Guangdong carbon market closes lower

Carbon emissions allowances closed at 27.88 yuan (about 4 U.S. dollars) per tonne on Tuesday, 0.46 percent down from Monday, at the China Emissions Exchange (Guangzhou), the largest local carbon market in China.

A total of 134,298 tonnes of allowances were transacted on Tuesday, with a turnover of 3,744,197.61 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 139.15 million tonnes of GDEA, with a total turnover of 2.72 billion yuan. Enditem