China’s carbon prices decline on Wednesday

By Aya El Sayed On Jul 3, 2024

Photo taken on July 16, 2021 shows a screen displaying real-time information of national carbon emission trading in Wuhan, central China's Hubei Province. (Xinhua/Xiao Yijiu)

Carbon emissions allowances closed at 47.3 yuan ($6.5) per ton on Wednesday on the Guangzhou Emissions Exchange, China’s largest local carbon market, marking a 1.76 per cent decrease from Tuesday.

A total of 11,874 tons of allowances were traded on Wednesday, resulting in a turnover of 561,884.1 yuan.

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

Since its inception in December 2013, the market has facilitated the trade of nearly 226.7 million tons of GDEA, with a cumulative turnover of 6.5 billion yuan.

Attribution: Xinhua.