Guangdong carbon market closes lower

GUANGZHOU, April 25 (Xinhua) -- Carbon emissions allowances closed at 83.34 yuan (about 12.11 U.S. dollars) per tonne on Tuesday, 0.5 percent down from Monday, at Guangzhou Emissions Exchange, the largest local carbon market in China.

A total of 13,366 tonnes of allowances were transacted on Tuesday, with a turnover of 1.11 million 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 215.53 million tonnes of GDEA, with a total turnover of 5.74 billion yuan.