this is of concern to developers as the process is increasingly considered as tedious and highly uncertain as such the process discourages project developers from applying for such investments furthermore ee projects that end up generating cers are mostly from the large industrial sector not in enduse energy efficiency a sector that remains largely untapped kyoto protocol article paragraph c for more information on this issue please refer to buchner b and p de tserdaes how to trigger energy efficiency the case for carbon finance the complexities of the cdm approval process only increases the complexity and uncertainty of ee financing and result in higher transaction costs for project developers