Guangdong carbon market closes lower

GUANGZHOU, June 23 (Xinhua) -- Carbon emissions allowances closed at 36.06 yuan (5.03 U.S. dollars) per tonne on Monday, 2.51 percent down from Friday at Guangzhou Emissions Exchange, the largest local carbon market in China.

A total of 196 tonnes of allowances were transacted on Monday with a turnover of 7,067.18 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 the authorities or purchase unused quotas on the market from those that cause less pollution.

Since its opening in December 2013, the market has traded 230.44 million tonnes of GDEA, with a total turnover of about 6.69 billion yuan. Enditem