Sir Paul Marshall, co-owner of GB News, has faced accusations of 'cashing in on climate chaos' after his hedge fund, Marshall Wace Asset Management, nearly tripled its declared fossil fuel investments to $2.8bn (£2.1bn) in the first quarter of 2026, according to an analysis by the Guardian and DeSmog.
Marshall Wace's Fossil Fuel Holdings Surge
The biggest increase was in oil company Chevron, where Marshall Wace tripled its shareholding, boosting its value from $196m at the end of December to $864m at the end of March. The fund also acquired new stakes in ConocoPhillips ($163m), Shell ($72m), and Devon Energy ($35m), where it previously held no positions. In contrast, Marshall Wace's investments in renewable energy and battery companies fell by 30% over the quarter to $415m.
A spokesperson for Marshall Wace declined to provide alternative figures, calling the analysis 'partial and inaccurate', but did not offer specific corrections.
Criticism from Campaigners and Politicians
Mothin Ali, co-deputy leader of the Green Party, said: 'By boosting investments in fossil fuels, Paul Marshall is cashing in on climate chaos. GB News is little more than a propaganda channel – a platform where climate denial is routinely amplified.'
Richard Wilson, director of Stop Funding Heat, added: 'As Brits swelter in record heat, Paul Marshall's employees at GB News have spent months cheerleading for more drilling, dismissing climate action as a scam, and urging tax cuts for oil and gas. Now we learn Marshall has been increasing his [hedge fund's] fossil fuel investments throughout. This isn't journalism. It's a channel working in its owner's financial interests.'
Marshall's Climate Stance and GB News Editorial Independence
Marshall has previously described net zero as 'an ideology of fear and destruction' and questioned human-caused global heating, despite scientific consensus. A GB News spokesperson defended the channel: 'We don't expect the Guardian to understand independent fearless journalism – but ours is just that. We make independent editorial decisions in accordance with our editorial charter.'
A Marshall Wace spokesperson said Paul Marshall is not involved in GB News editorial policy, and the fund's investments are managed by multiple managers. They added that public filings give a 'completely misleading picture' of overall net exposures.
Broader Context and Clean Energy Investment
Globally, investment in clean energy is rising rapidly, with twice as much money now going into green energy compared to fossil fuels, according to the International Energy Agency. However, Marshall Wace's green energy holdings are concentrated in just two firms, GE Vernova and NextEra Energy, both of which still have some fossil gas operations.
GB News has broadcast hundreds of attacks on climate science, and Ofcom is investigating whether the channel breached impartiality rules over an interview with Donald Trump where his climate change claims went unchallenged.
