Programa de Compensaciones de Gases de Efecto Invernadero (GEI) – Reforestadora Cacerí S.A.

Audit Analysis

A Colombian reforestation project under the CerCarbono standard with VVB-confirmed additionality and a 15% buffer pool, but undermined by serious land-tenure disputes affecting 8 of 12 properties, two still-open significant adverse findings, and a weak 0% leakage justification. The project over-delivers relative to its ex-ante estimate, which is reassuring for claim safety, yet the FNRB discrepancy between the PDD and validation report and the absence of documented safeguards and FPIC processes leave material gaps in the project's environmental and social integrity.

Project Description

Red Flags

• ⚠Land tenure not assured for 8 of 12 properties due to embargoes, land restitution annotations, and 'falsa tradición' claims — a fundamental eligibility risk for a land-based credit project
• ⚠Two Significant Adverse Findings (SAF1: unresolved land tenure; SAF2: failure to register first-period credits in RENARE) remain open from verification No. 2
• ⚠Illegal mining deforestation detected near parcel 90 (Finca Santa Isabel), directly threatening the eligible area
• ⚠Safeguards documentation is contradictory within the same verification report (stated both as present and absent), and FPIC / grievance mechanism are not found in any extracted document
• ⚠FNRB value differs by a factor of two between the PDD (0.22) and the validation report (0.47), creating uncertainty about the true removal rate

Credit Vintages