Guangdong carbon market closes flat

GUANGZHOU, May 9 (Xinhua) -- Carbon emissions allowances closed at 38 yuan (about 5.27 U.S. dollars) per tonne on Friday, remaining flat as Thursday at Guangzhou Emissions Exchange, the largest local carbon market in China.

A total of 8 tonnes of allowances were transacted on Friday with a turnover of 333.28 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 230.2 million tonnes of GDEA, with a total turnover of nearly 6.68 billion yuan. Enditem