4 What can we expect as the CDM evolves?
		Where will investment go and what do developing countries need to do?
		As the global CDM market evolves, it is likely to follow the path of much of foreign direct investment over the past decades. The bulk may go to a dozen or so larger developing countries with the infrastructure and institutions to handle large projects easily. For the vast majority of the poorer developing countries, the private sector, left to itself, is unlikely to pay very much attention unless steps are actively taken to attract CDM projects. This could be done in two ways:
		Using portfolio investors such as the Prototype Carbon Fund of the World Bank and other large financial institutions, who may wish to spread their projects around the developing world especially in poorer developing countries, where the private sector on its own would not invest; Using international development assistance funds to help poorer developing countries to build the national capacity to develop and promote CDM projects.
		How will the global CDM market develop?
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