BUSINESS Guangdong carbon market closes lower

BUSINESS

Guangdong carbon market closes lower

Xinhua

19:01, June 28, 2022

GUANGZHOU, June 28 (Xinhua) -- Carbon emissions allowances closed at 77.25 yuan (11.54 U.S. dollars) per tonne on Tuesday, 2.47 percent down from Monday, at Guangzhou Emissions Exchange, the largest local carbon market in China.

A total of 65,004 tonnes of allowances were transacted on Tuesday, with a turnover of 5.021 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 207.094 million tonnes of GDEA, with a total turnover of 5.078 billion yuan.


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