Guangdong carbon market closes lower

Xinhua
26 May 2023, 23:55 GMT+10

GUANGZHOU, May 26 (Xinhua) -- Carbon emissions allowances closed at 85.99 yuan (12.18 U.S. dollars) per tonne on Friday, 1.12 percent down from Thursday, at Guangzhou Emissions Exchange, the largest local carbon market in China.

A total of 112,874 tonnes of allowances were transacted on Friday, with a turnover of 9.11 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 216.12 million tonnes of GDEA, with a total turnover of 5.78 billion yuan.

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