GB News co-owner ‘cashing in on climate chaos’ after leap in fossil fuel investments, critics say
Summary
The hedge fund led by Sir Paul Marshall, co-owner of GB News, nearly tripled its investments in fossil fuel companies to $2.8 billion in early 2026. Critics say this conflicts with the news channel’s climate stance, as Marshall’s fund cut its investments in renewable energy by 30% during the same period.Key Facts
- Marshall Wace Asset Management, run by Sir Paul Marshall, increased fossil fuel investments from about $1 billion to $2.8 billion in the first quarter of 2026.
- The largest increase was in Chevron shares, rising from $196 million to $864 million.
- The fund also acquired stakes in ConocoPhillips ($163 million), Shell ($72 million), and Devon Energy ($35 million), companies it previously did not invest in.
- Investments in renewable energy and battery companies fell by 30% to $415 million in the same period.
- Marshall has publicly expressed skepticism about human-caused climate change and opposed net zero policies.
- GB News, which Marshall co-owns, often criticizes climate science and climate policies.
- Environmental groups and critics accuse Marshall of benefiting financially from fossil fuels while influencing climate debate through GB News.
- Marshall Wace responded that the criticism is “partial and inaccurate” and that its investment portfolio changes daily based on client commitments.
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