China’s carbon prices up on Tuesday’s trade

The Guangzhou Emissions Exchange, a leading carbon market in China, posted a 0.52 per cent increase in carbon emissions allowances, closing at 63.88 yuan (around $9) per ton this Tuesday, Xinhua reported.

The trading session concluded with 144 tons of allowances changing hands, resulting in a turnover of 9,204 yuan.

These carbon credits, termed Guangdong Emissions Allowances (GDEA), are essentially emission limits set for companies.

Entities exceeding their emission quotas are obliged to procure additional allowances, either from the government or by buying surplus credits from the market.

Since launching in December 2013, the Guangzhou Emissions Exchange has seen a total of 224.79 million tons of GDEA traded, amounting to a turnover of 6.42 billion yuan.