Windhoek: Carbon emissions allowances closed at 34.29 yuan (4.81 U.S. dollars) per tonne on Wednesday, marking a 6.79 percent increase from the last transaction day at the Guangzhou Emissions Exchange, the largest local carbon market in China.

According to Namibia Press Agency, a total of 158 tonnes of allowances were transacted on Tuesday, amounting to a turnover of 5,417.66 yuan. These allowances, officially recognized as Guangdong Emissions Allowances (GDEA), are carbon dioxide emissions caps allocated to companies. Businesses that exceed their emissions share are required to either purchase additional quotas from authorities or acquire unused quotas from companies with lower emissions.

Since its inception in December 2013, the market has facilitated the trading of 232.37 million tonnes of GDEA, accumulating a total turnover of 6.76 billion yuan.