Guangdong carbon market closes flat

GUANGZHOU - Carbon emissions allowances closed at 37.61 yuan ($5.23) per ton on Tuesday, kept flat as Monday, at Guangzhou Emissions Exchange, the largest local carbon market in China.

A total of 2 tons of allowances were transacted on Tuesday with a turnover of 82.74 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 about 229.83 million tons of GDEA, with a total turnover of over 6.66 billion yuan.