Guangdong Carbon Market Closes Lower

Fahad Shabbir (@FahadShabbir) Published June 14, 2022 | 09:30 AM

GHANGZHOU, (UrduPoint / Pakistan Point News - 14th Jun, 2022 ) :-- Carbon emissions allowances closed at 79.47 Yuan (11.81 U.S. Dollars) per tonne on Monday, 0.63 percent down from Friday, at Guangzhou Emissions Exchange, the largest local carbon market in China.

A total of 9,010 tonnes of allowances were transacted on Monday, with a turnover of 716,465.45 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 206.71 million tonnes of GDEA, with a total turnover of nearly 5.05 billion yuan