Terminal Road Sustainable Wetlands and Mangrove Conservation (Tr-SWAM)

Audit Analysis

A pre-operational mangrove conservation project (crediting starts 2028) registered in the Indian Carbon Registry with a 10% buffer pool and VVB-confirmed additionality, but hampered by a project-specific baseline, unresolved FPIC contradiction, 30 material findings at validation, and a low-confidence extraction record. The ERR figures (29,238 lifetime vs 975 per-year) are internally consistent but poorly labelled, and no monitoring data exists yet. Overall a moderate-risk project with meaningful documentation gaps that must be closed before first issuance.

Project Description

Red Flags

• ⚠FPIC contradiction: the PDD (2025-03-10) states FPIC was conducted, but the validation report (2025-03-12) records it as not conducted; the VVB's assessment is privileged, leaving a safeguards gap for a community-facing conservation project
• ⚠Reversal events recorded as 'not_addressed' in the validation report, despite a 10% buffer pool being applied; the PDD's 'none_reported' is less conservative and was not privileged
• ⚠30 material findings (7 CARs, 23 CLs) and 18 corrective actions at validation, including missing financial additionality calculation, missing CO2 removal data, and missing stakeholder engagement details
• ⚠Low extraction confidence across the document set, meaning at least one key document was poorly readable and some facts may be incomplete
• ⚠0% leakage deduction for a blue-carbon mangrove project, justified as 'quantified' in the 2025 validation but 'not_addressed' in the 2024 version

Credit Vintages