Guangdong carbon market closes lower

GUANGZHOU, July 2 (Xinhua) -- Carbon emissions allowances closed at 48.17 yuan (6.76 U.S. dollars) per tonne on Tuesday, down 0.68 percent from Monday at Guangzhou Emissions Exchange, the largest local carbon market in China.

A total of 4,061 tonnes of allowances were transacted on Tuesday with a turnover of 195,609.50 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 226.675 million tonnes of GDEA, with a total turnover of 6.527 billion yuan.