Carbon allowance prices dip on China's largest local market
Date
5/21/2024 8:19:27 AM
(MENAFN) On Monday, the Guangzhou Emissions Exchange, recognized as China's largest local carbon market, saw carbon emission allowances close at 52.14 yuan per tonne, marking a 3.19 percent decrease from the previous Friday's closing price. The decline reflected the dynamics of trading within this vital marketplace. During Monday's session, a total of 49,579 tonnes of allowances were transacted, generating a turnover of 2.58 million yuan. This robust activity underscores the importance of the exchange in facilitating the trading of carbon emission allowances.
The allowances, known as Guangdong Emissions Allowances (GDEA), serve as crucial mechanisms for regulating carbon dioxide emissions among companies. Those exceeding their allocated emission caps must navigate the market to secure additional quotas, either through purchasing from authorities or acquiring unused quotas from other entities. This system incentivizes emissions reduction and promotes environmental sustainability practices among businesses.
Since its inception in December 2013, the Guangzhou Emissions Exchange has played a pivotal role in managing carbon emissions in the region. To date, it has facilitated the trading of 225.92 million tonnes of GDEA, with a cumulative turnover reaching 6.49 billion yuan. This underscores the exchange's significance as a key platform for promoting environmental responsibility and fostering sustainable development in China's carbon market landscape.
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