Since January, Fossielvrij and pension participants have been calling on Dutch pension funds to stop putting our pension money in the hands of American asset giants like BlackRock. Pension fund PFZW is the first Dutch pension fund to take this step. In total, PFZW – the pension fund for healthcare and welfare workers – is withdrawing €14.5 billion euros from BlackRock.
This amazing victory is due to pressure from our movement. More than 2.500 of us sent letters to our pension funds asking them to break ties with BlackRock. We took action and made our voices heard in the media.
Mega polluter
BlackRock is one of the world’s largest investors in the climate crisis. In January, under pressure from Trump, BlackRock withdrew from the important Net Zero Asset Managers Alliance, a climate alliance in which investors take joint action. Recent research by SOMO revealed that BlackRock is blocking climate action and controls 12% of the Dutch market.
Climate risks are financial risks: when climate disasters strike, our pension money evaporates. Think of the forest fires that destroy buildings and make them uninsurable. Transport that comes to a standstill due to dried-up rivers. Or how a million homes in the Netherlands are at risk of subsidence due to prolonged drought.
By withdrawing our pension money from BlackRock, we reduce the power of this American asset giant. And we ensure that the money goes to greener investors: in this way, we counterbalance Trump’s agenda of ‘drill, baby, drill’.
Dutch pension funds can set the tone
The Dutch pension giants are among the largest in the world. PFZW, for example, is the eleventh largest pension fund worldwide. What Dutch pension giants do has a real impact on the investment world and its climate policy. Our movement is spreading across Europe. For example, the British People’s Pension and the Danish AkademikerPension withdrew tens of billions from State Street. Pension fund PME has previously stated that it is considering saying goodbye to BlackRock. In Sweden, Australia, Switzerland, and the US, there are also calls to transfer pension funds to greener asset managers.
Who’s next? Now is the time to set our sights on pension funds such as ABP, the largest pension fund in the Netherlands, so that they follow suit.
GET INVOLVED: Donate so we can continue our fight. Or check what you can do to put pressure on your own pension fund (in Dutch).