n environmentally friendly, reliable source of energy, and access to it, can be seen as a critical element in supporting sustainable development at the local community level. Additionally, for developing countries in particular, e.g. renewable energy projects have the potential to reduce greenhouse gas emissions and provide finance through the clean development mechanism (CDM). The main objective of this thesis is to explore how the high transaction costs of small-scale CDM projects can be reduced. Bundling several small-scale CDM projects together and developing them as one larger CDM project bundle is one option.

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