Our ‘couple therapy sessions’ gave pension fund executives the chance to practice what they know they need to do: break up with BlackRock. Because sometimes you need to say the words out loud before you can actually do it. To support them in their journey, we handed out tissues and cheat sheets for a clean break.
Why should they break up?
While American asset manager BlackRock sweet-talks about sustainability, they invest over €400 billion in fossil fuel investments.
Unfortunately, that’s not all. BlackRock is blocking climate policy. In 2025, it supported only 2% of environmental and social shareholder proposals. They also withdrew from the Net Zero Asset Managers Alliance, leading to the coalition’s suspension. On top of that, BlackRock lobbied strongly against EU due diligence laws that would have required it to conduct its business more responsibly.
Climate risks are financial risks. By underestimating and mismanaging climate risks, BlackRock endangers the pension assets that the pension funds are responsible for protecting.
The four largest American asset managers collectively control 11.8% of the Amsterdam stock market. It is unhealthy – economically, politically and democratically – that BlackRock manages such a large share of the economy.
BlackRock pursues short-term profits at the expense of everything we hold dear: the climate, nature and human rights. Indeed, classic toxic behaviour… And pension funds keep falling for it.
Photos: Savannah van den Roovaart
Time to break the cycle
By breaking up with BlackRock and choosing responsible asset managers, pension funds can take power away from BlackRock and empower greener alternatives.
And we know it’s possible: Dutch pension giant PFZW has already broken up with BlackRock. If they can do it, the others can do it too.