Maguary Ceramic Fuel Switching Project

Audit Analysis

The Maguary Ceramic Fuel Switching Project is a VCS-registered fuel-switching project in Brazil with a confirmed barrier additionality test and a locally measured FNRB of 0.994, but it is undermined by the absence of a buffer pool, a 0% leakage deduction that the verification report itself questions, a VVB rotation non-conformity, and nine cross-document contradictions. The project delivered roughly 59% of its pro-rata ex-ante expectation for the 2012–2018 monitoring window, which is conservative, yet the volume of material findings and corrective actions signals significant MRV and governance weaknesses.

Project Description

Red Flags

• ⚠VVB rotation requirement (VCS Standard v4, Sec 4.1.20) was not met, as flagged in the 2024 verification report
• ⚠Leakage deduction of 0% justified as 'deemed negligible' while the same verification report lists a material finding on lack of clarity regarding non-renewable biomass leakage and absence of an ex-post survey
• ⚠Inconsistency in verified emission reductions between the verification report and monitoring report (41,302 vs 41,602 tCO2e) noted as a material finding
• ⚠Nine contradictions across documents on safeguards, FPIC, grievance mechanism, benefit sharing, leakage justification, FNRB method, additionality test type, and ERR figures

Credit Vintages