Water and Climate VPA #1 – Madhya Pradesh, India

Audit Analysis

This Gold Standard safe-drinking-water project in Madhya Pradesh has a VVB-verified investment additionality test and a quantified 5% leakage deduction, but is undermined by the absence of a buffer pool, FPIC not conducted per the verification report, a project transfer triggered by the original developer's insolvency, and over 30 corrective actions flagged by the VVB. The verified emissions reductions (84,542 tCO₂e) represent roughly 91% of the pro-rata lifetime expectation for the elapsed monitoring period, which is reasonable, but the volume of documentation deficiencies and inter-document contradictions erode confidence in the underlying data quality.

Project Description

Red Flags

• ⚠Over 30 corrective actions required by the VVB, spanning baseline parameters, SDG indicators, grievance mechanism details, and methodology references, indicating significant documentation deficiencies
• ⚠FPIC was not conducted according to the verification report (2024-06-18), contradicting the monitoring report's claim that it was
• ⚠Project transferred from Helioz GMBH to Carbon Impact Capital due to insolvency, raising continuity and long-term management concerns
• ⚠Leakage deduction contradicts between documents: 5% in the verification report vs 0% in the monitoring report

Credit Vintages