China’s carbon prices decline on Monday

Carbon emissions allowances closed at 48.90 yuan (approximately 6.87 US dollars) per ton on Monday at the Guangzhou Emissions Exchange, China’s largest local carbon market. This marked a decline of 0.83 per cent from Friday’s closing price.

During the trading session, a total of 7,933 ton of allowances were transacted, generating a turnover of 390,838.22 yuan.

The allowances, known as Guangdong Emissions Allowances (GDEA), are allocated to companies as caps on their carbon dioxide emissions. Companies exceeding their allocated quotas must either purchase additional allowances from authorities or buy unused quotas from entities with lower emissions.

Since its inception in December 2013, the Guangzhou market has facilitated the trading of approximately 226.47 million tonnes of GDEA, amounting to a total turnover of around 6.52 billion yuan.

The market’s performance reflects ongoing efforts in China to regulate and mitigate carbon emissions, with trading volumes indicating significant activity in managing environmental impacts among industrial players.

Attribution: Xinhua.