GUANGZHOU, Dec. 22 (Xinhua) -- Carbon emissions allowances closed at 53.2 yuan (8.35 U.S. dollars) per tonne on Wednesday, down 6.14 percent from Tuesday at China Emissions Exchange (Guangzhou), the largest local carbon market in China.
A total of 13,395 tonnes of allowances were transacted on Wednesday, with a turnover of 712,636.31 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 198.37 million tonnes of GDEA, with a total turnover of 4.55 billion yuan. Enditem
