This report seeks to inform Ci-Dev’s choice in hedging regulatory risks arising from the regime change. For this, the report first looks into the likely developments of UNFCCC mechanisms. Chapter 2 analyzes the availability of the CDM infrastructure post 2020 based on the legal and political situation. Chapter 3 then considers the status of negotiations of the new Paris mechanisms. Following this assessment, chapter 4 identifies and evaluates four strategic choices how Ci-Dev could continue to engage with its portfolio, ranging from a continuation under the CDM to options under the Article 6 mechanisms and results-based climate finance (RBCF) outside any UNFCCC market mechanism. The last chapter 5 draws up strategic recommendations.