Guangzhou: Carbon emissions allowances closed at 32.54 yuan (4.58 U.S. dollars) per tonne on Tuesday, marking a 7.27 percent decrease from Monday's closure at the Guangzhou Emissions Exchange, which is the largest local carbon market in China.

According to Namibia Press Agency, a total of 679 tonnes of allowances were transacted on Tuesday, resulting in a turnover of 22,095.78 yuan. These allowances, officially known as Guangdong Emissions Allowances (GDEA), represent the carbon dioxide emissions caps assigned to companies. Firms that exceed their emission limits are required to either purchase additional quotas from authorities or acquire unused quotas on the market from less polluting entities.

Since its inception in December 2013, the Guangzhou Emissions Exchange has facilitated the trade of 232.149 million tonnes of GDEA, with a cumulative turnover reaching 6.748 billion yuan.