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Setting Technology Transfer Priorities with CDM-SET3 option to be transferred under CDM based on a specific host country's sustainable development needs (Flamos et al, 2005). Multicriteria analysis forms a very useful tool in order to take into account simul- taneously all the basic aspects (technoeconomic, social etc.) of the problem during the formulation of priorities for the implementation of various technology alternatives and represents a sound methodology applied internationally during the last decade in several problems of environmental and energy planning (Buchholz et al, 2007; Diakoulaki et al, 2007; Flamos et al, 2007; Georgopoulou et al, 1998; Karakosta et al, 2008; Konidari & Mavrakis, 2007; Mirasgedis & Diakoulaki, 1997). The use of Multi-Criteria Decision Making Analysis (MCDA) could facilitate "decision makers" to define, evaluate and finally decide on the most suitable sustainable energy technologies to transfer and implement in a particular developing country. In addition this analysis will increase the transparency of the decision making process and could be used as a guide for replication activities in countries with similar characteristics. Significant research has been implemented for the multi criteria assessment of alternative CDM projects (Anagnostopoulos et al, 2004; Diakoulaki et al, 2007; Flamos et al, 2004b; Manfred, 2007) and the selection of CDM host countries for a specific CDM technology (Georgiou et al, 2008). However, it can be observed that the existing literature is characterized by the absence of a system which could facilitate the decision making process towards the selection of the most appropriate technologies to be transferred under the umbrella of CDM in selected countries. In this regard, the Clean Development Mechanism Sustainable Energy Technology Transfer Tool (CDM-SET 3 ) has been developed and applied to a selected set of representative developing countries