Apostle

As one of the first super companies to undertake a whole-of-fund level financed emissions and transition risk analysis, Spirit needed clear analysis to enable a detailed, high conviction plan for specific actions to reach their stated targets.

They needed a detailed breakdown of their financed emissions across their total portfolio – the main portion of their Scope 3 emissions. They also needed to quantify their transition risk in financial terms, to balance social and fiduciary duties.

Lastly, to be equipped with the tools to plan, they needed to understand where the exposure and risk was in the portfolio: which managers, funds, or individual holdings were key contributors.

Emmi’s Carbon Diagnostics became Apostle’s primary source of emissions data. With features such as carbon budget analysis and temperature alignment metrics, Emmi equipped the team to assess alignment with the IPCC 1.5°C scenario and track net-zero progress across all asset classes. Transparent outputs and portfolio-wide applicability ensured consistent integration and risk evaluation.

Emmi’s tools enabled Apostle to strengthen its decarbonisation strategy and build a more actionable, data-driven climate framework.

Full asset coverage with consistent methodology.

Enabled emissions analysis across public and private markets with a single, consistent framework, closing critical data gaps and methodology gaps.

Enhanced strategic portfolio management.

Supported more informed decisions using carbon budget tracking and net-zero alignment metrics, tailored to multi-asset strategies.

Actionable insights and improved risk management.

Delivered portfolio-wide emissions visibility, including private assets, uncovering Scope 3 exposure and temperature misalignment.

Apostle was already working toward a net-zero investment strategy, but like many sophisticated managers, they faced real-world limitations in the tools and data available to them. Coverage across asset classes was inconsistent, with most providers focused on listed markets. This made it difficult to generate a complete emissions picture or apply a single methodology across the full portfolio. As a result, key climate insights, such as alignment to the IPCC 1.5°C scenario or excess emissions relative to carbon budgets, were difficult to quantify at scale. Sizing and positioning Apostle’s Carbon Credit Fund’s exposure was also constrained, as the data to calculate excess emissions was incomplete. Apostle sought a solution that could integrate emissions analysis into both total portfolio oversight and day-to-day security selection. They also required a more intuitive, repeatable process for collecting and validating emissions data across multiple managers; an operational challenge common across the market, but one that limited how actively the team could manage toward its climate objectives.

Emmi’s Carbon Diagnostics equipped Apostle with insights that were previously out of reach, enabling the translation of emissions data into meaningful, portfolio-wide investment action. By integrating temperature alignment metrics, carbon budget tracking, and financed emissions data into both top-down oversight and bottom-up equity selection, Apostle refined its decarbonisation strategy. The team applied exclusionary screens to remove high emitters and began managing more actively toward 1.5°C alignment across all asset classes, including private markets. By the second year, Apostle saw measurable improvements. Scope 3 emissions declined as new data was integrated into screening, and temperature alignment scores improved. Benchmarking emissions against carbon budgets gave a clearer view of where excess emissions sat, and what levers could be pulled to address them.

Apostle selected Emmi’s Carbon Diagnostics to strengthen its net-zero investment strategy and close critical data and integration gaps. Emmi became their primary source of financed emissions data, offering full asset-class coverage, including private markets, and applying a consistent methodology across the entire portfolio. Apostle used Emmi’s temperature alignment metrics to assess how closely their equity holdings tracked against the IPCC 1.5°C scenario.

This informed their exclusionary screening process and enabled them to build portfolios that better aligned with net-zero objectives, improving alignment year-on-year. To support carbon credit positioning, Apostle relied on Emmi’s Potential Carbon Liability (PCL) analysis. This allowed them to determine the appropriate hedge for the Apostle Carbon Credit Fund and assess which companies might face future price risks due to excess emissions beyond their budget. Equally important was the partnership experience. Emmi’s team provided responsive, expert support and a tailored onboarding process. This enabled Apostle to efficiently collect data across multi-manager strategies, create repeatable workflows, and integrate diagnostics into risk, reporting, and portfolio management systems.

PCL analysis added a financial lens, helping the team evaluate carbon price risk and structure their carbon credit exposure more effectively. These tools delivered a new level of precision in both investment and risk decisions.

Operationally, the transition was smooth and scalable. With tailored onboarding and direct support, Apostle established a repeatable data collection process across managers, improving data quality and enabling faster, more confident integration.