抄録
This article empirically studies the determinants of (a) ex-ante credit-related profitability, and (b) ex-post credit issuance rates, of CDM (Clean Development Mechanism) projects. In particular, attention was paid to which project type, investing country, and host country is more likely to yield higher (or lower) profit and the issuance rate. It was estimated that, for the ex-ante credit-related profitability, the project type, particularly methane recovery and utilization (MRU) and biogas projects, tend to yield relatively higher profit by about 10% (in the IRR term). However, when the ex-post issuance rates are examined, MRU projects tend to fall behind other project types by as much as about -45%, opposite from the ex-ante profitability. Some project types such as empty fruit bunch biomass that occasionally concentrate in limited countries, are found to have relatively lower issuance rates.
