Background and objective: Global warming continues to increase along with increasing carbon emissions in the world. One industrial sector that is concerned about increasing carbon emissions is the paper companies because it uses wood as a raw material and uses quite a lot of energy. The greater the paper production capacity produced, the greater the carbon emissions. One important factor in developing and increasing production capacity is financing, which can come from equity, bank loans, bonds, and stock. Thus, financing sources directly contribute to carbon emissions which can be measured through finance emissions. This research examines the contribution of financing mechanisms to mitigate carbon emission risks. Methods: The method used is carbon accounting developed by PCAF using purposive sampling data from the paper companies traded on the Indonesian stock exchange. Results: This research result shows that financing schemes have a significant role in carbon emissions in the paper companies with an attribution factor value of 0.31 to 0.52 and a finance emissions value of 2,011,194 tCO2e to 6,844,866 tCO2e. Based on data from sample of the paper company, it shows the attribution factor value is above 0.31, if a sustainable financial policy is implemented for financing through shares, it can reduce carbon emissions by at least 31%. Conclusion: The paper companies not only have a significant role in Indonesia’s economy but also encourage an important role in mitigating carbon emissions. One of the important components in financing the pulp and paper companies is shares. One key indicator of the impact of stock ownership on emissions in the pulp and paper industry is the attribution factor, which can be as high as 0.52, as observed in Company B. The public as shareholders and can become controllers of the Company can imply an important role in managing emissions from pulp and paper sector in Indonesia. © 2025 by the Society for People, Plants, and Environment.