Guangdong carbon market closes lower

GUANGZHOU - Carbon emissions allowances closed at 83.11 yuan ($11.69) per ton on Friday, 0.74 percent down from Thursday, at Guangzhou Emissions Exchange, the largest local carbon market in China.

A total of 1,981 tons of allowances were transacted on Friday, with a turnover of 164,659 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 216.97 million tons of GDEA, with a total turnover of 5.85 billion yuan.