HACT and Arctica Partners Retrofit Credits initiative announced as finalist for 2023 Ashden Award for Energy Innovation
HACT, along with our partners Arctica, are among one of sixteen outstanding organisations delivering innovative climate solutions that have reached the finals of the prestigious 2023 Ashden Awards.
Of the 240 organisations who applied for the 2023 Ashden Awards, HACT is one of just two finalists in the category Ashden Award for Energy Innovation following a rigorous assessment and judging process involving on-the-ground visits and input from sector experts.
This fantastic achievement is in recognition for our work in accelerating the UK’s net zero journey through our Retrofit Credits initiative, the first carbon credit in the world focused on additional funding for the retrofit of homes. The initiative has only been recently rolled out following the huge success of the initial pilot from the past 12 months. It not only captures the carbon emission reductions created by retrofit works but also incorporates the positive wellbeing impact for those living in these homes, thanks to metrics contained within the UK Social Value Bank.
At HACT we’re passionate about the importance of the decarbonisation of homes for residents, to a standard that is both comfortable and energy efficient. But we are aware that it can be expensive. And with homes accounting for almost a quarter of the UK’s total carbon emissions these homes represent the largest barrier to reaching net zero before 2050.
When we developed our Retrofit Credits initiative to help with this issue, we knew it was a game-changer for the sector – what we didn’t expect was to be short-listed so soon for an award.
The credits originated through the pilot alone will generate about £100,000 in revenue this year. Over the next twenty years, we forecast that these credits will raise over £7 million that can be reinvested back into retrofit works. The interest has been overwhelming from both those carrying out the works and those wanting to invest in credits meaning the environmental impact along with the positive social value impact on residents’ wellbeing is set to exponentially grow.
Andrew van Doorn, HACT’s chief executive is delighted that the project has been recognised so quickly:
“I’m incredibly proud that our Retrofit Credits scheme has reached the final of such a prestigious award in such a short period of time - and even more delighted to see the HACT and Arctica team’s hard work being recognised by Ashden.
The future potential for this initiative is huge in being able to make an impact in supporting the delivery of warm, comfortable and energy-efficient homes for residents improving their wellbeing along with levering even more resources for us to achieve net zero’.
Simon Turek, managing director at Arctica Partners, said:
"I’m delighted that the Retrofits Credits scheme, delivered alongside HACT, has been recognised by the prestigious Ashden Awards. Our one-of-a-kind scheme has the potential to rapidly decarbonise the UK’s housing stock, and we’re proud that this scheme also delivers significant social value by helping to create warmer, more efficient homes for generations to come."
Ashden, a UK charity, has been spotlighting transformative climate solutions for more than 20 years through their prestigious Ashden Awards scheme.
Dr Stephen Hall, head of awards at Ashden, said:
“Our finalists are boundary-pushing pioneers cutting emissions and restoring nature. Crucially, they show how green jobs and community projects can drive a just transition and more equal society.”
“This blows apart the ridiculous idea that net zero will make us all worse off. Politicians should put our finalists and other trailblazers at the heart of inclusive, ambitious plans for a sustainable future.”
The finalists for all Awards will be judged by international specialists on each award category. The winners will be announced in London in-person/online on 14 November 2023. Winners will receive financial and strategic support.
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