KRUEN, Germany: Group of Seven leaders agreed on Monday to wean their economies off carbon fuels and supported a global goal for reducing greenhouse gas emissions, but they stopped short of agreeing their own immediate binding targets.
In a communique issued after their two-day summit in Bavaria, the G-7 leaders said they backed reducing global greenhouse gas emissions at the upper end of a range of 40 to 70 percent by 2050, using 2010 as a basis. The range was recommended by the IPCC, the UN’s’ climate-change panel.
They also backed a global target for limiting the rise in average global temperatures to two degrees Celsius (3.6 Fahrenheit) compared with pre-industrial levels.
“We commit to doing our part to achieve a low-carbon global economy in the long-term, including developing and deploying innovative technologies striving for a transformation of the energy sectors by 2050, and invite all countries to join us in this endeavor,” the communique read.
G-7 host Angela Merkel of Germany, once dubbed the “climate chancellor,” hoped to revitalize her green credentials by getting the G-7 nations to agree specific emissions goals ahead of a larger year-end UN climate meeting in Paris.
G-7 leaders agree to strive for low-carbon economy
G-7 leaders agree to strive for low-carbon economy
Closing Bell: Saudi main index closes in red at 10,414
RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower on Wednesday, shedding 38.85 points, or 0.37 percent, to finish at 10,414.06.
Total trading turnover on the benchmark index reached SR3.46 billion ($920 million), with 123 stocks advancing and 134 declining.
The Kingdom’s parallel market Nomu also shed 41.61 points, or 0.18 percent, to close at 23,428.67.
The MSCI Tadawul Index edged down 0.45 percent to 1,368.36.
Arabian Drilling Co. was the best-performing stock on the main market, with its share price rising 6.8 percent to SR102.90.
Naqi Water Co. gained 4.30 percent to SR58.25, while Saudi Ground Services Co. advanced 3.78 percent to SR38.42.
Tihama Advertising, Public Relations and Marketing Co. saw its share price fall 4.95 percent to SR16.31.
AlAhli REIT Fund 1 also declined 3.53 percent to SR6.29.
On the announcements front, United Mining Industries Co., listed on the parallel market, said it has begun commercial production of gypsum board at its plant in Yanbu.
In a Tadawul statement, the company said the financial impact of the project’s commercial production will be reflected in the first quarter of 2026.
United Mining Industries Co.’s share price was unchanged, closing at SR42.54.
Dkhoun National Trading Co. said its shareholders approved the board’s recommendation to distribute interim dividends on a semi-annual or quarterly basis for 2025.
According to a Tadawul statement, shareholders also approved transferring the balance of the company’s statutory reserve, valued at SR2.43 million, to retained earnings.
Dkhoun National Trading Co.’s shares saw no trades and closed at SR65.
