the market value of clean development mechanism transactions had reached billion in but dropped thereafter by about per cent as a result of the financial crisis and uncertainty about the future climate policy regime looking ahead to renewable energy projects are estimated to make up per cent of the total number of cdm projects accounting for per cent of certified emissions reductions cers with industrial gas and methane projects accounting for just under half of the remainder of cers if fully implemented cdm projects contracted during the period would require billion worth of lowcarbon investment primarily in clean energy kossoy and ambrosi in the world bank also established the climate investment funds which represent a collaborative effort among the multilateral development banks to address climate finance gaps