Guangdong carbon market closes higher

GUANGZHOU, May 18– Carbon emissions allowances closed at 86.24 yuan per tonne on Thursday, up 0.19 percent from Wednesday, at Guangzhou Emissions Exchange, the largest local carbon market in China. A total of 4,410 tonnes of allowances were transacted on Thursday, with a turnover of 380,328.52 yuan. Since its opening in December 2013, the market has traded nearly…

GUANGZHOU, May 18 (Xinhua) — Carbon emissions allowances closed at 86.24 yuan (about 12.33 U.S. dollars) per tonne on Thursday, up 0.19 percent from Wednesday, at Guangzhou Emissions Exchange, the largest local carbon market in China.

A total of 4,410 tonnes of allowances were transacted on Thursday, with a turnover of 380,328.52 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 nearly 215.87 million tonnes of GDEA, with a total turnover of 5.76 billion yuan. Enditem