GUANGZHOU, April 3 (Xinhua) -- China's largest carbon emission regional market in the southern province of Guangdong has transacted over 100 million tonnes of allowances since it opened in late 2013.
The China Emissions Exchange (Guangzhou) said as of Tuesday, it has recorded trading of 106 million tonnes of carbon emission allowances worth 2.07 billion yuan (308 million U.S. dollars).
The number of allowances traded at the market and their value account for 35.3 percent and 31.6 percent of the national total, respectively, according to the exchange.
"It shows that companies in Guangdong have a much greater awareness of carbon emission control, and the market approach has proved effective in curbing emissions," said Xiao Sirui, a chief inspector with the exchange.
Since the launch of carbon trading, many companies in the province have slashed their carbon emissions, Xiao said.
The carbon market in Guangdong covers all companies whose annual carbon dioxide emissions surpass 20,000 tonnes from the province, except those in Shenzhen, which has a separate market. So far, more than 240 enterprises in sectors of power generation, steel, cement, petrochemicals, papermaking and aviation have been included.
The system allows firms whose emissions surpass their quotas to buy allowances from the authorities or those that emit less, with the goal to encourage all companies to reduce emissions.
A single purchase
