China’s carbon prices up on Monday

Carbon emissions allowances ended at 48.5 yuan (6.69 U.S. dollars) per ton on Monday, marking a 0.52 per cent increase from Friday’s close at the Guangzhou Emissions Exchange, China’s largest local carbon market, as reported by Xinhua.

On Monday, a total of 40,199 ton of allowances were traded, amounting to a turnover of approximately 1.95 million yuan.

These allowances, known as Guangdong Emissions Allowances (GDEA), represent carbon dioxide emissions caps allocated to companies. Companies exceeding their emissions quotas must either purchase additional quotas from authorities or acquire unused quotas from less polluting entities on the market.

Since its inception in December 2013, the market has traded 226.18 million tonnes of GDEA, generating a total turnover of 6.502 billion yuan.