Sir Paul Marshall's hedge fund, Marshall Wace, nearly tripled its investments in fossil fuel companies to $2.8bn (£2.1bn) in the first quarter of 2026, according to an analysis by the Guardian and DeSmog. Critics accused the GB News co-owner of “cashing in on climate chaos,” arguing that the channel’s attacks on climate science align with his financial interests.
Marshall Wace's fossil fuel holdings surge
Marshall, chair and chief investment officer of Marshall Wace Asset Management, saw the biggest increase in Chevron, where the fund tripled its shareholding from $196m in December to $864m by the end of March. New stakes included $163m in ConocoPhillips, $72m in Shell, and $35m in Devon Energy. Meanwhile, investments in renewable energy and battery companies fell by 30% to $415m over the same period.
A Marshall Wace spokesperson called the analysis “partial and inaccurate” but declined to provide alternative figures. The fund manages about $90bn in assets and has thousands of exposures globally that change daily, they said, adding that public filings give a misleading picture as they exclude short positions.
Climate science versus Marshall's statements
Marshall has previously described net zero as “an ideology of fear and destruction” and claimed the extent of human-caused global heating is “still subject to debate.” Climate scientists, however, have been clear for over a decade that about 100% of global heating since 1950 is caused by human emissions. Prof Sir Brian Hoskins recently stated: “Net zero is not an arbitrary slogan, rather it is dictated by the laws of physics.”
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.”
GB News under fire
GB News broadcast 953 attacks on climate science and climate action around the 2024 general election, according to a report. Ofcom is investigating whether the channel breached impartiality rules in a Trump interview where his climate “hoax” claims went unchallenged. Richard Wilson, director of Stop Funding Heat, said: “As Brits swelter in record heat, Paul Marshall’s employees at GB News have spent months cheerleading for more drilling… This isn’t journalism. It’s a channel working in its owner’s financial interests.”
A GB News spokesperson defended the channel: “We don’t expect the Guardian to understand independent fearless journalism – but ours is just that.”
Wider implications and church criticism
Marshall, an evangelical Christian with a personal net worth of £950m, was criticised by church leaders including former archbishop of Canterbury Rowan Williams for his climate statements. Rev Dr Darrell Hannah of Operation Noah said: “That a fellow Christian like Marshall has, by all indications, done nothing to stop his own news channel from spreading misinformation… is not just regrettable, it’s unconscionable.”
The analysis compared SEC filings from 31 March 2026 and 31 December 2025, showing Marshall Wace increased its number of fossil fuel shares by at least 50%, while the total value of all declared investments fell from $110bn to $100bn. Global clean energy investment continues to rise, with twice as much money now going into green energy than fossil fuels, according to the International Energy Agency.
