Waste management at multiple locations in India

Audit Analysis

This ICR-registered waste management project in India has a verified additionality assessment and no reported reversals, but is burdened by 22 material findings and 9 corrective actions that expose serious gaps in baseline justification, methodology compliance, and ownership clarity. The 0% buffer pool and 0% leakage deduction (merely 'deemed negligible') leave no safety margin, and the project delivered only ~34% of its pro-rata ex-ante expectation, raising questions about the robustness of the original estimate. The low extraction confidence and an ERR discrepancy between the issuance and validation documents further erode confidence in the data record.

Project Description

Red Flags

• ⚠22 material findings in the validation report, including insufficient baseline justification under SWM Rules 2016, methodology deviation on aerobic pre-treatment, and unclarified MCF and collection-efficiency assumptions
• ⚠Ownership confusion between Zigma Global and Blue Planet across the PDDMR, issuance, and validation documents
• ⚠ERR discrepancy: 230,395 tCO₂e in the 2026 validation report vs 531,174 tCO₂e in the 2025 issuance document
• ⚠PDDMR does not adequately demonstrate compliance with all ICR eligibility requirements (flagged by VVB)

Credit Vintages