Some of the largest financial companies in the world, including BlackRock Inc. The United States and Vanguard Group Inc. have told Great Britain that they do not plan to stop funding the development of fossil fuel production, reports Rador Il Fatto Quotidiano.

The statements are among responses to a series of questions sent by British MPs seeking to understand how the country can meet its CO2 reduction commitments. The investigation is conducted by the Committee of the House of Commons on Environmental Control.

Britain, which was sued earlier this year by a group of environmental activists after unveiling a vague plan to cut emissions, has asked companies to explain how they understand the signs of a gradual reduction and eventual end to funding for new fossil fuels.

According to reports from the Bloomberg agency, more than 30 of the world’s largest banks and investors sent responses to the Committee. BlackRock emphasized that it is “committed to act in the financial interests of our clients at all times.”

At the 202nd forum in Davos, where he arrived by private jet, CEO Larry Fink widely praised the “green tower” of the world’s largest asset management group.

In responses to the UK authorities, Blackrock also said that the overall approach to the energy transition does not include a policy of fossil fuel exclusion and that he does not share the scenario proposed by the International Energy Agency, according to which investment in fossil fuels must be immediately restarted to have any hope of achieving the goals set by the Paris Agreement (a maximum of 1.5 degrees of global average temperature increase compared to pre-industrial times).

BlackRock’s goal is “not to predict a specific decarbonization outcome,” the response said. And like other companies surveyed, BlackRock said governments should set targets for private sector players.

Fink added that “on behalf of our clients” he intends to remain a long-term investor in carbon-intensive sectors.

Vanguard offered similar responses, saying it “does not dictate the strategy and operations of the companies in which it owns shares, and therefore does not have a corporate view of the scenario predicted by the International Energy Agency.”

The views expressed by BlackRock and Vanguard exemplify the line of all institutions surveyed. For example, the Royal Bank of Canada noted that “plans for global decarbonization and the energy transition are constantly changing as concerns about energy costs, inflation and energy security come to the fore.”

Morgan Stanley announced that it “will continue to support energy companies in their work to decarbonize the global economy at a pace that balances climate challenges with energy security and other factors.”

Britain’s Barclays said it would “support our clients in the transition to a low-carbon economy, rather than phasing out support for the coal, oil and gas industry.”

HSBC wrote that “the importance of energy security and a just transition away from fossil fuels must be recognized” and that “attention must be directed towards an urgent phase-out of coal power”.

However, “while renewable alternatives are becoming cheaper and more efficient, closing coal-fired power plants is not currently an option.”

The British initiative to gather answers comes less than a month before the Cop27 climate summit in Egypt.