Guangdong carbon market closes lower

GUANGZHOU, Sept. 27– Carbon emissions allowances closed at 77.02 yuan per tonne on Tuesday, 1.10 percent down from Monday, at Guangzhou Emissions Exchange, the largest local carbon market in China. A total of 306 tonnes of allowances were transacted on Tuesday, with a turnover of 23,568.10 yuan. Since its opening in December 2013, the market has traded 211.43…

GUANGZHOU, Sept. 27 (Xinhua) — Carbon emissions allowances closed at 77.02 yuan (about 10.76 U.S. dollars) per tonne on Tuesday, 1.10 percent down from Monday, at Guangzhou Emissions Exchange, the largest local carbon market in China.

A total of 306 tonnes of allowances were transacted on Tuesday, with a turnover of 23,568.10 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 211.43 million tonnes of GDEA, with a total turnover of 5.42 billion yuan. Enditem