Guangdong carbon market closes higher

GUANGZHOU, March 31– Carbon emissions allowances closed at 84.77 yuan per tonne on Friday, 0.02 percent up from Thursday, at Guangzhou Emissions Exchange, the largest local carbon market in China. A total of 5,343 tonnes of allowances were transacted on Friday, with a turnover of 452,957.37 yuan. Since its opening in December 2013, the market has traded 215 million…

GUANGZHOU, March 31 (Xinhua) — Carbon emissions allowances closed at 84.77 yuan (12.34 U.S. dollars) per tonne on Friday, 0.02 percent up from Thursday, at Guangzhou Emissions Exchange, the largest local carbon market in China.

A total of 5,343 tonnes of allowances were transacted on Friday, with a turnover of 452,957.37 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 215 million tonnes of GDEA, with a total turnover of 5.71 billion yuan. Enditem