The hedge fund run by GB News co-owner Sir Paul Marshall nearly tripled its fossil fuel investments in the first quarter of 2026, reaching $2.8 billion (£2.1 billion), according to a Guardian and DeSmog analysis. Critics are calling it “cashing in on climate chaos” while the channel he co-owns routinely attacks climate science - coincidence or just a very predictable business model?

The biggest jump came from Chevron: Marshall Wace tripled its stake, from $196 million in December to $864 million by March. New stakes in ConocoPhillips ($163 million), Shell ($72 million), and fracking firm Devon Energy ($35 million) appeared from nowhere. Meanwhile, the fund’s renewable energy and battery investments dropped 30% to $415 million. A Marshall Wace spokesperson called the analysis “partial and inaccurate” but declined to provide alternative figures.

Marshall has previously called net zero “an ideology of fear and destruction” and suggested human-caused climate change is “still subject to debate” - a position that puts him at odds with 192 national governments and the laws of physics, according to climate scientist Prof Sir Brian Hoskins. Green Party co-deputy leader Mothin Ali said GB News is “little more than a propaganda channel” amplifying climate denial. Richard Wilson of Stop Funding Heat noted that while Brits “swelter in record heat,” Marshall’s employees cheerlead for more drilling. “This isn’t journalism. It’s a channel working in its owner’s financial interests,” Wilson said.

Marshall Wace’s spokesperson emphasized that Marshall is one of over 40 partners, and that the hedge fund’s investments are managed by multiple managers for institutional clients. They also noted that public filings exclude short positions and don’t reflect overall net exposures. Marshall himself is not involved in GB News editorial policy, they added. GB News defended itself as “independent fearless journalism” and pointed to its status as “Britain’s number one news channel.”

The analysis compared SEC filings from March 31, 2026, to December 31, 2025, covering US-listed equities. Marshall Wace increased the number of shares held in fossil fuel companies by at least 50%, including new stakes in oilfield services giants SLB and Haliburton (the latter up 500-fold). It sold about 60% of its ExxonMobil stake. Green energy holdings - mostly in GE Vernova and NextEra Energy - fell slightly. Pure-play EV investments, 85% in Tesla, dropped 12% to $909 million.

Marshall, an evangelical Christian with a net worth of £950 million, faced criticism from church leaders including former Archbishop of Canterbury Rowan Williams, who called his climate statements “misleading.” Rev Dr Darrell Hannah of Operation Noah said it’s “unconscionable” that a fellow Christian would let his channel spread misinformation while his fund fuels global heating. GB News has been accused of broadcasting climate denial, and Ofcom is investigating whether it breached impartiality rules in a Trump interview where his “climate hoax” claims went unchallenged.