Guangdong carbon market closes lower

GUANGZHOU, Nov. 21 (Xinhua) -- Carbon emissions allowances closed at 34.64 yuan (4.89 U.S. dollars) per tonne on Friday, 2.4 percent down from last transaction day at Guangzhou Emissions Exchange, the largest local carbon market in China.

A total of 8,801 tonnes of allowances were transacted on Friday with a turnover of 304,842.39 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 232.62 million tonnes of GDEA, with a total turnover of 6.76 billion yuan. Enditem