Top Third Ventures Stove Programme CPA KE0002 – BURN Efficient Cookstoves for Kenya supported by Republic of Korea

Audit Analysis

The BURN cookstove CPA in Kenya has a verified additionality assessment, no reversal events, and a quantified 5% leakage deduction, but is severely undermined by a verified ERR that is approximately ten times the pro-rata ex-ante expectation for the elapsed monitoring period, a 51% gap between assumed and verified usage rates, and over forty material findings across the verification and monitoring reports. The project's claim safety is materially compromised by the over-crediting signal and the absence of CORSIA/CCP status confirmation.

Project Description

Red Flags

• ⚠Verified ERR of 74,357 tCO2e is approximately 10× the pro-rata ex-ante expectation (~7,400 tCO2e) for the 104-day monitoring period within a 5-year crediting period, indicating a severe over-crediting signal
• ⚠Usage rate assumed at 0.9 in the PDD but verified at only 0.438 in the 2026 verification report — a 51% shortfall that should reduce, not increase, the ERR relative to ex-ante
• ⚠Verified ERR dropped from 117,841 tCO2e (Oct 2025 VR) to 74,357 tCO2e (Aug 2026 VR) between consecutive verification reports, a 37% reduction that is unexplained in the extracted record
• ⚠Over 40 material findings (CARs and CLs) across the verification and monitoring reports, including inconsistent ER values, incorrect SDG calculations, missing sampling design details, and calibration errors
• ⚠CORSIA eligibility and CCP status are not stated in any available document, leaving dual-channel risk unassessed

Credit Vintages