Guangdong carbon market closes lower

GUANGZHOU, May 13– Carbon emissions allowances closed at 79.71 yuan per tonne on Friday, 0.23 percent down from Thursday, at Guangzhou Emissions Exchange, the largest local carbon market in China. A total of 59,400 tonnes of allowances were transacted on Friday, with a turnover of about 4.8 million yuan. Since its opening in December 2013, the market has traded over…

GUANGZHOU, May 13 (Xinhua) — Carbon emissions allowances closed at 79.71 yuan (11.75 U.S. dollars) per tonne on Friday, 0.23 percent down from Thursday, at Guangzhou Emissions Exchange, the largest local carbon market in China.

A total of 59,400 tonnes of allowances were transacted on Friday, with a turnover of about 4.8 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 over 204 million tonnes of GDEA, with a total turnover of about 4.87 billion yuan. Enditem