China’s carbon market dips on Monday

Carbon emissions allowances closed at 48.5 yuan (approximately 6.67 U.S. dollars) per ton on Monday at the Guangzhou Emissions Exchange, representing a 2.34 per cent decrease from Friday’s close.

A total of 590 tons of Guangdong Emissions Allowances (GDEA) were traded, with a turnover of 28,612.15 yuan. GDEA, which are carbon dioxide emissions caps allocated to companies, require firms exceeding their emissions quotas to purchase additional allowances from the market or authorities.

Since its inception in December 2013, the Guangzhou Emissions Exchange, China’s largest local carbon market, has facilitated the trade of 226.671 million tons of GDEA, totaling 6.526 billion yuan in transactions.

Attribution: Xinhua.