Agasco Improved Cookstoves Nigeria

Audit Analysis

The Agasco Improved Cookstoves Nigeria project has VVB-confirmed additionality and recent baseline reassessment, but is undermined by a very low leakage deduction (0.95%), no stated buffer pool, twelve material findings with two corrective actions, and ten cross-document contradictions on key parameters. The project delivered only about 4% of its pro-rata lifetime credit expectation for the elapsed monitoring period, raising serious questions about the realism of the original ex-ante estimate. Data reliability is further weakened by a factor-of-two discrepancy in the fuel net replacement benefit between the validation and verification reports.

Project Description

Red Flags

• ⚠Fuel net replacement benefit (fnrb) differs by more than a factor of two between the validation report (0.82, Dec 2023) and the verification report (0.38, Aug 2025), creating material uncertainty in the credit calculation
• ⚠Leakage deduction of only 0.95% is extremely low for an improved-cookstove project where household reversion to traditional stoves is a well-known risk; the verification report calls leakage 'deemed negligible' while the monitoring report describes it as 'quantified'
• ⚠No buffer pool percentage is stated in any available document, leaving permanence risk (stove breakage, abandonment) unmitigated
• ⚠Twelve material findings (six compliance lapses, six corrective actions) plus six additional stakeholder concerns were logged in the verification report, indicating systemic implementation issues
• ⚠The project delivered approximately 38,183 tCO₂e for a ~22-month monitoring period against a lifetime ex-ante estimate of ~2.53 million tCO₂e over 60 months, implying delivery of only ~4% of the pro-rata expectation

Credit Vintages