*Honiton Energy Bailingmiao Phase One Windfarm Project

Audit Analysis

A Gold Standard wind project in China with a reputable VVB (TÜV NORD CERT) and a jurisdictional baseline, but the record is marred by three material findings (a one-year shutdown, delayed meter calibrations, and spreadsheet data inconsistencies) that required corrective actions. Four cross-document contradictions—particularly the baseline method and grid emission factor—introduce uncertainty into the credit calculation. The project is CCP-approved, and the verified-to-claimed ERR ratio suggests the project is over-delivering relative to its ex-ante estimate, which is a positive signal for claim safety.

Project Description

Red Flags

• ⚠Three material findings in the 2012 verification report: a full-year shutdown (Apr 2010–Mar 2011), delayed calibration of three meters requiring conservative adjustment, and inconsistencies in emission-reduction spreadsheet traceability
• ⚠Baseline method contradiction: the 2009 verification report describes a project-specific baseline while the 2012 report describes a jurisdictional baseline, creating ambiguity about which method underpins the credits
• ⚠Grid emission factor discrepancy: 1.0548 in the 2012 verification report versus 0.92875 (2014 data) in the 2015 PDD, a ~12% difference that directly affects credit volume
• ⚠Additionality VVB confirmation is not explicitly stated in the extracted record, leaving the investment test's independent verification unconfirmed

Credit Vintages