New Delhi, May 21 -- A new study by Rubix Data Sciences and Breathe ESG has found that carbon emissions are increasingly emerging as a key business, trade and credit-risk variable for Indian companies, extending beyond sustainability disclosures to directly influence costs, export competitiveness and financing decisions.

The report, titled Carbon as a Business Variable: Trade, Risk, and the Evolution of India's Carbon Market, comes as India prepares to operationalise its domestic carbon market in 2026 amid evolving climate-linked trade measures such as the European Union's Carbon Border Adjustment Mechanism (CBAM).

According to the study, carbon exposure is gradually beginning to shape cost structures, profitability, capital allocation,...