BlackRock Loses €14.5B Mandate Over Climate Concerns

Dutch pension PFZW drops BlackRock due to insufficient climate action

BlackRock has lost a €14.5 billion (nearly $17 billion) mandate from PFZW, one of the Netherlands’ largest pension funds, after the asset owner questioned whether the manager is acting in clients’ best interests on climate risk. PFZW, which oversees approximately €250 billion, will reallocate the equity mandate to a consortium of managers, including Robeco, UBS, Schroders, and others, as it pursues a strategy that weighs financial performance, risk, and sustainability equally. The recent announcement underscores growing European scrutiny of U.S. asset managers amid political pressure and a broader “Break with BlackRock” campaign. For investors, this signals continued expectations of stewardship, despite pushback from the Trump Administration.

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Further reading: BlackRock Loses $17 Billion Mandate at Dutch Pension Fund PFZW

Carbon capture storage potential far lower than thought, study warns

A peer-reviewed Nature study led by Imperial College London warns that the safe underground storage of CO₂ is far smaller than prior estimates: under 1,500 gigatonnes, compared to earlier figures of up to 40,000 gigatonnes. Risks of leakage from earthquakes, engineering faults, or territorial disputes mean geological storage should be treated as a scarce resource, not an unlimited fix. With IPCC median scenarios implying annual removals in the single-digit gigatonnes range, large-scale reliance on CCS could exceed safe capacity. The paper cautions against relying solely on CCS to offset ongoing emissions; investors should reassess carbon-removal strategies, model leakage and regulatory risk, and prioritize emissions avoidance and durable natural solutions alongside carefully targeted CCS projects.

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Further reading: Carbon capture set to be less useful in tackling climate change, scientists warn

Australia approves Glencore coal mine extension

Australia approved an extension to Glencore’s Ulan thermal coal mine, permitting an extra 18.8 million tonnes of coal and operations through 2035, prompting criticism from climate groups and opposition parties. The decision exposes the tension between Prime Minister Anthony Albanese’s domestic emissions commitments and Australia’s export-driven reliance on coal. The country shipped 209 million tonnes of coal last year, and critics argue this new move further undermines Australia’s climate credibility as it simultaneously competes to host UN climate events. While the industry defends the extension on grounds of job security and reliability, investors face heightened reputational and transition risks in Australia, where export economics, political choices, and long-term demand projections for coal are becoming increasingly uncertain.

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Further reading: Australia Backs Coal Mine Extension, Stoking Climate Backlash

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UN urges countries to submit strong NDCs ahead of COP30 deadline

UNFCCC Executive Secretary Simon Stiell urged governments to submit ambitious nationally determined contributions (NDCs) by the end of September so the UN can publish a synthesis report ahead of COP30 in November. Fewer than 30 countries have filed updated plans; major emitters, including China and India, are still pending. Stiell framed robust NDCs as engines of economic growth and job creation, and encouraged leaders to make announcements at the UN high-level event on September 24. The pace and content of NDC submissions will signal the direction of national policy and shape new investment opportunities.

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Further reading: UN climate chief issues rallying cry on national climate plans as deadline looms

Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — In the Cover Photo: BlackRock HQ entrance in New York City Cover Photo Credit: Wikimedia Commons