Retrofit Credits Service

Description

London Borough of Hammersmith and Fulham Council (the “Council”) is publishing this Preliminary Market Engagement (PME) notice to understand whether there are any organisations in the market, capable of supplying the Council with a “retrofit credits” service: a type of carbon credit for retrofitting social homes. This service would provide the Council with a source of income from selling retrofit credits to buyers of carbon credits. Background The Council manages around 17,000 homes and has a target for the borough and the assets under the Council’s control to achieve net zero. This requires retrofitting these homes with energy efficiency measures and low-carbon heating at scale; a mission not fully covered by existing council budgets or government grant funding. The Council therefore wishes to understand what alternative sources of funding may be available. This PME seeks responses from suppliers of “retrofit credits”, a form of carbon credit, to understand how well developed the market for these is. Outline of the Service Being Sought The service would aim to unlock investment in social housing retrofit projects by verifying emission reductions and social value from these projects and creating carbon credits backed by these reductions to be sold to investors. This service would enable the Council to access funding for retrofit activities that improve energy efficiency and reduce carbon emissions, whilst also generating social value for residents and communities. This Preliminary Market Engagement (PME) notice is being used to enable the Council to understand key details from the market. It is intended that the outcome of this PME will be used to further inform the Council's procurement, service, and contract model, but the Council is under no obligation to any potential Supplier and/or makes no guarantees to any party, resulting from feedback received to this PME.