China’s carbon market falls on Monday

Carbon emissions allowances closed at 44.82 yuan (about US$6.24) per tonne on Monday at the Guangzhou Emissions Exchange, marking a 7.85 per cent decrease from Friday.

The exchange, China’s largest local carbon market, witnessed 1,551 tonnes of allowances traded, with a total turnover of 69,520.96 yuan.

Guangdong Emissions Allowances (GDEA) are caps on carbon dioxide emissions allocated to companies. Firms exceeding their limits must purchase additional quotas, either from authorities or on the market.

Since its inception in December 2013, the market has traded over 228.53 million tonnes of GDEA, generating more than 6.61 billion yuan in total turnover.

Attribution: Xinhua

Sub-Editing: Y.Yasser