The market value of Clean Development Mechanism transactions had reached $6.5 billion in 2008, but dropped thereafter by about 60 per cent as a result of the financial crisis and uncertainty about the future climate policy regime. Looking ahead to 2012, renewable energy projects are estimated to make up 61 per cent of the total number of CDM projects, accounting for 35 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 2002-2008 would require $106 billion worth of low-carbon investment, primarily in “clean" energy (Kossoy and Ambrosi, 2010). In 2008, the World Bank also established the Climate Investment Funds which represent a collaborative effort among the multilateral development banks to address climate finance gaps.