "carbon-performance paradox" in specific sectors and highlighting the role of market forces in driving a low-carbon transition.