China’s emissions allowances closes high on Thursday

Carbon emissions allowances closed at 50.05 yuan per ton on Thursday, equivalent to approximately 7 US dollars, marking a 2.35 per cent increase from Wednesday’s figures at the Guangzhou Emissions Exchange, China’s largest local carbon market.

A total of 222 ton of these allowances were traded, amounting to a turnover of 11,110 yuan.

These allowances, officially known as Guangdong Emissions Allowances (GDEA), represent carbon dioxide emissions caps allocated to companies.

Companies that exceed their emission limits must either purchase additional quotas from the authorities or buy unused quotas on the market from less polluting firms.

Since its inception in December 2013, the Guangzhou Emissions Exchange has seen 226.3 million ton of GDEA traded, with the total turnover reaching 6.5 billion yuan.

Attribution: Xinhua.