The CEO of Qatar’s sovereign wealth fund, the Qatar Investment Authority (QIA), has acknowledged the need to invest in sectors aimed at combatting climate change. In an interview with Bloomberg TV at the World Economic Forum in Davos Mansoor bin Ebrahim Al Mahmoud said that “we have a problem” when it comes to climate change. As a result, the QIA will no longer be investing in coal, and even when it comes to oil and gas while “you can’t ignore this sector,” he “can’t see us expanding in this.”

QIA is heavily invested in fossil fuels, but Mr Mahmoud says that it is working to clean up its act in existing investments. He cites a power distribution project in Mumbai, India, which currently receives 3% of power from renewable sources and 30% from coal. By 2023 he says the share of renewables will have risen to 30%, before hitting 50% in 2025. (CONTINUED - 149 WORDS)