Guangdong carbon market closes higher

GUANGZHOU, Oct. 8 (Xinhua) — Carbon emissions allowances closed at 46.82 yuan (6.64 U.S. dollars) per tonne on Tuesday, 8.83 percent up from Monday at Guangzhou Emissions Exchange, the largest local carbon market in China.
A total of 111 tonnes of allowances were transacted on Tuesday with a turnover of 5,197.32 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 228.60 million tonnes of GDEA, with a total turnover of 6.61 billion yuan. ■