Guangdong Carbon Market Closes Lower

Carbon emissions allowances closed at 41.22 yuan (about 6.37 U.S. dollars) per tonne on Thursday, 0.89 percent down from Wednesday, at China Emissions Exchange (Guangzhou), the largest local carbon market in China

GUANGZHOU, (APP - UrduPoint / Pakistan Point News - 24th Jun, 2021 ) :Carbon emissions allowances closed at 41.22 Yuan (about 6.37 U.S. Dollars) per tonne on Thursday, 0.89 percent down from Wednesday, at China Emissions Exchange (Guangzhou), the largest local carbon market in China.

A total of 91,571 tonnes of allowances were transacted on Thursday, with a turnover of 3.72 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 187.96 million tonnes of GDEA, with a total turnover of 4.11 billion yuan.