1. That all secured carbon offset funding is held and consolidated in a carbon offset fund called the Green Buildings Fund to maximise carbon offsetting opportunities.
2. That the Green Buildings Fund is spent to deliver carbon offsetting projects in accordance with the council’s climate change strategy and action plan. The initial focus of offsetting projects will be the decarbonisation and retrofitting of community buildings, schools and council housing.
3. That officers prepare recommendations with input from relevant cabinet members on which carbon offsetting projects to fund. The relevant delegated officer or the planning committee will approve the release of the funds for carbon offsetting projects using existing s106 processes.
4. That the funding criteria for carbon offsetting projects to be agreed by officers and relevant cabinet members.
5. That officers seek other sources of co-funding for the Green Buildings Fund, and review options for a new local carbon offset price in parallel to the New Southwark Plan early review, to encourage greater onsite carbon reduction performance and ensure the carbon offset price fully covers offsetting costs.