Guangdong Carbon Market Closes Lower

Muhammad Irfan Published September 02, 2022 | 04:00 PM

GUANGZHOU, Sept. 2 (UrduPoint / Pakistan Point News - 2nd Sep, 2022 ) :Carbon emissions allowances closed at 78.05 Yuan (about 11.3 U.S. Dollars) per tonne on Friday, down 0.29 percent from Thursday, at Guangzhou Emissions Exchange, the largest local carbon market in China.

A total of 75,744 tonnes of allowances were transacted on Friday, with a turnover of 5.91 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 210.66 million tonnes of GDEA, with a total turnover of 5.36 billion yuan.