Guangdong carbon market closes flat

GUANGZHOU, Nov. 14 (Xinhua) — Carbon emissions allowances closed at 40.67 yuan (5.65 U.S. dollars) per tonne on Thursday, kept flat as Wednesday, at Guangzhou Emissions Exchange, the largest local carbon market in China.
A total of 13 tonnes of allowances were transacted on Thursday with a turnover of 546 yuan.
The allowances, officially known as Guangdong Emissions Allowances (GDEA), are carbon dioxide emissions caps assigned to companies. Firms whose emissions surpass their share must buy extra quotas from authorities or purchase unused quotas on the market from those that cause less pollution.
Since its opening in December 2013, the market has traded 228.707 million tonnes of GDEA, with a total turnover of 6.618 billion yuan. ■