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Earthood is contracted by SOCAR Trading SA. for project verification of the project activity “SOCAR-2 Hydro Bundle” in Azerbaijan. The project verification was performed based on rules and requirements defined by GCC for the project activity.

The project activity is a hydro power project, which results in reductions of CO₂e emissions that are real, measurable and give long-term benefits to the mitigation of climate change. It is demonstrated that the project is not a likely baseline scenario and the emission reductions attributable to the project are, hence, additional to any that would occur in the absence of the project activity. The project correctly applies the Approved CDM Baseline and Monitoring AMS.I.D. Version 18.0/19/ including applicable CDM Tools and is assessed against latest valid GCC Project Standard/04/, Verification Standard/05/, Environment and Social Safeguards Standard/07/, Project-Sustainability-Standard/06/ and/or other applicable GCC/CDM Decisions/Tools/Guidance/Forms/clarifications.

The project activity is likely to achieve the anticipated emission reductions stated in the PSF provided the underlying assumptions do not change. The expected emission reductions (annual average) from the project activity are estimated to be 18,608 tCO₂e/year over the 10 years crediting period starting from 01/01/2026.  

Earthood has informed the project owners of the verification outcome through the draft verification report and final verification report. The final verification report contains the information with regard to fulfilment of the requirements for verification, as appropriate.

Earthood applied the following verification process and methodology using a competent project verification team;

• the desk review of documents and evidence submitted by the Project Owner in context of the reference GCC rules and guidelines issued,
• undertaking/conducting on-site visit, interview or interactions with the representative of the project owner,
• reporting audit findings with respect to clarifications and non-conformities and the closure of the findings, as appropriate
• preparing a draft verification opinion based on the auditing findings and conclusions
• technical review of the draft verification opinion along with other documents as appropriate by an independent competent technical review team
• finalization of the verification opinion (this report) 

Earthood has verified and hereby certifies that the GCC project activity “SOCAR-2 Hydro Bundle”

a.     has correctly described the Project Activity in the Project Submission Form (version 11.0 dated: 02/06/2026) including the applicability of the approved CDM methodology AMS.I.D. Version 18.0/19/  and meets the methodology applicability conditions, is additional and is expected to achieve the forecasted real and additional GHG emission reductions, complies with the monitoring methodology, has appropriately conducted local and global stakeholder consultation processes and has calculated emission reduction estimates correctly and conservatively;

b.     is likely to generate GHG emission reductions amounting to the estimated 18,608 tCO₂e per year as indicated in the PSF, which are additional to the reductions that are likely to occur in absence of the Project Activity and complies with all applicable GCC rules, including ISO 14064-2 and ISO 14064-3, and therefore requests the GCC Program to register the Project Activity;

c.     is not likely to cause any net-harm to the environment and/or society and complies with the Environmental and Social Safeguards Standard. the project level impacts are identified in the PSF for the Environmental and Social Safeguarding with E+ score as 7 and S+ score as 5. Adequate monitoring system is defined and is in-place to monitor these impacts throughout the crediting period. and therefore, requests the GCC Program to register the Project Activity, which is likely to achieve the requirements of the Environmental No-net-harm Label (E⁺) and the Social No-net-harm Label (S⁺); and

d.     is likely to contribute to the achievement of United Nations Sustainable Development Goals (SDGs), comply with the Project Sustainability Standard, and contribute to achieving a total of 3 SDGs, which is likely to achieve the Silver SDG certification label (SDG⁺). The project level SDG indicators are defined for each SDG contribution and there is a system in-place to monitor and verify the contribution throughout the crediting period.

e.     The Project Activity complies with all the applicable requirement of the GCC Program and ICAO’s requirements on CORSIA Emissions Unit Eligibility Criteria and CORSIA Eligible Emissions Units, as per Clarification No 1., v1.3/08/ paragraph 23-25, and the ACCs expected to be issued during the crediting period is likely to be CORSIA eligible and can be used by International Airlines for offsetting their emissions during all phases of CORSIA and therefore requests GCC Steering Committee to append CORSIA Certification label (C+) to this project. The written attestation from the Host country on double counting shall be submitted by the project owner at ACCs issuance stage (A FAR (FAR#01) remains open regarding the same).

Therefore, the project is being recommended to GCC Steering Committee for request for registration.