Guangdong Carbon Market Closes Higher

Sumaira FH Published July 28, 2022 | 03:50 PM

GUANGDONG, (UrduPoint / Pakistan Point News - 28th Jul, 2022 ) :Carbon emissions allowances closed at 77.80 Yuan (11.54 U.S. Dollars) per tonne on Thursday, 0.23 percent up from Wednesday, at Guangzhou Emissions Exchange, the largest local carbon market in China.

A total of 77,713 tonnes of allowances were transacted on Thursday, with a turnover of 5.83 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 208.171 million tonnes of GDEA, with a total turnover of 5.165 billion yuan.