The Clean Development Mechanism (CDM) aims at a cost-effective reduction of GHG emissions and technology and capital transfer from industrialised to developing countries. The CDM has seen a true gold rush period, with thousands of projects being developed in a few years. More and more governments and companies bet on the CDM to fill their compliance gaps. This report contains the main results and conclusions of the project Empirical analysis of performance of CDM projects implemented by Climate Strategies.