It’s only been 12 months since the launch of Retrofit Credits, a new initiative from AAA members HACT and its partners PNZ Carbon, but it has already been successful in winning the prestigious annual Ashden Award for Energy Innovation in the UK.
Retrofit Credits is the only project in the world originating carbon credits for the decarbonisation of housing stock. And, at a ceremony held on 14th November, HACT was joined by other Ashden Award winners from India, Cameroon, Nigeria, Uganda and Kenya. All the Ashden Award winners were showcased in a ceremony at the Royal Geographical Society and will receive grants, global publicity, and connection to funders, investors and partners who can help them scale their projects and create even more impact.
The award was made in recognition of HACT and PNZ Carbon’s work in facilitating the UK’s transition to net zero by funding the affordable retrofitting of British homes from the commercial demand for transparent, localised carbon credits.
Retrofit Credits not only capture each tonne of carbon reduction created by retrofit works but also have an attached social impact value, based on the UK Social Value Bank, another of HACT’s pioneering initiatives. This enables buyers of our credits to model, monitor, and measure their social impact through improvements in resident health and wellbeing
As a result of the Energy Redress Scheme funded pilot, Retrofit Credits will raise over £7 million that can be reinvested back into retrofit work. That’s equivalent to another 500 homes being retrofitted, which is another 500 families with warmer, more energy efficient homes, as well as huge reductions in carbon emissions.
HACT’s future plans are to deliver Retrofit Credits at scale through more partnerships, more buyers, new financial instruments, and increased investment, so they can create more impact for individuals and communities.
Andrew van Doorn, HACT’s chief executive is delighted that the project has been recognised so quickly: “We’re incredibly honoured. We’d also like to acknowledge the 22 social housing organisations who participated in our successful pilot, and those buyers who invested in the credits, believing in our vision and supporting us in proving its success – as well as those residents whose homes were retrofitted.
“Retrofit Credits is all about impact and we’re excited about the future and our next ambition for delivering this impact at scale – for people, for place, and ultimately, for our planet.”
