Guangdong carbon market closes lower

GUANGZHOU, July 22 (Xinhua) -- Carbon emissions allowances closed at 33 yuan (about 4.62 U.S. dollars) per tonne on Tuesday, 0.54 percent down from Monday at Guangzhou Emissions Exchange, the largest local carbon market in China.

A total of 31,245 tonnes of allowances were transacted on Tuesday with a turnover of 1,030,999.18 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 authorities or purchase unused quotas on the market from those that cause less pollution.

Since its opening in December 2013, the market has traded 231.434 million tonnes of GDEA, with a total turnover of 6.721 billion yuan. Enditem