Guangdong Carbon Market Closes Higher

Umer Jamshaid Published July 29, 2022 | 04:30 PM

GUANGZHOU, (UrduPoint / Pakistan Point News - 29th Jul, 2022 ) :Carbon emissions allowances closed at 79.55 Yuan (about 11.81 U.S. Dollars) per tonne on Friday, 2.25 percent up from Thursday, at Guangzhou Emissions Exchange, the largest local carbon market in China.

A total of 181,730 tonnes of allowances were transacted on Friday, with a turnover of 13.787 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 208.353 million tonnes of GDEA, with a total turnover of more than 5.179 billion yuan.