China’s carbon prices close high on Wednesday

Carbon emissions allowances on the Guangzhou Emissions Exchange, China’s largest local carbon market, closed at 43.45 yuan (about 6.09 U.S. dollars) per ton on Wednesday, marking a 7.79 per cent increase from Tuesday.

A total of 2,570 tons of allowances were transacted, resulting in a turnover of 111,665.23 yuan.

These allowances, known as Guangdong Emissions Allowances (GDEA), serve as carbon dioxide emissions caps for companies. Firms exceeding their emissions limits must purchase additional quotas from authorities or acquire unused quotas from less polluting entities in the market.

Since its inception in December 2013, the Guangzhou Emissions Exchange has traded 228.369 million tons of GDEA, totalling a turnover of 6.604 billion yuan.

Attribution: Xinhua