QIA CEO Says Sovereign Wealth Fund Won’t Invest More in Coal - Bloomberg

QIA CEO Says Sovereign Wealth Fund Won’t Invest More in Coal - Bloomberg:

Qatar’s sovereign wealth fund plans to shift into greener assets, according to Chief Executive Officer Mansoor bin Ebrahim Al Mahmoud.

“We’re not going to invest more in the coal business,” he said Wednesday in a Bloomberg TV interview in Davos, Switzerland. The $328 billion Qatar Investment Authority also doesn’t plan to significantly expand its holdings in oil and gas.

“We have some investment in oil and gas companies; this is a fact, and this is a sector that you cannot ignore,” Mansoor Al Mahmoud said. Still, given that Qatar relies heavily on income from natural gas, the fund needs to diversify beyond the energy sector, he said.

“So I don’t see that this part of the portfolio will expand that much,” he said.