HIJACKED: Exposing BlackRock’s Grip on the EU’s Climate Finance Plans

The report alleges that BlackRock has created an "echo chamber" of influence in Brussels to weaken the EU's climate finance regulations. By operating through 23 trade associations and securing direct consultancy contracts with the European Commission, BlackRock is accused of pushing for "soft" regulation and voluntary standards, such as the EU Green Bond Standard, to avoid binding restrictions on its investment choices. The document argues that this strategy serves to protect BlackRock's significant holdings in fossil fuel companies and its business model based on financial risk management rather than climate impact.

• BlackRock employs a multi-channel lobbying strategy involving at least 23 trade associations, PR firms, and think tanks to influence EU policy. Collectively, these groups declared annual lobbying expenses between 8.3mn and 31.9mn, with 260 staff working on lobbying and at least 92 meetings with top-level European Commission officials since early 2019.
• The report claims BlackRock's influence has already impacted EU policy, specifically citing the European Commission's decision to keep the EU Green Bond Standard voluntary, a position supported by BlackRock and the International Capital Markets Association (ICMA).
• BlackRock has secured direct access to EU rule-making through consultancy contracts, including a 2020 contract to advise on integrating ESG factors into the EU banking prudential framework, despite the firm holding significant stakes in most major EU banks and fossil fuel companies.
• BlackRock advocates for a "light-touch" regulatory model where the only mandatory requirements are standardized ESG data and climate disclosures based on industry-led guidelines like the TCFD, rather than binding rules to scale down climate-harming industries.
• The firm is accused of promoting a "fifty shades of green" approach to sustainability, arguing against binary or prescriptive definitions of sustainability in the EU taxonomy to allow for a wider spectrum of asset owner preferences.
• BlackRock's approach to climate is framed as financial risk management for investors rather than the impact of investments on the climate. This is exemplified by its coal policy, which excludes only mining companies deriving 25% or more of revenues from coal, while maintaining $85bn in coal companies overall.
• The report highlights a conflict of interest between BlackRock's public climate rhetoric and its financial holdings, noting it owns 5% or more of shares in several European fossil fuel majors including Total Energies, Royal Dutch, Shell, BP, Neste, Repsol, and Galp.

APA

PetitJean, O., Cuvelier, L., & Verheecke, L. (2021). HIJACKED: Exposing BlackRock’s Grip on the EU’s Climate Finance Plans. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2021/06/Exposing-BlackRock-grip-on-EU-climate-finance-plans.pdf

Chicago

PetitJean, Olivier, Lara Cuvelier, and Lora Verheecke. HIJACKED: Exposing BlackRock’s Grip on the EU’s Climate Finance Plans. Reclaim Finance, 2021. https://reclaimfinance.org/site/wp-content/uploads/2021/06/Exposing-BlackRock-grip-on-EU-climate-finance-plans.pdf.

Wikipedia

{{cite report |last1=PetitJean |first1=Olivier |last2=Cuvelier |first2=Lara |last3=Verheecke |first3=Lora |title=HIJACKED: Exposing BlackRock’s Grip on the EU’s Climate Finance Plans |publisher=Reclaim Finance |date=June 2021 |url=https://reclaimfinance.org/site/wp-content/uploads/2021/06/Exposing-BlackRock-grip-on-EU-climate-finance-plans.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{petitjean2021hijacked, author = {PetitJean, Olivier and Cuvelier, Lara and Verheecke, Lora}, title = {{HIJACKED: Exposing BlackRock’s Grip on the EU’s Climate Finance Plans}}, institution = {Reclaim Finance}, year = {2021}, month = jun, url = {https://reclaimfinance.org/site/wp-content/uploads/2021/06/Exposing-BlackRock-grip-on-EU-climate-finance-plans.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }