ILHA DO BANANAL +

Audit Analysis

The Ilha do Bananal+ REDD project in Brazil demonstrates solid methodological fundamentals with a VVB-verified combined additionality test, a jurisdictional baseline, a 10.5% buffer pool, and a quantified 10% leakage deduction. However, multiple material contradictions across documents—particularly on the buffer pool percentage, baseline classification, and lifetime ERR figures—undermine confidence in the data integrity. The project over-delivered relative to its pro-rata expectation, but pending SINARE registration and unresolved document inconsistencies warrant caution.

Project Description

Red Flags

• ⚠Buffer pool percentage contradicts between the verification report (10.5%) and the monitoring report (5%), creating uncertainty about the actual permanence protection level
• ⚠Baseline method is described as 'jurisdictional' in the monitoring report but 'project' in the issuance document, raising questions about the true baseline stringency
• ⚠Reversal events are marked as 'not addressed' in the verification report while the validation report states 'none reported'—the verification report's silence on non-permanence risk is a gap
• ⚠Lifetime ex-ante ERR differs by a factor of three between two validation reports (17.7M vs 53.7M tCO2e), indicating significant calculation revisions
• ⚠SINARE (Brazilian national registry) registration is still pending, representing a compliance gap under Brazilian regulations

Credit Vintages