Because several countries with high emissions, including the United States and China, either were not signatories of the Kyoto Protocol or were not required by it to reduce their emissions, most of the market for CDMs came from European countries. This, together with the recessions brought on by the global financial crisis and the European debt crisis, resulted in very low demand for carbon offsets, causing the value of CEDs to plummet. In 2012, a UN-authorized report said governments urgently needed to address the future of the CDM and suggested the CDM was in danger of collapse. By that point, the value of a CERs had dropped to 5 USD per tonne of CO2 (from 20 USD in 2008); the following year the price abruptly crashed to less than 1 USD. As a result, thousands of projects were left with unclaimed credits. The struggle about what to do with the old credits was a major cause for the perceived failure of the 2019 United Nations Climate Change Conference.