The Black Box
HOW TRUST USUALLY BREAKS
Buried Assumptions
Baseline assumptions buried in annexes, impossible to trace end-to-end.
Narrative over Data
"Trust us" narratives without access to raw data or decision logic.
Generic Buffers
Generic risk buffers applied without reference to local law, forest practice, or ownership reality.
The Glass Box
HOW SILVADOR EARNS TRUST
Source-Linked Claims
Every claim is linked to a specific page, table, or dataset in the audit trail.
Structured for Review
Project data is structured explicitly for rating agency and buyer review, not post-hoc storytelling.
Legal Disclosures
Legal analyses disclosed for additionality, harvesting rights, and permanence—grounded in Romanian forest law.
Visible Monitoring
Monitoring, models, and assumptions are visible, so buyers can follow the carbon outcome from forest compartment to issued credit.
EU jurisdiction
The land is owned outright by Silvador Company SRL and Forest Capital SRL, with no tenure disputes, under EU law and independent courts. Harvest is capped by 10-year management plans and every timber transport is tracked in SUMAL 2.0.
Every layer above has its source file in this data room.
See the evidence for each layerComplete project documentation organized by the four pillars of carbon credit due diligence. Every claim is traceable to source files—no summaries, no interpretations, just verified evidence
Search…
4
Rating Categories
2
VVB Verifications
3
Certifications ( VCS + FSC + SD VISTA )
Two independent auditors have walked this forest. EPIC visited 10 times and re-measured 18 sample locations in 2024. AENOR spent five days on site in July 2025 and re-measured 11 plots with its own LiDAR. The numbers checked out both times. Every point on this map is real, verified, and downloadable.
136
PERMANENT PLOTS
11 + 18
PLOTS RE-MEASURED
2
VVB VERIFICATIONS
1.5%
UNCERTAINTY DEDUCTION
SEE EVERY CLAIM ON THE MAP
Don't take our word for it. Load these into your own GIS software and verify boundaries, plot locations, and forest structure independently.
HOW WE MONITOR THE FOREST
Verified tonnes mean nothing if the forest is gone. Here's how we track the project area from day one through every verification—and how you can check our work.
Monitoring Plot Locations
No cherry-picking
Plots are randomly placed across all 15 analysis units with minimum spacing rules. We can't choose where to measure.
Meaningful change detection
We flag forest loss greater than 0.5 hectares—large enough to matter, small enough to catch early.
Eligibility verification
Climate and ecosystem overlays confirm the land qualifies under VCS program rules.
STEP 1 - DEFINE WHAT COUNTS
Project boundary + forest zones
We publish the exact project boundary and the 15 analysis units used in calculations—so anyone can trace where accounting applies and verify we’re measuring the whole area, not just the best parts.
Downloadable GIS: Full project boundary (SHP/KML) with parcel-level detail
STEP 2 - MEASURE REALITY
LiDAR Survey Data
3D laser scans from two sources: professional-grade ZEB-GeoSLAM scanners and Arboreal (an iPhone LiDAR app). Both are cross-checked against manual measurements with traditional forestry tools. Three methods, one answer.
EPIC VVB Finding: Three-method calibration verified · AENOR (2025) re-measured with its own ZEB LiDAR
STEP 3 - WATCH THE FOREST CONTINUOUSLY
Permanent plots → inventory
136 permanent plots installed across all forest zones, measured and re-measured every 5 years. This is the field evidence that checks whether our models match reality.
EPIC (2024): 18 plots re-measured · AENOR (2025): 11 of 136 plots re-measured, all within 0.26%
STEP 4 - CATCH ANY LOSS
Satellite change detection
Satellite imagery scans the entire project area every few weeks. If forest cover drops by more than 0.5 hectares anywhere, we investigate. No loss event in 2020–2024 (confirmed by EPIC and AENOR). The one disturbance, a 0.59 ha fire at Mănești in 2024, was mapped and reviewed by AENOR on site.
No loss event 2020–2024 · 0.59 ha fire reviewed
STEP 5 - VERIFICATION
UPDATE EVERY VERIFICATION
Every verification period starts fresh: we check for boundary changes, update the inventory with new measurements, and recalculate using the latest imagery and LiDAR. The numbers always reflect current reality.
EPIC + AENOR VVB findings: full inventory recalculation confirmed each period
NOTHING TO HIDE
Every boundary, every plot location, every measurement zone—downloadable and auditable. Run your own checks, or have your team do it. The data is yours.
CHECK THE REGISTRY
Don’t take our copy. Every issuance, serial number and retirement for VCS 4511 is public on Verra’s registry, with the auditors’ reports and Verra’s own reviews.
THE DOCUMENTS THAT MATTER
The files behind every number on this page, grouped by verification period. Start with the auditor’s report: it’s the independent verdict on everything else.
Search…
2023–2024 · AENOR · SECOND VERIFICATION (LATEST)
MRV
START HERE
THE AUDITOR’S VERDICT. AENOR Verification Report v1.2
Independent auditor • 5 days on site • 17 findings raised, all closed
Why this matters: AENOR re-checked everything for 2023–2024, the first period with both project areas. They re-measured 11 plots with their own LiDAR, reproduced every sheet of the GHG model and interviewed 28+ people. What to look for: the findings table (Appendix 2), the plot re-measurement results (Section 2.3) and the final opinion (Section 5): reasonable assurance, no qualifications.
v1.2 (15-Sep-2026)
MRV
METHODOLOGY
HOW WE COUNT. Monitoring Report v1.4
VM0012 • PAI-1 + PAI-2 • CBM-CFS3 model
Why this matters: the full calculation for 2023–2024. Every assumption, equation and data source behind the 25,778 VCUs. What to look for: the added PAI-2 area (Section 1), the CBM-CFS3 modelling (Section 4), leakage and uncertainty (Section 5.4) and the buffer on the gross carbon change, as Verra required.
Period: Jan 2023 – Dec 2024
Gross reductions: 37,551 tCO₂e
VCUs issued: 25,778
v1.4 (28-Aug-2026)
MRV
BUFFER POOL
WHY IT STAYS. Non-Permanence Risk Report
NPR Tool v4.2 • Buffer pool calculation
Why this matters: determines how many tonnes go into Verra’s buffer pool as insurance against reversals. Our rating rose from 11% to 20% because the new tool (v4.2) no longer lets good management offset the 40-year longevity score. What to look for: internal risk (17), external risk (0), natural risk (2.8).
Risk Rating: 20%
Internal: 17 pts
Natural: 2.8 pts
v1.0 (25-Aug-2026)
MRV
REGISTRY REVIEW
VERRA’S OWN CHECK. Verra Project Review Report
Registry review of the verification • 4 findings, all closed
Why this matters: after the auditor, Verra reviews the verification itself. Its 4 findings (boundary projection, carbon fraction, ex-post workbook, buffer base) are all closed. The buffer correction reduced issuance by 752 VCUs. What to look for: Finding 4.
Findings: 4, all closed
Review type: Verification
Status: Approved
Approved (06-Oct-2026)
MRV
LEGAL
SIGNED AND BINDING. Deeds and Representations 2023–2024
VVB verification deed • Issuance representation
Why this matters: AENOR’s verification deed and our issuance representation are legally enforceable statements to Verra and to every VCU holder, under English law. What to look for: the scope (1 Jan 2023 – 31 Dec 2024) and the signatories.
Verification deed: 10 Dec 2025
Issuance representation: 18 Dec 2025
Governing law: English
Dec 2025
2020–2022 · EPIC · FIRST VERIFICATION
MRV
START HERE
THE AUDITOR'S VERDICT. Independent Validation & Verification Report (VVB)
Independent auditor • 10 site visits • 7 findings raised, all resolved
Why this matters: The auditor's verdict. VVB physically visited the forest, re-measured our plots with their own equipment, and checked every calculation. If you only read one document, read this one. What to look for: How the auditor verified tree measurements (Section 2.4), whether they found errors in our carbon model (Appendix A—7 findings, all closed), and their final conclusion on methodology compliance (Section 5).
v1.3 (07-Nov-2024)
MRV
METHODOLOGY
HOW WE COUNT. Project Description & Monitoring Report v1.8
Complete methodology • Baseline logic • Carbon quantification
Why this matters: The full technical specification. Every assumption, every equation, every data source is documented here. This is how we calculate each tonne. What to look for: How we determined the baseline harvest scenario (Section 3), why the project wouldn't happen without carbon finance (Section 4—investment analysis), carbon stock calculations (Section 5), and the monitoring plan (Section 6).
Period: Aug 2020 – Dec 2022
Net Stocks: 62,040 tCO₂e
Buffer: 6,824 VCUs
v1.8 (07-Nov-2024)
MRV
BUFFER POOL
WHY IT STAYS. Non-Permanence Risk Report
AFOLU Risk Tool v4.0 • Buffer pool calculation
Why this matters: Determines how many tonnes go into the buffer pool as insurance against reversals. Lower risk = more credits issued. Our 11% rating reflects strong project management and low natural risk. What to look for: Internal risk scoring (project management, financial viability, longevity), external risk (land tenure, political stability), and natural risk (fire, pest, weather). Each category adds points that determine the final buffer percentage.
Risk Rating: 11%
Internal: 10 pts
Natural: 1 pt
v1.3 (07-Nov-2024)
MRV
SAFEGUARDS
NO HARM DONE. SD VISta Validation Report (VVB)
Social & environmental co-benefits • SDG contributions verified
Why this matters: Independent proof that the project benefits local communities, not just carbon accounting. EPIC verified stakeholder engagement, confirmed no negative impacts, and validated SDG contributions. What to look for: Stakeholder engagement findings (Section 3.3), community impact assessment (Section 4), environmental co-benefits (Section 5), and the list of SDGs the project contributes to: SDG 12 (Responsible Consumption), SDG 13 (Climate Action), SDG 15 (Life on Land).
SDGs Validated: 12, 13, 15
Grievances Filed: 0
Findings: All resolved
v1.3 (03-Dec-2024)
MRV
SURVEILLANCE
ANNUAL AUDIT. FSC Forest Management Audits
Annual surveillance • Forest management certification
Why this matters: FSC certification means a separate auditor checks forest management quality every year. This covers worker rights, community relations, biodiversity protection, and illegal logging controls—all factors that reduce permanence risk. What to look for: Principle 4 (community relations), Principle 6 (environmental impact), Principle 9 (high conservation values), and any Corrective Action Requests (CARs). Current status: 100% of project area FSC-certified (confirmed by AENOR in 2025), no major non-conformances.
Certified Area: 100%
Major CARs: 0
Audit Cycle: Annual
2024 Assessment
ISSUANCE RECORD
1st issuance · 2020–2022 · EPIC
54,285 VCUs · monitoring period Aug 2020 – Dec 2022 · serial numbers on the Verra registry
2nd issuance · 16 Oct 2026 · AENOR
13,021 VCUs · vintage 2023 · serials 20328-1156360310 → 1156373330
12,757 VCUs · vintage 2024 · serials 20329-1156373331 → 1156386087
Total issued
80,063 VCUs
Verify every serial number on Verra →
Last updated: 27 October 2026 · second verification (2023–2024) and second issuance added
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©2026
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