Guangdong carbon market closes flat

Xinhua
24 Nov 2022, 18:14 GMT+10

GUANGZHOU, Nov. 24 (Xinhua) -- Carbon emissions allowances closed at 74.17 yuan (about 10.42 U.S. dollars) per tonne on Thursday, keeping flat as Wednesday, at Guangzhou Emissions Exchange, the largest local carbon market in China.

A total of 103,267 tonnes of allowances were transacted on Thursday, with a turnover of 8.72 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 about 212.2 million tonnes of GDEA, with a total turnover of 5.48 billion yuan.

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