An increasing number of firms choose to voluntarily disclose carbon-related information and there is an increasing demand for such information by investors. In an attempt to advance our understanding of the carbon performance-disclosure relationship, I propose an alternative theoretical lens by drawing on prior work in uncertainty (Milliken, 1987) and the resource-based view of the firm (Toms, 2002; Hart, 1995; Miller & Shamsie, 1999). Using a cross-sectional field study approach, I find that the high level of state uncertainty and response uncertainty impacts the propensity to disclose, the content of those disclosures and how analysts interpret the voluntary carbon disclosures of the firm.