Trowers & Hamlins Launches Groundbreaking Carbon Credit Initiative

Hello, Champions of Net Zero!

In an inspiring move towards achieving sustainability and addressing climate change, the renowned international law firm Trowers & Hamlins has joined forces with the pioneering HACT Retrofit Credit Scheme. This initiative is notable for being the first carbon credit programme of its kind, both in the UK and globally. Spearheaded by the Housing Associations’ Charitable Trust (HACT) in collaboration with PNZ Carbon, and certified by the Verified Carbon Standard, the scheme aims to unlock vital funding for the decarbonisation of social housing, thereby delivering measurable environmental and social benefits.

Trowers & Hamlins’ involvement in the HACT Retrofit Credit Scheme is not just a standalone effort; it is a significant part of the firm’s broader sustainability and social impact strategy. With an ambitious goal of achieving a 90% reduction in carbon emissions by 2050, the firm is committed to helping build a world that is environmentally sustainable and socially responsible.

Chris Paul, Head of the Energy and Sustainability team at Trowers & Hamlins, expressed his enthusiasm about the partnership, stating, “Reducing our own emissions remains our primary focus, but we also recognise that there are actions we can take to address the climate crisis beyond our immediate impact. The HACT Retrofit Credit Scheme facilitates essential funding for retrofitting the UK’s social housing stock with improved insulation and low-carbon heating systems. By leveraging the UK Social Value Bank to quantify the positive impact on residents’ lives, this initiative builds on the valuable work we’ve been doing in the affordable housing sector for many years.”

The decarbonisation of homes is widely acknowledged as a critical component in achieving the UK’s net zero target. Retrofitting social housing is central to this mission, enhancing not only environmental outcomes but also improving the quality of life for residents. As a trusted advisor in the housing sector, Trowers & Hamlins’ participation in the HACT Retrofit Credit Scheme has already led to a remarkable reduction of 120 tCO2e, alongside generating an impressive £69,480 in social value—an impact that is meticulously measured by the UK Social Value Bank, which places a primary focus on residents’ well-being as a key indicator of social impact.

Antoine Pellet, Head of Retrofit Credit at HACT, shared his thoughts on the collaboration, stating, “It has been a real pleasure working with such a well-regarded and influential group as Trowers & Hamlins on the collaboration of their support for Retrofit Credits, not only in monetary terms to assist with the decarbonisation of UK social housing but also in their efforts to highlight the impact of the project within the sector.”

Pellet further expressed gratitude, noting, “HACT and PNZ Carbon would like to thank Trowers & Hamlins for their support, which has created a real, tangible difference, positively impacting the environment and the lives of residents through the funding of retrofit measures undertaken on UK social homes. This has resulted, as Chris Paul mentions, in the reduction of multiple tons of CO2 and facilitated thousands of pounds worth of positive social value impact for the people who live in them. We very much look forward to a continued and strong collaboration for many years to come.”

The importance of retrofitting social housing cannot be overstated, especially in the context of the UK’s ambitious climate goals. With approximately 4 million social homes in the UK, many of which are poorly insulated and reliant on outdated heating systems, the need for intervention is urgent. The HACT Retrofit Credit Scheme not only aims to improve energy efficiency but also to enhance the lives of residents who often face fuel poverty and health challenges exacerbated by inadequate living conditions.

As we navigate the complexities of climate change, partnerships like the one between Trowers & Hamlins and HACT serve as a beacon of hope. By aligning legal expertise with innovative funding solutions, they are tackling the dual challenges of environmental sustainability and social equity. Their collaborative efforts highlight how the legal sector can play a pivotal role in the journey towards a net-zero future.

In addition to the immediate benefits of reducing carbon emissions, the scheme also offers long-term financial savings for social housing providers and their tenants. Improved insulation and low-carbon heating systems can lead to significantly lower energy bills, making homes more affordable and reducing the financial strain on residents. This aligns perfectly with the broader goals of social housing providers, who aim to create stable and supportive environments for their tenants.

Moreover, the social value generated through this initiative extends beyond financial metrics. By improving living conditions, the scheme contributes to better physical and mental health outcomes for residents. Warm, well-insulated homes can reduce instances of respiratory illnesses and other health problems linked to cold and damp living conditions. As a result, the HACT Retrofit Credit Scheme not only addresses climate change but also uplifts communities and enhances the quality of life for some of the most vulnerable members of society.

As we look towards the future, it is clear that the road to net zero will require collaborative efforts across various sectors. The innovative approach taken by Trowers & Hamlins and HACT sets a precedent for how legal firms can engage with environmental initiatives and contribute to meaningful change. Their work serves as a model for others in the sector, showcasing the potential of cross-industry partnerships to drive significant progress in the fight against climate change.

In conclusion, the partnership between Trowers & Hamlins and the HACT Retrofit Credit Scheme represents a significant step forward in the decarbonisation of social housing in the UK. As they continue to collaborate, their efforts will undoubtedly create a lasting impact on both the environment and the lives of residents. The commitment to achieving a 90% reduction in carbon emissions by 2050 is ambitious yet attainable, especially when backed by innovative funding mechanisms and a strong focus on social value.

As Champions of Net Zero, we must continue to support and advocate for such initiatives, recognising the interconnectedness of climate action and social justice. Together, we can build a more sustainable and equitable future for all.

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