Bonos Verdes Colombia Grupo Custodiar S.A.
#45of 80 in ARR (afforestation)#114of 124 in Colombia#82of 99 in CerCarbono (CC)#78of 97 in AR-ACM0003
Audit Analysis
This Colombian afforestation project (Green Bonds Colombia) shows reasonable pro-rata carbon delivery (~103% of expectation) and a verified additionality test, but is undermined by a material volume-model error, unaddressed leakage in an AFOLU context, a project-specific baseline, and extensive documentation gaps flagged across 14 verification findings. The VVB (Cercarbono) is also the issuing registry, raising independence concerns.
Red Flags
- Material error: Acacia volume-model equation was incorrectly applied to Eucalyptus stands for 2018–2019, potentially distorting carbon estimates
- Leakage deduction of 0% with justification recorded as 'not addressed' in the latest verification report — a significant gap for an AFOLU project
- Pest defoliation (Glena sp.) affected 178.2 ha in 2019–2020, representing a concrete permanence risk
- New species (Gmelina arborea) included in monitoring but absent from the original PDD, raising scope-creep concerns
- VVB (Cercarbono) is the same entity as the issuing registry, limiting independence of verification
- Leakage not addressed in project documentation
Credit Vintages
| Issued | Retired | Available | ||
|---|---|---|---|---|
| 2008 | 2,051 | 2,051 | 0 | |
| 2009 | 13,960 | 13,960 | 0 | |
| 2018 | 669 | 0 | 669 | |
| 2019 | 10,186 | 0 | 10,186 | |
| 2020 | 11,562 | 0 | 11,562 | |
| Total | 38,428 | 16,011 | 22,417 |
Risk Indicators
VVB-confirmed test
15% buffer but reversal 'not addressed'; 178 ha pest damage
0% deduction, justification 'not addressed' in AFOLU project
Project-specific baseline; reassessment timing not stated
Safeguards mentioned; FPIC and grievance mechanism not documented
CORSIA and CCP status not stated in available documents
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