Guangdong carbon market closes lower
Xinhua
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GUANGZHOU, Jan. 9 (Xinhua) -- Carbon emissions allowances closed at 74.21 yuan (10.87 U.S. dollars) per tonne on Monday, 1.21 percent down from Friday, at Guangzhou Emissions Exchange, the largest local carbon market in China.

A total of 8,560 tonnes of allowances were transacted on Monday, with a turnover of 635,226.74 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 214.413 million tonnes of GDEA, with a total turnover of 5.648 billion yuan.