Guangdong carbon market closes higher

GUANGZHOU, May 23 (Xinhua) -- Carbon emissions allowances closed at 37.28 yuan (about 5.18 U.S. dollars) per tonne on Friday, 0.65 percent up from Thursday at Guangzhou Emissions Exchange, the largest local carbon market in China.

A total of 1,255 tonnes of allowances were transacted on Friday with a turnover of 46,783.25 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 230.226 million tonnes of GDEA, with a total turnover of 6.679 billion yuan. Enditem