Guangdong Carbon Market Closes Lower

Guangdong carbon market closes lower

GUANGZHOU, July 5 (UrduPoint / Pakistan Point News - 5th Jul, 2022 ) :Carbon emissions allowances closed at 79.51 Yuan (about 11.87 U.S. Dollars) per tonne on Monday, 0.62 percent down from Monday, at Guangzhou Emissions Exchange, the largest local carbon market in China.

A total of 9,651 tonnes of allowances were transacted on Tuesday, with a turnover of 767,374.58 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 207.42 million tonnes of GDEA, with a total turnover of 5.1 billion yuan.