Guangdong carbon market closes higher

GUANGZHOU – Carbon emissions allowances closed at 84.52 yuan (11.89 U.S. dollars) per tonne on Wednesday, 0.37 percent up from Tuesday, at Guangzhou Emissions Exchange, the largest local carbon market in China.

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.

Source: European Chamber of Commerce