GS1354 Vietnam Small Hydro PoA - Krong No 2 Hydropower Project

Audit Analysis

A small hydro project in Vietnam with solid additionality evidence (IRR below benchmark, common-practice analysis, VVB confirmation) and no reversal events, but weakened by a project-specific baseline (downgraded from jurisdictional in the 2012 validation), absence of a buffer pool, and a lack of verified emission-reduction figures to benchmark against the claimed 93,814 tCO₂. Eight contradictions across documents—particularly the shift in baseline method and the large revision in claimed ERR between the 2014 and 2020 PDDs—introduce material uncertainty into the credit's integrity and claim safety.

Project Description

Red Flags

• ⚠Baseline method changed from jurisdictional (2012 validation) to project-specific (2020 validation), reducing the robustness of the counterfactual
• ⚠Total ERR claimed dropped from 409,136 tCO₂ (2014 PDD) to 93,814 tCO₂ (2020 PDD) without a clear reconciliation in the extracted record
• ⚠No verified emission-reduction figure is available in the monitoring report, preventing any over- or under-delivery check
• ⚠No buffer pool percentage is stated, leaving permanence risk unquantified despite the absence of reversal events
• ⚠FNRB value, usage-rate assumptions, and CORSIA/CCP eligibility are all absent from the extracted record

Credit Vintages