Guangdong carbon market closes flat

GUANGZHOU, Aug. 25 (Xinhua) -- Carbon emissions allowances closed at 34.79 yuan (about 4.89 U.S. dollars) per tonne on Monday, keeping flat as Friday, at Guangzhou Emissions Exchange, the largest local carbon market in China.

A total of 30 tonnes of allowances were transacted on Monday with a turnover of 1,007.4 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 231.94 million tonnes of GDEA, with a total turnover of 6.74 billion yuan.