Guangzhou: Carbon emissions allowances closed at 37.61 yuan (about 5.23 U.S. dollars) per tonne on Tuesday, remaining unchanged from Monday, at the Guangzhou Emissions Exchange, the largest local carbon market in China. A total of 2 tonnes of allowances were transacted on Tuesday, resulting in a turnover of 82.74 yuan.

According to Namibia Press Agency, the allowances, officially known as Guangdong Emissions Allowances (GDEA), are carbon dioxide emissions caps assigned to companies. Firms that exceed their emissions share must purchase additional quotas from authorities or buy unused quotas on the market from companies that emit less pollution.

Since its launch in December 2013, the market has facilitated the trading of approximately 229.83 million tonnes of GDEA, generating a total turnover of over 6.66 billion yuan.