GS11677 GS11902 Malawi Biomass Energy Conservation Programme CPA 19

Audit Analysis

A Gold Standard cookstove project in Malawi with a VVB-confirmed investment additionality test, a quantified 5% leakage deduction, and no reported reversal events. However, significant data contradictions across documents—particularly in ERR figures (243,647 vs 760,155) and crediting period dates (ending 2025 vs 2036)—undermine confidence in the reported figures. The project-specific baseline, absence of a stated buffer pool, and unresolved CORSIA/CCP eligibility status introduce moderate over-crediting risk.

Project Description

Red Flags

• ⚠ERR discrepancy: the verification report references a claimed figure of 760,155 while the monitoring report and verified figure both show 243,647 for the same 2024 monitoring period, suggesting either a cumulative vs. period confusion or a 68% over-claim that is not clearly explained
• ⚠Crediting period contradiction: the monitoring report (2023) states the period ends 2025-03-31, while the validation report (2022) states it ends 2036-10-14, a 11-year gap that is unexplained and affects the pro-rata ERR expectation
• ⚠No buffer pool percentage or permanence claim period is stated in any available document, leaving reversal risk for a cookstove project unquantified
• ⚠CORSIA eligibility and CCP status are not stated in any document, leaving dual-channel double-claiming risk unaddressed

Credit Vintages