Guangzhou: Carbon emissions allowances closed at 37.66 yuan (5.25 U.S. dollars) per tonne on Wednesday, registering a 0.97 percent decrease from Tuesday's figures at the Guangzhou Emissions Exchange, the largest local carbon market in China.

According to Namibia Press Agency, a total of 806 tonnes of allowances were transacted on Wednesday, resulting in a turnover of 30,357.9 yuan. The allowances, officially referred to as Guangdong Emissions Allowances (GDEA), are carbon dioxide emissions caps assigned to companies. Firms that exceed their emissions share are required to buy additional quotas from authorities or purchase unused quotas on the market from less polluting companies.

Since its inception in December 2013, the market has facilitated the trading of 229.87 million tonnes of GDEA, with a cumulative turnover of 6.67 billion yuan.