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The new UK Social Value Bank is now available, with updates to the outcomes that are designed around the individual. Although the outcomes are aligned with a monetary figure, the methodology and evidence require a focus on individual experience rather than statistics. With that in mind, environmental outcomes were added to the UK Social Value Bank to reflect better the social impact that green initiatives can have on individuals.
Here we explore the environmental outcomes that you could incorporate into your social value plans:
Energy Efficiency Rating
This is split into three possible outcomes that allow incremental improvements to the Energy Efficiency Rating and measure the value of each step. For example, allowing an Energy Efficiency Rating of E to D in year 1, then from D to C in year 2. The journey to net zero remains high on the sector’s agenda. With this outcome, you can link your work on retrofitting homes to your social value plans.
Pollution
This outcome has the potential to provide the highest social value for each individual environment outcome. Evidencing this outcome focuses on the resident’s experience of pollution from traffic and industry, therefore an approach to tackle the wider issue of pollution in the community is needed.
Buying recycled products and recycling waste
Focusing more closely on residents’ own behaviour, these are two separate outcomes, but both require a change in habits and/ or attitudes along with ensuring recycling is accessible.
Although these outcomes have a relatively lower social value attached to them than other outcomes such as health or employment, they will have a social impact. When housing associations are required to consider environmental factors, it is an easy step to ensure these align with the social value plans for the whole organization.
