Guangdong carbon market closes lower

GUANGZHOU, May 15 (Xinhua) -- Carbon emissions allowances closed at 37.72 yuan (5.51 U.S. dollars) per tonne on Friday, 5.37 percent down from last transaction day at Guangzhou Emissions Exchange.

A total of 722 tonnes of allowances were transacted on Friday with a turnover of 27,233.98 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 233.56 million tonnes of GDEA, with a total turnover of 6.8 billion yuan. Enditem