Guangdong carbon market closes unchanged

Carbon emissions allowances closed at 77.11 yuan (10.83 U.S. dollars) per tonne on Friday, unchanged from Thursday, at Guangzhou Emissions Exchange, the largest local carbon market in China.

A total of 500 tonnes of allowances were transacted on Friday, with a turnover of 38,556.73 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 211.43 million tonnes of GDEA, with a total turnover of 5.42 billion yuan.