Rio Pepe y ACABA REDD+ Project
#198of 261 in Soil carbon#116of 124 in Colombia#1166of 1339 in Verra (VCS)#10of 10 in VM0006
Audit Analysis
The Rio Pepe y ACABA REDD+ project has a verified additionality test and a 20% quantified leakage deduction, but is undermined by an extensive list of nonconformities (29 VCS NCRs, 21 CARs), a 5-year gap between the monitoring period and verification, a project-specific baseline, and a significant longevity risk (30-year financial plan versus 60-year legal commitment). The project over-delivered relative to its pro-rata ex-ante expectation, which is positive for claim safety, but the internal contradiction between the stated 'quantified' leakage justification and the material finding of no market-leakage calculation weakens confidence in the integrity of the credit.
Red Flags
- 29 VCS nonconformity reports and 21 corrective action requests were raised during verification, indicating systemic documentation and implementation gaps
- Project longevity risk scored 15: the 30-year financial plan does not cover the 60-year legal commitment, creating a material permanence gap
- Fire, pest, and geologic risks were scored 0 with no mitigation measures implemented, despite the project being in a flood- and landslide-prone area in Colombia
- The 2024 verification report states leakage is 'quantified' yet a material finding explicitly notes 'No calculation and assessment of market leakage' — an internal contradiction
- The CCB verification public comment period was not conducted prior to verification, a procedural compliance gap
Credit Vintages
| Issued | Retired | Available | ||
|---|---|---|---|---|
| 2014 | 18,548 | 8,599 | 9,949 | |
| 2015 | 201,745 | 201,745 | 0 | |
| 2016 | 175,579 | 175,579 | 0 | |
| 2017 | 171,414 | 88,783 | 82,631 | |
| Total | 567,286 | 474,706 | 92,580 |
Risk Indicators
VVB-confirmed combined test
Buffer pool present but longevity risk and unmitigated hazards
20% deduction stated but market-leakage calculation missing
Project-specific baseline; reassessment not yet due under VCS 10-yr rule
FPIC, grievance mechanism, and benefit sharing documented
CORSIA and CCP status not stated in available documents
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