Guangzhou: Carbon emissions allowances in Guangdong closed at 37.04 yuan (5.14 U.S. dollars) per tonne on Thursday, marking a 0.03 percent increase from Wednesday at the Guangzhou Emissions Exchange, the largest local carbon market in China.

According to Namibia Press Agency, a total of 12,024 tonnes of allowances were transacted on Thursday, resulting in a turnover of 445,339.33 yuan. These allowances, known as Guangdong Emissions Allowances (GDEA), act as carbon dioxide emissions caps assigned to companies. Companies exceeding their emissions share are required to purchase additional quotas from the authorities or acquire unused quotas on the market from companies with lower emissions.

The Guangdong carbon market, which began operations in December 2013, has so far traded over 230.22 million tonnes of GDEA, with an accumulated turnover of approximately 6.68 billion yuan.