This is a campaign by Fossielvrij NL (Fossil Free Netherlands) and concerned participants of the pension funds. We tackle the climate crisis by building a people-powered movement that curbs the power of the fossil fuel industry. This will create space for a just transition to a decentralised energy system based on renewable sources.

We previously succeeded – together with thousands of teachers, civil servants, health and welfare workers and partners – in making ABP, PFZW and other pension funds fossil-free.

BlackRock is the world’s largest asset manager. BlackRock invests money for financial institutions, (wealthy) individuals and, ultimately, as the money manager for pension funds and other universal asset owners: for everyday people the world over, like you. It does so mainly through passive investing. This means that they do not buy and sell shares in a targeted way (as in active investing), but instead invest mainly by investing in a wide range of companies through baskets of shares – so-called index investments. Does the price of the companies in your basket go up? Then you benefit.

BlackRock has assets under management of $11,5 trillion which is huge. By comparison, the Dutch gross domestic product (GDP) in 2023 was around €1 trillion.

BlackRock thus has a huge impact, even when it spreads its investments. For example, the company is the largest shareholder of companies such as Shell (7.52%), Unilever (8.4%), ING (5.51%) and Ahold Delhaize (5.89%). Together with other asset managers State Street and Vanguard, BlackRock forms a powerful bloc, putting short-term profits above issues such as climate, environment and human rights.

BlackRock is despite their pledges of sustainability one of the biggest investors of climate devastation: they invest €400 billion in the fossil industry. Moreover, research has shown that BlackRock has invested billions in companies involved in deforestation, human rights abuses and controversial weapons. They play a key role in financing the climate crisis and other suffering.

In addition, they are actually increasingly blocking climate policies. The asset manager supported only 20 out of 493 climate resolutions submitted to companies by shareholders in 2024. This is a drastic decrease from 2021, when BlackRock still supported 50% of climate resolutions. Moreover, BlackRock has partially withdrawn from Climate Action 100+ (an initiative that encourages companies to develop climate policies) and Net Zero Asset Managers (a coalition of investment companies that want to bring greenhouse gas emissions to zero).

BlackRock themselves say that they only advise, but that responsibility for investments lies with the clients themselves. They say that since the money belongs to their clients, they cannot decide to stop investing in certain companies, it is up to the client.

BlackRock is known for greenwashing their indices: they pretend that these are green, when in reality they contain hugely polluting companies. As a result, many clients are unaware of what they are actually investing in. And BlackRock? Which is making huge profits from this. Some $5.5 billion by 2023.

By cooperating with BlackRock, pension funds are strengthening the influence of an irresponsible financial giant that enables the fossil fuel industry. This jeopardises not only a liveable world, but also the pension assets themselves due to the risks posed by the climate crisis.

By switching to more responsible asset managers, BlackRock’s power is curtailed, and asset managers who do consider responsible investment important are encouraged.

Pension funds should stop working with BlackRock – and similar external asset managers like State Street and Vanguard that do not care about climate and human rights. It is important that they switch to asset managers that prioritise sustainability and transparency.

Pension funds sometimes reply that at BlackRock they have the opportunity to determine their own voting policy. But they also have this option with other asset managers. And even if they can keep the so-called ‘engagement policy’ in-house at BlackRock, the power and thus lobbying power of this asset managers is still increased by placing pension money there. This means that a liveable world gets out of sight, and all pension assets are at risk.

Climate risk is financial risk. And the risks are becoming more and more material. While the science has long been crystal clear, the market risks have long been underestimated, overlooked and disregarded. Now, as worsening disasters are unfolding that are more costly and more devastating than previously predicted, like the LA wildfires that have exposed an insurability crisis in the United States, the financial risks are becoming overwhelmingly clear:

In January 2025, world oversight body the Financial Stability Board (FSB) raised concerns about growing financial risks posed by climate-related disasters like floods, droughts, and wildfires, saying climate shocks could destabilize global markets and trigger a market meltdown. These shocks could lead to reduced lending, diminished investor confidence, and abrupt repricing of climate risks, impacting sectors not yet directly affected.

Continued fossil fuel financing leads to both direct and knock-on risks for the financial system—which could be as severe as or even more severe than the largest financial crisis experienced in a lifetime. As emissions continue to rise even more rapidly than predicted, the entire financial system and retirees’ pensions are directly threatened.

During the Financial Crisis, the financial system ignored or rationalized away systemic risks due to short-term opportunism and reckless management—at enormous cost. Billions were lost in a matter of weeks, costing the global economy upwards of $2 trillion, a 4% decline in global economic growth. The fallout of climate risk mismanagement and climate inaction will very likely be even more pronounced.

The global economy could face a 50% loss in GDP between 2070 and 2090, unless immediate policy action on risks posed by the climate crisis is taken, a new study by the Institute and Faculty of Actuaries and University of Exeter found in January. That will cause $38 trillion in annual damages already in 25 years’ time, a Potsdam Institute study found.

• Send a letter to your own pension fund and ask them to break with BlackRock. We have prepared a letter for you that you can copy. If your pension fund is Dutch, you can use our online tool.
• Want to do more? Reach out to Hiske@fossielvrij.nl. Together, we will look at how we can raise the pressure to make our pension funds break BlackRock’s power.