Guangdong carbon market closes higher

GUANGZHOU, May 18– Carbon emissions allowances closed at 79.06 yuan per tonne on Wednesday, 1.19 percent up from Tuesday, at Guangzhou Emissions Exchange, the largest local carbon market in China. A total of 193,503 tonnes of allowances were transacted on Wednesday, with a turnover of 15.234 million yuan. Since its opening in December 2013, the market has traded…

GUANGZHOU, May 18 (Xinhua) — Carbon emissions allowances closed at 79.06 yuan (11.71 U.S. dollars) per tonne on Wednesday, 1.19 percent up from Tuesday, at Guangzhou Emissions Exchange, the largest local carbon market in China.

A total of 193,503 tonnes of allowances were transacted on Wednesday, with a turnover of 15.234 million yuan.

The allowances, officially known as Guangdong Emissions Allowances (GDEA), are carbon dioxide emissions caps assigned to companies. Firms whose emissions surpass their share must buy extra quotas from authorities or purchase unused quotas on the market from those that cause less pollution.

Since its opening in December 2013, the market has traded 204.432 million tonnes of GDEA, with a total turnover of 4.897 billion yuan. Enditem