Exclusive: Critics Accuse GB News Co-Owner of Profiting from Climate Crisis
The hedge fund managed by Sir Paul Marshall, co-owner of GB News, nearly tripled its investments in fossil fuel companies during the first quarter of 2026, reaching $2.8bn (£2.1bn), according to an analysis by .
Campaigners have accused Sir Paul Marshall of "cashing in on climate chaos," arguing that GB News, which frequently challenges climate science and action, operates in alignment with its owner’s financial interests.
Marshall serves as chair and chief investment officer of Marshall Wace Asset Management, one of the world’s largest hedge funds. Analysis conducted by and DeSmog reveals that the most significant increase in fossil fuel investments was in Chevron, where Marshall Wace tripled its shareholding, increasing its value from $196m at the end of December 2025 to $864m by the end of March 2026.
At the end of December, Marshall Wace held no stakes in ConocoPhillips, Shell, or the major fracking company Devon, but by March 31, it had acquired stakes valued at $163m, $72m, and $35m respectively. Conversely, investments in renewable energy and battery companies decreased by 30% over the quarter, falling to $415m. A spokesperson for Marshall Wace described the analysis as "partial and inaccurate" but declined to provide alternative figures.
Globally, investment in renewable energy is rising, with twice as much capital now directed towards green energy compared to fossil fuels, according to the International Energy Agency.
Marshall’s Public Statements on Climate Change
Last year, Marshall stated that the UK had been afflicted by "climate derangement syndrome" and suggested that the extent to which human activity causes global heating remains "subject to debate." On 23 June, he described net zero as "an ideology of fear and destruction, giving a new excuse for state interference and to deconstruct meritocracy."
The world’s climate scientists, in reports endorsed by 192 national governments, have been clear for over a decade that approximately 100% of global heating since 1950 has been caused by human emissions and activities.
"Net zero is not an arbitrary slogan, rather it is dictated by the laws of physics," said climate scientist Prof Sir Brian Hoskins recently. "To halt warming, net greenhouse gas emissions must stop."
Criticism from Political and Environmental Figures
Mothin Ali, co-deputy leader of the Green Party, stated:
"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, commented:
"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."
"Investors can play their part by steering clear of Marshall Wace, the hedge fund whose profits prop up this toxic TV channel."
Marshall also owns The Spectator and Unherd.
Angharad Hopkinson, a political campaigner for Greenpeace UK, said:
"Marshall’s investments in fossil fuels show that he is not just sceptical of the green transition, he is actively betting against it."
Marshall Wace’s Response
A spokesperson for Marshall Wace stated:
"This is a partial and inaccurate picture. Marshall Wace is a large equity long-short fund with some $90bn of assets under management and has thousands of exposures globally, which change daily as strategies are managed by multiple managers in line with commitments to our clients, most of which are large institutions and pension funds.
Position disclosures are only made in countries where this is a regulatory requirement and typically do not include short positions. Public filings therefore give a completely misleading picture of Marshall Wace’s overall net exposures, including in oil and gas."
"Paul Marshall is one of more than 40 partners [in Marshall Wace] and none of them is involved in GB News editorial policy nor is the wider firm. Paul Marshall is one of multiple investors in GB News, but he does so in a personal capacity and it is totally unconnected to Marshall Wace. He is not involved in GB News editorial choices."
A GB News spokesperson added:
"We don’t expect to understand independent fearless journalism – but ours is just that. We make independent editorial decisions in accordance with our editorial charter – which is undoubtedly why we are, and are proud to be, Britain’s number one news channel."
Religious Perspectives and Moral Concerns
Sir Paul Marshall, who worships at the prominent Holy Trinity Brompton church and has amassed a personal fortune, has faced criticism from religious figures, including the former Archbishop of Canterbury, Rowan Williams. They described his statements on climate as "misleading" and urged him to declare his financial interests in fossil fuels, a request to which he did not respond.
The Rev Dr Darrell Hannah, chair of the Christian climate campaign Operation Noah, said:
"Faith leaders are speaking out about climate misinformation because human-caused global overheating is the most urgent moral issue of our time.
That a fellow Christian like Marshall has, by all indications, done nothing to stop his own news channel from spreading misinformation about this public emergency – and that Marshall is, according to this analysis, supercharging global heating via his hedge fund – is not just regrettable, it’s unconscionable."
Details of the Investment Analysis
The analysis of Marshall Wace’s investments compared regulatory filings submitted to the US Securities and Exchange Commission (SEC), where the hedge fund declares its holdings in US-listed equities and some foreign companies.
Recent geopolitical events, including US-Israeli attacks on Iran, sharply increased oil prices and company valuations, boosting the value of fossil fuel investments. However, Marshall Wace also increased the number of shares it held in fossil fuel companies by at least 50%.
This included significant new stakes, ranging from $135m to $260m each, in four additional fossil fuel companies, including oilfield services giants SLB and Halliburton. The stake in Halliburton increased 500-fold. Meanwhile, Marshall Wace sold approximately 60% of its ExxonMobil holdings during the quarter, reducing it to $47m. Options to buy or sell shares, which account for about 6% of the total investment value declared to the SEC, were excluded from the analysis.
While fossil fuel investments nearly tripled, the total value of all investments declared to the SEC fell from approximately $110bn to $100bn over the quarter.
Most of Marshall Wace’s green energy holdings are concentrated in two companies: GE Vernova and NextEra Energy. Both are major players in renewables but continue to manufacture or operate some fossil gas facilities. Marshall Wace also holds investments in electric vehicle manufacturers, with 85% of these investments in Tesla. The value of these holdings declined by 12% over the quarter to $909m.
GB News’ Climate Coverage and Regulatory Scrutiny
GB News broadcast 953 attacks on climate science and climate action around the 2024 general election, according to a recent analysis. The channel has faced criticism for its editorial stance on climate issues.
The broadcasting regulator Ofcom issued a ruling concerning "due impartiality and material misleadingness" following a repeat broadcast of an interview with Donald Trump in November. Complainants argued that Trump’s claims describing climate change as "a hoax" were not challenged during the program.
Methodology Note
The investment analysis is based on Marshall Wace’s regulatory filings to the US SEC, which disclose investments in US-listed equities and some foreign companies via American Depositary Receipts. The comparison was made between filings dated 31 March 2026 and 31 December 2025, the two most recent available. Only investments exceeding $1m were included. Options to buy or sell shares, representing about 6% of the total declared investment value, were excluded.
Fossil fuel investments considered in the analysis include exploration and production companies and oil and gasfield services companies. The analysis excluded companies operating refineries, pipelines, fuel shipping tankers, LNG terminals, or those holding land or royalty rights.
Renewable investments included solar, wind, battery, geothermal, energy storage, and hydropower companies. GE Vernova manufactures energy equipment, and NextEra is a utility company with a heavy focus on renewable energy. The analysis did not include most energy utilities, which primarily use fossil gas, nor companies involved in electricity grids, electric vehicle charging, fossil gas-powered fuel cells, lithium production, or nuclear power.
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