Guangdong carbon market closes flat

GUANGZHOU - Carbon emissions allowances closed at 28 yuan ($4.03) per ton on Thursday, which kept flat compared with Wednesday, at the China Emissions Exchange (Guangzhou), the largest local carbon market in China.

A total of 10,301 tons of allowances were transacted on Thursday, with a turnover of 288,442 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 more than 156 million tons of GDEA, with a total turnover of 3.14 billion yuan.