How does the scheme work?
The Retrofit Credit Journey
A step by step breakdown:
Camden Council enrols housing stock where retrofit works could improve the thermal efficiency of the home and/or reduce the carbon intensity of the heating source.
HACT and PNZ group calculates the potential emission reductions using the Verified Carbon Standard and projected funding available from Retrofit Credits.
HACT calculates the social value generated by the retrofit works using the UK Social Value Bank.
Once retrofit works are complete, PNZ group originates Verified Carbon Units (Retrofit Credits) with Verra Registry backed by the certified emission reductions. This ensures the uniqueness and integrity of the credits issued.
HACT and PNZ group manage the sale of the Retrofit Credits with businesses looking to purchase credits.
Camden Council receives payment for the emission reductions and social value created whilst the business purchasing the credits can claim and report these benefits.