Guangzhou: Carbon emissions allowances closed at 31.12 yuan (4.36 U.S. dollars) per tonne on Monday, marking a 9.03 percent decline from Friday at the Guangzhou Emissions Exchange, the largest local carbon market in China. A total of 1,337 tonnes of allowances were transacted, resulting in a turnover of 41,590.95 yuan.

According to Namibia Press Agency, the allowances, officially termed Guangdong Emissions Allowances (GDEA), represent carbon dioxide emissions caps allocated to companies. Companies exceeding their allocated emissions must either purchase additional quotas from authorities or acquire unused quotas on the market from less polluting entities.

Since its inception in December 2013, the market has facilitated the trading of 231.94 million tonnes of GDEA, achieving a cumulative turnover of 6.74 billion yuan.