China’s carbon prices close high on Wednesday

Carbon emissions allowances on Guangzhou’s Emissions Exchange, China’s largest local carbon market, closed at 48.90 yuan (6.87 U.S. dollars) per ton on Wednesday, marking a 0.18 per cent increase from Tuesday.

On Wednesday, 5,002 ton of allowances were traded, amounting to a total turnover of 244,603.8 yuan.

These allowances, known as Guangdong Emissions Allowances (GDEA), represent carbon dioxide emission caps assigned to companies. Companies exceeding their emissions cap must either purchase additional quotas from authorities or buy surplus quotas on the market from companies with lower emissions.

Since its inception in December 2013, the market has traded a cumulative 226.31 million ton of GDEA, with a total turnover of approximately 6.51 billion yuan.