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Qatar’s sovereign wealth fund plans to shift into greener assets in response to investor demand, 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.

Sustainability and climate change are a major theme at this year’s annual World Economic Forum, which has been held in the Swiss Alpine town of Davos since the 1970s. The event attracts the world’s most important lawmakers and wealthiest people and this year at least 119 billionaires are converging to join bankers, politicians and other grandees for the pilgrimage.

QIA oversees one of the world’s largest investment funds, according to the Sovereign Wealth Fund Institute. It focuses on opportunities outside Qatar in an attempt to diversify the country’s wealth beyond its vast natural-gas reserves. QIA’s investment decisions are often informed by motives beyond returns alone, such as building Qatari expertise in a particular industry or forging business ties to enhance the government’s geopolitical ambitions.

To contact the reporters on this story: Simone Foxman in Doha at sfoxman4@bloomberg.net;Francine Lacqua in Davos at flacqua@bloomberg.net

To contact the editors responsible for this story: Claudia Maedler at cmaedler@bloomberg.net, Patrick Henry

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