Jiangsu Qidong Yongyin Recycled PET Project

Audit Analysis

A VCS-registered PET recycling project in China with a VVB-verified investment additionality test, but the verification report flagged nine material findings including undemonstrated regulatory surplus and benchmark justification. The project delivered roughly 42% of the pro-rata ex-ante expectation for the elapsed monitoring period, and several key MRV parameters (FNRB, usage rates) are absent from the extracted record. Overall a mid-range project with moderate data gaps and under-delivery relative to its design estimate.

Project Description

Red Flags

• ⚠Nine material findings in the verification report, including 'regulatory surplus not demonstrated' and 'benchmark value selected and type not demonstrated', which go to the core of the investment additionality test
• ⚠Verified ERR of 34,010 tCO₂e is only ~42% of the pro-rata expectation (~81,500) derived from the PDD lifetime estimate of 386,449 over the 1.48-year monitoring window of a 7-year crediting period
• ⚠Leakage deduction of 0% justified as 'deemed negligible' in the verification report, while the monitoring report characterises leakage as 'quantified' — an inconsistency in treatment
• ⚠Sixteen corrective actions were required, including revising the equation in section 5.2 of the joint PDMR and resubmitting the IRR calculation sheet

Credit Vintages

No issuances recorded on the registry.