BlackRock | Change Finance

What’s the scandal?

It broke in April 2020: BlackRock will advise the European Commission on sustainable banking rules – while itself being the world’s biggest investor in fossil fuels and holding billions of dollars of shares in European banks.

The EU claims it has big plans on sustainability, but this shows it’s too open to influence by big financial players. Letting BlackRock set the agenda on sustainability is a huge conflict of interest, and a recipe for disaster.

Even with the obudswoman putting this under investigation for conflict of interest, the EU is sticking by BlackRock – for now. Together we need to make sure they drop the contract, and come up with decent proposals instead.

Sign the petition.

The simplest thing you can do right now is sign the petition to the EU to drop the deal with BlackRock. Nearly 60,000 of us have already added their names. That’s huge – but we know to really make MEPs and the EU Commission take note, we need as many people as possible to sign. Sign the petition now, and then share it with others on social media.

Add your name to the petition

Get more involved:

1. Share with others

We need as many people as possible getting involved if we are going to get this deal dropped, and ensure we can change finance together.

Now that you’re on board, you need to get others you know involved. Share the petition on social media and with those you know now.

2. Social Storm the EU!

We need as many citizens across Europe tweeting and facebooking the EU Commission so they know we want stand for their toxic deal with BlackRock.

Use this easy ‘social storm’ webpage to call them out on social media!

Storm the EU on social media!

3. Email your MEPs

Your Members of the European Parliament can speak out, ask tough questions and organise against this contract. But they will only do that if they hear from you – the people they represent – about your opposition to the EU’s deal with BlackRock, and the need for proper sustainability rules.

You can find the MEPs for your county and their contact details on the European Parliament website.

Contact your MEPs

4. Organise a protest

People around the world have been showing their disgust with BlackRock’s contribution to the climate crisis – and the deal with the EU – by protesting outside of their offices. To make sure the EU don’t listen to BlackRock, we need to delegitimise them and make their brand dirty.

If you want to organise your own stunt outside a BlackRock office near you, our partners at BlackRock’s Big Problem have put together this handy toolkit with everything you need.

We can help – don’t forget to get in touch with us to let us know about your plans at andrew@changefinance.org.

Use the organising toolkit

5. Get in touch

Want to learn more? Want to talk to the campaign team about other ways to get involved? Are there ways you or your organisation could boost the campaign? Feel free to reach out to us using this form.

Information to help you campaign:

Change Finance: A short info sheet on our BlackRock-EU Campaign.
Change Finance: Why the fox shouldn’t guard the henhouse – BlackRock, EBA, and more
BlackRock’s Big Problem: The biggest contributor to climate change you’ve never heard of
Corporate Europe Observatory: Time to block BlackRock
The Guardian: BlackRock to advise EU on environmental rules for banks
The Financial Times (Paywall): EU ombudsman to probe BlackRock sustainability mandate
Bloomberg: EU Watchdog Criticizes BlackRock Appointment as ESG Adviser
Wall Street Journal: EU Official Raises Vetting Concerns Over BlackRock Contract
Change Finance and Corporate Europe Observatory: The BlackRock Model – How the EU is choosing the wrong path to stop banks destroying the planet

Timeline

April: The scandal unfolds

The European Commission awards BlackRock a tender to integrate “ESG Factors into the EU Banking Prudential Framework and into Banks’ Business Strategies and Investment Policies”
Finance Watch denounces the incoherence of the selection of BlackRock by the European Commission
Change Finance writes an open letter to the European Commission, backed by 92 organisations
Over 80 Members of the European Parliament question the choice of the European Commission

May-June: Ombudswoman steps in

The European Ombudswoman, an independing authority that holds the EU institutions to account, opens a case after complaints by Change Finance and two Members of the European Parliament
The European Commission defends their choice of hiring BlackRock and dodges our questions in their answer to our open letter
Members of the European Parliament receive unsatisfactory answers from the European Commission to their questions

July-August: Citizens speak out

The European Ombudswoman confirms the investigation and inspects files of the European Commission
Change Finance and SumOfUs start a petition in English, French, and German – already at 60,000 signatures!

September: People take to the streets

People in 16 cities – including Athens, Brussels, Budapest, Geneva, Paris, London, and Zurich protest outside BlackRock offices about their contribution to the climate crisis.

November: EU criticised by Ombudswoman

The European Ombudsperson releases their explosive verdict – the EU Commission completely failed to consider the conflicts of interest in their toxic deal with BlackRock!
Change Finance and Corporate Europe Observatory release a shocking new expert exposé, revealing everything that is wrong with BlackRock advising on climate rules – it’s fossil fuel investments, ownership of the banks it is supposed to be making rules for, and active lobbying against climate regulation.