Five years before the Kyoto Protocol entered into force, the World Bank and its partners in the Prototype Carbon Fund (PCF) established the first global carbon fund in 2000 to create demand for carbon credits and to gain experience in Kyoto Protocol project-based mechanisms such as the Clean Development Mechanism (CDM) and Joint Implementation (JI). These mechanisms, along with subsequent carbon funds and facilities, helped catalyze a nascent market for emission reductions which has since seen dramatic changes.