The main intention of the Clean Development Mechanism was to fund low-carbon energy production facilities in developing nations in order to reduce global greenhouse gas emissions. Because it is cheaper to build a new power plant from scratch in a developing country (that would be building one anyway) than to prematurely close down or retrofit an older polluting power plant in a developed country, this was seen as a way to reduce global carbon emissions in a more cost effective way. Early on, however, almost half of CDM money went to HFC projects. Other projects are beginning to catch up with non-HFC projects making up around 64% of the total in 2012.