The recent surge in fossil fuel investments by Marshall Wace Asset Management, co-owned by Sir Paul Marshall, has hit £2.1 billion ($2.8 billion) in the first quarter of 2026 - a staggering three-fold increase from 2025 levels. This development marks a stark contrast to the growing global trend towards clean energy investment, which is now outpacing fossil fuel investments by two to one, according to the International Energy Agency.
Analysis reveals that Marshall Wace's largest investment in fossil fuels was in oil giant Chevron, with its shareholding tripling from £154 million ($196 million) at the end of December to £677 million ($864 million) by March. The fund also acquired new stakes in ConocoPhillips, Shell, and Devon Energy, valued at £128 million, £56 million, and £27 million respectively.
In contrast, Marshall Wace's investments in renewable energy and battery companies plummeted by 30% over the same quarter, falling to an estimated £325 million ($415 million). This significant shift in investment strategy underscores a growing disconnect between the fund's public positioning on climate issues and its financial actions.
Sir Paul Marshall has been vocal about his scepticism regarding human-caused global heating, describing net zero as an 'ideology of fear and destruction'. However, this stance contradicts the overwhelming scientific consensus, with 192 national governments endorsing reports that affirm human emissions are responsible for nearly all warming since 1950. Climate scientist Professor Sir Brian Hoskins reinforced this message, stating that 'net zero is not an arbitrary slogan' but rather a necessity dictated by physics to mitigate warming.
Campaigners have condemned the investments as 'cashing in on climate chaos', with Mothin Ali of the Green Party accusing Sir Paul Marshall of prioritising profits over people and planet. Angharad Hopkinson from Greenpeace UK described Marshall's actions as 'actively betting against' the green transition, while Richard Wilson from Stop Funding Heat suggested that GB News functions as a 'channel working in its owner’s financial interests'. A spokesperson for Marshall Wace defended the fund's strategy, claiming the analysis is 'partial and inaccurate', but declined to provide alternative figures.