Guangdong carbon market closes lower

GUANGZHOU, July 22 (Xinhua) -- Carbon emissions allowances closed at 47.99 yuan (about 6.6 U.S. dollars) per tonne on Monday, 7.68 percent down from Friday at Guangzhou Emissions Exchange, the largest local carbon market in China.

A total of 21,558 tonnes of allowances were transacted on Monday with a turnover of 1.05 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 227.39 million tonnes of GDEA, with a total turnover of 6.56 billion yuan.