The objectives of this study, commissioned by the Carbon Initiative for Development (Ci-Dev) administered by the World Bank Group are to: Identify elements of viable and successful business models needed to promote energy access projects through results-based finance (RBF) to be delivered through the purchase of Certified Emission Reductions (CERs) under the CDM (called in short “CDM RBF”); and to identify reforms of CDM regulation required to facilitate the support of such energyaccess investments by the CDM including through an RBF approach, as well as broader opportunities within climate finance to utilize RBF approaches for energy access.