China’s carbon prices up on Tuesday

Carbon emissions allowances closed at 48.92 yuan ($6.87) per ton on Tuesday at the Guangzhou Emissions Exchange, China’s largest local carbon market, marking a slight increase of 0.04 per cent from Monday. The day’s trading saw 8,051 tonnes of allowances transacted, amounting to a turnover of 393,843.64 yuan.

These allowances, known as Guangdong Emissions Allowances (GDEA), are emissions caps allocated to companies, requiring those that exceed their limits to purchase additional quotas either from authorities or from less polluting companies on the market.

Since its launch in December 2013, the Guangzhou Emissions Exchange has traded approximately 226.48 million tons of GDEA, with a cumulative turnover nearing 6.52 billion yuan.

Attribution: Xinhua.