However, the lion’s share of these CDM projects has gone to a handful of major developing countries like China and India, whereas many countries, especially those in sub-Saharan Africa, have been left out. One of the main reasons is that the transaction costs associated with the CDM project cycle have seriously hampered small-scale CDM projects in these countries. Although registration fees are set considerably lower for small-scale CDM projects, and simplified methodologies and procedures are also set for those projects, many other transaction costs are independent of project size and will thus have a bigger relative impact on small-scale CDM projects.