Quand les retraites françaises pactisent avec BlackRock

Reclaim Finance criticizes Agirc-Arrco, ERAFP, and the Fonds de Réserve pour les Retraites (FRR) for employing BlackRock, an asset manager it claims actively supports fossil fuel expansion. The organization highlights BlackRock's $431 billion in holdings in companies developing new fossil projects as of May 2024 and its declining support for environmental shareholder resolutions. Reclaim Finance urges these French institutions to adopt science-based climate criteria for selecting managers and to publicly oppose BlackRock's practices, noting that other European pension funds, such as the Dutch PFZW, have already withdrawn mandates from the firm.

• Three major French retirement entities—Agirc-Arrco, ERAFP, and the Fonds de Réserve pour les Retraites (FRR)—continue to use BlackRock's services despite the manager's support for fossil fuel expansion. Agirc-Arrco manages 86 billion euros in financial assets, ERAFP manages 48 billion, and the FRR manages 20 billion as of the end of 2024.
• BlackRock maintains significant financial ties to fossil fuel expansion, holding $431 billion in shares and bonds of companies developing new fossil projects as of May 2024. Between 2023 and 2024, the firm invested at least $1.7 billion in bonds issued by fossil fuel developers.
• BlackRock has shown a decline in its support for climate-related corporate governance; in 2025, it supported only 2% of environmental and social shareholder resolutions, compared to 40% in 2021. Additionally, it voted in favor of 90% of board directors for the world's largest fossil fuel developers in 2024.
• BlackRock engages in lobbying to hinder the energy transition, including opposing the widespread use of sectoral exclusions before the European Securities and Markets Authority (ESMA) and within the Sustainable Finance Disclosure Regulation (SFDR) framework.
• Several European pension funds are distancing themselves from BlackRock and other managers with poor ESG practices. The Dutch fund PFZW withdrew a 14 billion euro mandate from BlackRock in September, while funds in Sweden (AP7) and the Netherlands (PME) considered not renewing mandates due to BlackRock's exit from the NZAM initiative.

APA

Manickawasagar, A. (2025). Quand les retraites françaises pactisent avec BlackRock. Reclaim Finance. https://reclaimfinance.org/site/2025/11/04/quand-les-retraites-francaises-pactisent-avec-blackrock/

Chicago

Manickawasagar, Aatiraï. Quand les retraites françaises pactisent avec BlackRock. Reclaim Finance, 2025. https://reclaimfinance.org/site/2025/11/04/quand-les-retraites-francaises-pactisent-avec-blackrock/.

Wikipedia

{{cite press release |last1=Manickawasagar |first1=Aatiraï |title=Quand les retraites françaises pactisent avec BlackRock |publisher=Reclaim Finance |date=4 November 2025 |url=https://reclaimfinance.org/site/2025/11/04/quand-les-retraites-francaises-pactisent-avec-blackrock/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{manickawasagar2025quand, author = {Manickawasagar, Aatiraï}, title = {{Quand les retraites françaises pactisent avec BlackRock}}, publisher = {Reclaim Finance}, year = {2025}, month = nov, url = {https://reclaimfinance.org/site/2025/11/04/quand-les-retraites-francaises-pactisent-avec-blackrock/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }