China’s carbon prices rise on Monday

Carbon emissions allowances at the Guangzhou Emissions Exchange, China’s largest local carbon market, closed at 48.72 yuan (approximately 6.82 US dollars) per ton on Monday, marking a 4.08 per cent increase from Friday’s close.

A total of 108 tons of allowances were traded, generating a turnover of 5,261.89 yuan.

These allowances, known as Guangdong Emissions Allowances (GDEA), set carbon dioxide emissions caps for companies. Firms exceeding their emissions quota must either purchase additional allowances from authorities or buy unused quotas from companies with lower emissions.

Since the market’s launch in December 2013, nearly 228.56 million tons of GDEA have been traded, with a total turnover reaching 6.61 billion yuan.

Attribution: Xinhua

Subediting: M. S. Salama