GB News co-owner Paul Marshall has been accused of “cashing in on climate chaos” after his hedge fund dramatically increased its fossil fuel investments, despite the broadcaster’s public commitment to net-zero emissions. According to a new analysis by the climate campaign group Fossil Free London, Marshall’s investment firm, Marshall Wace, boosted its holdings in oil, gas, and coal companies by 40% in 2025, reaching a total of £1.2 billion.
Contradiction with Net-Zero Pledge
GB News, which launched in 2021, has positioned itself as a champion of free speech and has a stated goal of achieving net-zero carbon emissions by 2030. However, critics point out that Marshall’s personal financial interests directly undermine this pledge. “It is deeply hypocritical for the owner of a network that claims to care about the environment to be simultaneously profiting from the very industries driving climate breakdown,” said Alice Martin, head of campaigns at Fossil Free London.
Details of the Investments
The analysis reveals that Marshall Wace’s largest fossil fuel holdings include stakes in Shell, BP, and ExxonMobil, as well as investments in coal producers like Glencore and Anglo American. The fund also increased its exposure to liquefied natural gas (LNG) projects in the United States and Australia. The 40% rise in fossil fuel investments contrasts sharply with the broader trend among UK asset managers, who have been reducing their exposure to high-carbon sectors in response to investor pressure.
Response from Marshall Wace
A spokesperson for Marshall Wace defended the investments, stating that the firm “takes its responsibilities seriously and engages constructively with portfolio companies to support their transition to a low-carbon economy.” The spokesperson added that the fund’s investments are “consistent with a net-zero pathway” and that it “actively votes for climate-related resolutions at shareholder meetings.” However, critics remain unconvinced. “Engagement is not enough when you are pouring billions into expanding fossil fuel production,” Martin said.
Broader Context and Criticism
The controversy comes amid growing scrutiny of media owners’ climate credentials. GB News has faced previous criticism for hosting climate-sceptic commentators and giving a platform to voices that downplay the urgency of the climate crisis. In a statement, a GB News spokesperson said the channel is “committed to covering a wide range of opinions” and noted that its net-zero plan includes measures such as using renewable energy for its studios and offsetting its remaining emissions.
Environmental groups have called on GB News to sever ties with Marshall’s fossil fuel investments or face a public boycott. “Viewers should know that when they watch GB News, they are indirectly funding the climate crisis,” Martin said. The analysis also highlights that Marshall’s personal wealth, estimated at £2.5 billion, has grown significantly due to the surge in fossil fuel profits, which have been boosted by the energy crisis following Russia’s invasion of Ukraine.
Impact on Reputation
The revelations threaten to damage GB News’s reputation as it seeks to attract advertisers and viewers. Several major brands have already distanced themselves from the channel over concerns about its content. The latest findings could intensify pressure from advertisers and investors who are increasingly prioritising environmental, social, and governance (ESG) criteria. “This is a clear case of greenwashing,” said Mark Campanale, founder of the Carbon Tracker Initiative. “You cannot claim to be climate-friendly while your owner is betting big on fossil fuels.”
As the UK prepares for its next climate summit, the spotlight on Marshall’s investments underscores the tension between media ownership and climate action. The question remains whether GB News will take concrete steps to align its ownership with its stated values.
