The reason for these difficulties is primarily the multitude of other factors that come into play over greater spatial scales and time horizons, a problem particularly acute for funds whose objectives are longer-term, transformational impacts. For example, some funds’ objectives are focussed on bringing down the costs of low-carbon technologies, demonstrating their technological or financial viability, or introducing them into new markets (e.g. CIF, 2012a). These programmes or funds focus on transforming the economics of low-carbon technologies at different scales, with a view towards transformational shifts in investment patterns from carbon-intensive production and consumption to low-carbon, climate-resilient investments.