Jiangsu Lisaike PET Recycling Project
#463of 1084 in China#537of 1339 in Verra (VCS)#18of 72 in AMS-II.I
Audit Analysis
The Jiangsu Lisaike PET recycling project has a VVB-verified investment additionality test and a reasonable 'not applicable' reversal position for a waste-handling activity, but is undermined by three material findings (including a baseline calculation error and IRR inconsistency), a project-specific baseline with no stated reassessment date, a 0% leakage deduction justified only as 'deemed negligible,' and the absence of a buffer pool. The ERR figures across documents are reconcilable on a pro-rata basis, but several key parameters (FNRB, usage rate, CORSIA/CCP status) are not stated in the available record.
Red Flags
- Three material findings in the verification report, including an ex-ante baseline error (PET production used instead of waste PET collected) and IRR spreadsheet inconsistency with the FSR, all requiring corrective action
- Leakage deduction of 0% justified only as 'deemed negligible' without a quantified or methodologically grounded explanation for a PET recycling project where displaced energy or alternative recycling pathways are plausible
- FNRB value, usage rate (assumed and verified), and CORSIA/CCP eligibility all absent from the extracted record
Credit Vintages
| Issued | Retired | Available | ||
|---|---|---|---|---|
| 2021 | 45,441 | 45,341 | 100 | |
| 2022 | 48,668 | 21,583 | 27,085 | |
| Total | 94,109 | 66,924 | 27,185 |
Risk Indicators
VVB-verified investment test
mixed evidence / unresolved risk
0% deduction, 'deemed negligible' only
Project-specific, reassessment date not stated
Grievance mechanism present, FPIC not stated
CORSIA and CCP status not stated
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