The world’s two biggest asset managers BlackRock and Vanguard are among the financial institutions that have told a UK inquiry they will continue to invest in fossil fuels and do not subscribe to the view that climate change plans require an end to new coal, oil and gas investment.

BlackRock is among the asset managers attempting to take a neutral investment stance after Republican attorneys-general and state governors in the US accused the institutions of staging a “boycott” on the fossil fuel sector. Missouri on Tuesday became the latest state to punish the $8tn asset manager, as Treasurer Scott Fitzpatrick announced that the state’s retirement system had pulled out $500mn from BlackRock funds.

BlackRock and Vanguard’s statements on Tuesday were in response to a request by the UK’s Environmental Audit Committee. The committee wrote in August to members of the Glasgow Financial Alliance for Net Zero, an umbrella climate finance group, asking how they would balance retiring fossil fuel assets with assuring the UK’s energy security, given the “pivotal” role of the finance sector in reaching the UK’s environmental goals.