Pensioenfonds Recreatie just became the latest Dutch pension fund to ditch US-based BlackRock, the world’s largest asset manager and a leading investor in climate-wrecking fossil fuels.
Recreatie, which is for workers in the Netherlands’ recreation sector, last Friday named Cardano as the new manager of its €450 million—or $525 million—equity portfolio.
Xander den Uyl, a board member at the pension fund, told the Dutch publication Pensioen Pro that AF Advisors “assessed a long list of asset managers—including BlackRock—based on a dozen criteria,” including cost as well as environmental, social, and governance (ESG) policy, and Cardano was the strongest.
HUGE NEWS: Superpolluting firm BlackRock just lost ANOTHER $525 million in Dutch pension funds due to concerns over its funding of coal, oil, and gas. This is a massive win for Dutch pensioners – not to mention all living creatures on Earth. 🧵
— Stop the Money Pipeline (@stopmoneypipeline.bsky.social) August 19, 2026 at 3:01 PM
BlackRock announced in February 2024 that it was transferring its Climate Action 100+ membership to its international arm and last year, just before anti-ESG President Donald Trump returned to power, it left the Net Zero Asset Managers Initiative.
Den Uyl said BlackRock’s ESG controversies did not help the asset manager in the review process but “were not decisive,” and described the switch to Cardano as “a business decision.”
Asked about the development by IPE, a BlackRock spokesperson said: “We respect the fund’s decision. We remain proud to manage more than €350 billion on behalf of Dutch clients.”
However, as journalists and campaigners have noted this week, Recreatie’s decision followed similar moves by other Dutch pension funds. PFZW said last September that it had stopped investing in stock funds managed by BlackRock, and PME in December pulled around €5 billion, or $5.9 billion.
By abandoning “megapolluter” BlackRock, Recreatie “is sending an important message,” Fossil Free Netherlands said Tuesday. “Powerful entities that backtrack on climate policy under pressure from Trump will lose European clients. It matters who you partner with as a pension fund—and whose power you strengthen.”
“BlackRock is one of the largest investors in fossil fuel companies worldwide and profits from the genocide in Gaza,” Fossil Free Netherlands stressed. “BlackRock is one of the largest shareholders in many companies and, as a result, wields enormous influence over both the stock prices of individual companies and the global economy. Moreover, the company consistently prioritizes short-term profits over what matters to us all: a livable climate, fair working conditions, and human rights.”
🎉 En wéér breekt een pensioenfonds met mega vervuiler BlackRock.Pensioenfonds Recreatie haalt 450 miljoen euro weg bij de Amerikaanse vermogensreus, onder andere vanwege onvrede met BlackRocks klimaatbeleid.Lees hier meer: fossielvrij.nl/blackrock-vl…
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— Fossielvrij NL (@fossielvrijnl.bsky.social) August 18, 2026 at 8:54 AM
In addition to the decisions by PFZW and PME, Fossil Free Netherlands pointed to European pension funds cutting ties “with the equally unscrupulous and powerful State Street,” and an ongoing search for asset managers for New York City’s pension funds, the latter of which was also highlighted by US campaigners this week.
New York Communities for Change senior director Jose Gonzalez said in a statement that Recreatie’s “exit from BlackRock is the latest in a string of international funds that understand the urgency and long-term fiduciary responsibility resulting from climate change,” and comes after NYC Comptroller Mark Levine announced the search, which is considering “ESG factors and limits on carbon.”
“In the US context, although heartened by Comptroller Levine’s June announcement that the pension systems will bid out contracts for its money managers, it is imperative that the comptroller is serious about meeting its 2040 net zero goals,” the campaigner said. “NYC should continue to lead domestically on divestment, and with other pension funds as a universal owner. The proof will be when the comptroller’s office moves AUM out of dirty managers like BlackRock and State Street to cleaner ones.”
Alec Connon, Stop the Money Pipeline coalition director, also welcomed that “as much of the country swelters under extreme heat and breathes in toxic wildfire smoke, more and more major pension funds are moving money away from the world’s dirtiest asset managers.”
“As it continues its search for a new asset manager,” he added, “New York City and Comptroller Levine have a great chance to continue the funds’ climate leadership by divesting from BlackRock and selecting a new asset manager that takes the climate crisis and climate financial risk seriously.”
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