December 19, 2013 / 2:20 AM / 4 years ago

China's Guangdong carbon market debut matches expectations

GUANGZHOU, Dec 19 (Reuters) - The debut trade on Guangdong's carbon permit exchange in China went through at 61 yuan ($10.04) on Thursday, in line with market expectations.

Cement firm Hailuo bought 20,000 carbon permits from state-owned power producer Huadian at a price that was slightly below Shenzhen's market, but significantly higher than in Europe, the world's biggest carbon trading scheme.

The deal went through on a live trading screen during the opening ceremony of the province's secondary trading market at the China Emissions Exchange in Guangzhou.

The first trade was followed by a raft of other deals for a total of 120,000 permits in the first 20 minutes of the market, all at 60 yuan each.

The price level matched expectations, following a government auction of 3 million permits sold at 60 yuan, the official price floor, on Dec. 16.

Guangdong's carbon market will be the world's second largest in terms of tonnes of carbon dioxide covered, and one of seven regional trading schemes planned by China to slow its rapid growth of heat-trapping emissions. (Reporting by Kathy Chen; Writing by Stian Reklev; Editing by Joseph Radford)

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