Guangdong carbon market closes higher

Guangdong carbon market closes higher

GUANGZHOU (APP): Carbon emissions allowances closed at 55.92 yuan per tonne on Wednesday, 2.53% up from Tuesday, at China Emissions Exchange (Guangzhou), the largest local carbon market in China.

A total of 90,406 tonnes of allowances were transacted on Wednesday, with a turnover of 5.06 million yuan. The allowances, officially known as 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 199.81 million tonnes of GDEA, with a total turnover of 4.62 billion yuan.

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