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Scottish Widows Growth Fund

Resolver 2026-09-30-sl-adopt · verdicts 2026-10-12-ship · carbon feed 2026-09-07-metrics-rev2 · Licence-restricted verdicts withheld

Transition evidence

Where this book has a material gap

Alternatives are ranked on emissions trajectory and evidence agreement only. This is not investment advice and says nothing about returns, valuation or suitability.

3 holdings (0.62% of the scheme) are behind their own promise or have witnesses that disagree, ranked by the carbon at stake in this book (weight × verified, else observed, tonnes). 0 carry a same-sector alternative; 1 have none in the assessed set, which is recorded, not padded.

  1. Exxon Mobil CorporationWitnesses differ weight 0.43% · 4.70 Mt verified
    Verified 2025: 4.70 Mt at 4 installations. Observed at the matched installations: 3.30 Mt (verified there: 2.11 Mt). Observed above verified beyond band (±46%) in 2023 (+50%), 2024 (+55%) and 2025 (+56%). The two independent sources differ; this is not a finding about the company.
    Evidence
    • EU ETS installations: BE_175, BE_176, BE_177, NL_96, ['BE_176']
    • Climate TRACE sources: ['3143743']
    • Climate TRACE fleet: C:\~\Blockfilm\.claude\worktrees\camd-calibration\ESGTools\fetchers\snapshots\climate_trace\2026-10-12-ship\trend_climate_trace.csv; company_id 4503
    • Promise: Company filing p.67 — “Our 2030 plans are expected to result in a 20%-30% reduction in corporate-wide greenhouse gas intensity, including reductions of 40%-50% in upstream intensity, 70%-80% in corporate-wide methane inte”
    Alternative
    No alternative sought: the observed perimeter is too thin to speak for the company.
  2. Shell plcWitnesses differ weight 0.16% · 8.74 Mt verified
    Verified 2025: 8.74 Mt at 5 installations. Observed at the matched installations: 4.45 Mt (verified there: 3.34 Mt). Company filed (ETS scope): 37.3 Mt (ESEF AR p.370), on a wider perimeter than the mapped holders, not compared. Observed above verified beyond band (±35%) in 2023 (+43%) and 2024 (+62%). The two independent sources differ; this is not a finding about the company.
    Evidence
    • EU ETS installations: 'NL_383'], DE_31, DE_32, NL_205868, NL_383, NL_99, ['DE_32',
    • Climate TRACE sources: '3143897'], ['18648367',
    • Climate TRACE fleet: C:\~\Blockfilm\.claude\worktrees\camd-calibration\ESGTools\fetchers\snapshots\climate_trace\2026-10-12-ship\trend_climate_trace.csv; company_id 12384
    • Company filing (2025): annual_financial_report_esef p.370 — “The percentage of Scope 1 GHG emissions from assets falling under regulated emission trading schemes was 54% on an ESRS reporting boundary” sha256 3403693753ac
    • Promise: Company filing p.98 — “reduce Scope 1 and 2 absolute emissions from assets and activities under our operational control (including divestments) by 50% by 2030 compared with the 2016 baseline, on a net basis”
    Alternative
    No alternative sought: the observed perimeter is too thin to speak for the company.
  3. Neste OyjDisputed weight 0.03% · 2.24 Mt verified
    Verified 2025: 2.24 Mt at 1 installation. Company filed (ETS scope): 2.51 Mt (ESEF AR p.36). Company filing below verified beyond band (±15%) in 2022 (−21%) and 2023 (−18%).
    Evidence
    • EU ETS installations: FI_533
    • Company filing (2025): annual_financial_report_esef p.36 — “Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%) 94 94 90” sha256 aced53b810b3
    • Promise: Company filing p.106 — “Scope 1 & 2: Reduce GHG emissions in Neste’s own operations by 24% by 2030, 50% by 2035, and 80% by 2040 compared to 2019 baseline”
    Alternative
    Neste Oyj: company filing disputed against verified. No same-sector alternative in the assessed set passes the rule.

Ahead in this book

Alternatives are ranked on emissions trajectory and evidence agreement only. This is not investment advice and says nothing about returns, valuation or suitability.

  1. Enel S.p.A.Ahead weight 0.16% · 11.61 Mt verified
    Promised −6.0% a year (2017→2030, −55% Scope 1+2+3, filing p.135). Observed −16.2% a year 2021–2025, verified. Ahead by 10.2 points (tolerance ±5.1 points).
    Evidence
    • EU ETS installations: 'ES_223',, 'ES_225',, 'ES_226',, 'ES_227',, 'ES_719',, 'IT_307',, 'IT_358',, 'IT_416',, 'IT_430',, 'IT_521',, 'IT_538',, 'IT_546',, 'IT_573'], ES_1508, ES_222, ES_223, ES_224, ES_225, ES_226, ES_227, ES_228, ES_229, ES_431, ES_46, ES_47, ES_526, ES_719, ES_90008, ES_90009, ES_90047, ES_90048, IT_275, IT_307, IT_358, IT_416, IT_430, IT_439, IT_521, IT_538, IT_546, IT_564, IT_573, ['ES_1508',
    • Climate TRACE sources: '25450834',, '25450840',, '25453242',, '42299593',, '4402241',, '447987',, '447988',, '448029',, '448034',, '448038',, '449601',, '449604', and 4 more
    • Climate TRACE fleet: C:\~\Blockfilm\.claude\worktrees\camd-calibration\ESGTools\fetchers\snapshots\climate_trace\2026-10-12-ship\trend_climate_trace.csv; company_id 201794
    • Company filing (2024): annual_financial_report_esef p.146 — “Scope 1 GHG emissions covered by regulated emission allowance exchange systems (EU-ETS) % 73 74 (1) -” sha256 3405e99f03d4
    • Promise: Company filing p.135 — “Timing Medium term (2030) Long term (2040) GHG targets 10.4 MtCO 2eq <2.5 MtCO 2eq Net zero emissions % reduction compared to 2017 (SBTi baseline) -55% -90%”

Coverage

Of this scheme's Scope 1 exposure, 42% verified, 10% independent, 3% assured and 45% self-filed. The shares are REVENUE-weighted: each holding counts as its weight × the company's Scope 1 ÷ its revenue, the same decomposition as the carbon-intensity figure, and they are never added together. 82 held companies have a Scope 1 figure but no revenue figure, so they are outside this measure on both sides: by absolute tonnes they carry 27% of this scheme's Scope 1. With a sector-median revenue imputed for the companies that have none: 38% verified, 15% independent, 2% assured and 44% self-filed. Weighted by absolute tonnes instead (which lets the largest emitters dominate): 12% verified, 3% independent, 2% assured and 83% self-filed. Not counted anywhere yet: 45 Climate TRACE fleets (398 Mt) that no company record joins and that wait for a person's review, the largest China Resources Power Holdings Co Ltd at 118 Mt; if any of them is held, its Climate TRACE tonnage is missing from the independent share above.

Two verdicts per holding, independent of each other, neither a score. Agreement: do the witnesses agree on what happened? Pace: is it moving at its own promised speed? They sit beside the band and never in it. Shares are of the whole scheme by weight; 12.7% did not resolve to a company and is counted as not assessed.

Agreement

Agree0.0%
Disputed0.0%
Witnesses differ0.6%
Partial0.3%
Not assessed99.1%

Pace

On track0.2%
Behind0.0%
Ahead0.2%
Not assessed99.7%

0.5% of the scheme carries a Pace verdict resting on a licence-restricted promise; it is shown here as not assessed.

Perimeter: Agreement rests on EU ETS installations only, so every Agreement state here is EU-only observation. Of the holdings with any state, 9 (0.9% of the scheme) rest on EU-only observation and 1 (0.1%) on Climate TRACE power plants only.

Disputed means the sources disagree, never misreported. Witnesses differ means the two independent sources disagree with each other and is not a finding about the company. Behind means slower than the company's own promise and says nothing about 1.5°C. No temperature, no alignment verdict, no number out of 100. Rule: climate/DECISION-TRANSITION-STATES.md.