Guangdong carbon market closes higher

GUANGZHOU, Aug. 28 (Xinhua) -- Carbon emissions allowances closed at 36.54 yuan (about 5.14 U.S. dollars) per tonne on Thursday, 6.5 percent up from Wednesday at Guangzhou Emissions Exchange, the largest local carbon market in China.

A total of 250 tonnes of allowances were transacted on Thursday with a turnover of 9,135 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 231.94 million tonnes of GDEA, with a total turnover of 6.74 billion yuan.