New Delhi, May 19 -- Carbon is rapidly moving beyond sustainability disclosures to become a measurable business cost, export competitiveness factor, and emerging credit-risk variable for Indian companies, according to a new report released by Rubix Data Sciences and Breathe ESG.

The report, titled 'Carbon as a Business Variable: Trade, Risk, and the Evolution of India's Carbon Market', was released on Tuesday, as India prepared to operationalise its domestic carbon market in 2026. The findings come amid rising global climate-linked trade regulations, including the European Union's Carbon Border Adjustment Mechanism (CBAM), which is already increasing pressure on export-oriented sectors such as steel and aluminium.

Rubix said carbon expo...