From Kyoto to The Hague - European perspectives on making the Kyoto Protocol Work | RIVM
48
0
0
Hele tekst
(2). D. 15332%R[%$%LOWKRYHQ7KH1HWKHUODQGV. 7KLV LQYHVWLJDWLRQ DQG WKH ZRUNVKRS RUJDQLVDWLRQ KDYH EHHQ SHUIRUPHG E\ RUGHU RI WKH (XURSHDQ)RUXPRI,QWHJUDWHG(QYLURQPHQWDO$VVHVVPHQW (),($
(3) DQGIRUWKHDFFRXQWRIWKH 'XWFK1DWLRQDO3URJUDPPHRQ*OREDO$LU3ROOXWLRQDQG&OLPDWH&KDQJH 153
(4) ZLWKLQWKH IUDPHZRUNRI5,90SURMHFW0$3&R3VXVWDLQLQJDFWLYLWLHV 5,9032%R[%$%LOWKRYHQWHOHSKRQH WHOHID[ .
(5) 3DJHRI. 5,90UHSRUW.
(6) 5,90UHSRUW. 3DJHRI. 3UHIDFH. , DP KDSS\ WR SUHVHQW WR \RX WKLV UHSRUW RQ WKH VHFRQG (),($ &OLPDWH 3ROLF\ ZRUNVKRS XQGHUWKHDXVSLFHVRIWKH(XURSHDQ)RUXPRQ,QWHJUDWHG(QYLURQPHQWDO$VVHVVPHQWILQDQFHG E\ WKH 'XWFK 1DWLRQDO 5HVHDUFK 3URJUDPPH RQ &OLPDWH &KDQJH DQG *OREDO $LU 3ROOXWLRQ 153
(7) DQG KRVWHGE\WKH1DWLRQDO ,QVWLWXWH RI 3XEOLF +HDOWK DQG (QYLURQPHQWDO 3URWHFWLRQ 5,90
(8) 7KH(XURSHDQ)RUXPRQ,QWHJUDWHG(QYLURQPHQWDO$VVHVVPHQW (),($
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
(11) DQGLWVJRDOVDQG REMHFWLYHVFDQEHIRXQGRQZHEVLWH KWWS ZZZYXQOLYPHILHDHILHDKWP 7KHVFLHQWLILFDUWLFOHVUHYLHZHGLQWKHZRUNVKRSKDYHEHHQSXEOLVKHGLQWKH-RXUQDOµ,QWHUQDWLRQDO (QYLURQPHQWDO$JUHHPHQWV¶.OXZHU$FDGHPLF3XEOLVKHUV'RUGUHFKW7KH1HWKHUODQGV9RO,VVXH.
(12) 3DJHRI. 5,90UHSRUW.
(13) 5,90UHSRUW. 3DJHRI. &RQWHQWV. . ,QWURGXFWLRQ. . . (8OHDGHUVKLSLQFOLPDWHSROLF\ VKRZLQJWKHGLUHFWLRQ. . . 'RPHVWLFLPSOHPHQWDWLRQLVVXHVZLWKLQWKH(8. . . .\RWR0HFKDQLVPV. . . &RPELQLQJGRPHVWLFDFWLRQDQG.\RWRPHFKDQLVPV WKHTXHVWLRQRIVXSSOHPHQWDULW\ . . 6LQNV. . . (8OHDGHUVKLSLQFOLPDWHSROLF\. . . 5HPDLQLQJLVVXHV. . 5HIHUHQFHV. . $SSHQGL[ :RUNVKRSSURJUDPPH. . $SSHQGL[ 3ROLF\TXHVWLRQVDGGUHVVHG. . $SSHQGL[ /LVWRISDUWLFLSDQWV. .
(14) 3DJHRI. 5,90UHSRUW. 6XPPDU\ 'XULQJ WKH WK &RQIHUHQFH RI 3DUWLHV &R3
(15) WR WKH &OLPDWH &RQYHQWLRQ LQ 7KH +DJXH 1RYHPEHU D QXPEHU RI FULWLFDO RXWVWDQGLQJ LVVXHV UHODWHG WR WKH .\RWR 3URWRFRO ZLOO KDYHWREHWDFNOHGWRHQVXUHLWVHDUO\UDWLILFDWLRQLIQRW WR VDYH LW IURP FRPSOHWH IDLOXUH ,Q $SULO5,90LQFRRSHUDWLRQZLWKWKH'XWFK1DWLRQDO5HVHDUFK3URJUDPPHRQ&OLPDWH &KDQJH DQG *OREDO $LU 3ROOXWLRQ RUJDQLVHG WKH VHFRQG (),($ (XURSHDQ )RUXP RI ,QWHJUDWHG (QYLURQPHQWDO $VVHVVPHQW
(16) ZRUNVKRS RQ FOLPDWH FKDQJH ZKHUH VFLHQWLVWV DQG SROLF\ PDNHUV GLVFXVVHG D QXPEHU RI WKHVH LVVXHV DQG WKH (8 UROH LQ D VXFFHVVIXO LPSOHPHQWDWLRQ RI WKH .\RWR 3URWRFRO ,Q IRXU VHVVLRQV SUHVHQWDWLRQV ZHUH PDGH DQG GLVFXVVLRQV ZHUH KHOG RQ WKH VXEMHFWV RI WKH .\RWR 0HFKDQLVPV .0V
(17) GRPHVWLF LPSOHPHQWDWLRQ VLQNV DQG (8 OHDGHUVKLS 7KLV UHSRUW SUHVHQWV WKH PDLQ ILQGLQJV IURP WKH ZRUNVKRSZKLFKFDQEHVXPPDULVHGDVIROORZV (8/HDGHUVKLS $OWKRXJK (8 OHDGHUVKLS LV UHODWLYHO\ ZHDN LQ WHUPV RI SROLWLFDO DQG HFRQRPLF SRZHU VWUXFWXUDO OHDGHUVKLS
(18) RSSRUWXQLWLHV H[LVW IRU VWUHQJWKHQLQJ LQVWUXPHQWDO OHDGHUVKLS E\ EXLOGLQJFRDOLWLRQVZLWKGHYHORSLQJFRXQWULHVRQLVVXHVUHJDUGLQJ&'0WHFKQRORJ\WUDQVIHU DGDSWDWLRQ DQG FDSDFLW\ EXLOGLQJ RQ VFLHQWLILF LQIUDVWUXFWXUH
(19) (8 GLUHFWLRQDO OHDGHUVKLS JLYLQJWKHH[DPSOHWKURXJKGRPHVWLFLPSOHPHQWDWLRQDQGLGHDVIRUVROYLQJSUREOHPV
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
(22) 5,90UHSRUW. 3DJHRI. $QFLOODU\ EHQHILWV HQYLURQPHQWDO HFRQRPLF DQG WHFKQRORJLFDO EHQHILWV
(23) DUH RIWHQ QRW LQFOXGHG LQ WKH DQDO\VLV RI WKH EHQHILWV RI FOLPDWH FKDQJH SROLFLHV UHVXOWLQJ LQ DQ XQGHUHVWLPDWLRQRIWKHEHQHILWVRIFOLPDWHSROLFLHV7KH\FDQPDNHGRPHVWLFDFWLRQFKHDSHU DQGPRUHDWWUDFWLYHWKDQLQWHUQDWLRQDOHPLVVLRQWUDGLQJ 7KHORFDOOHYHORIWHQWHQGVWREHIRUJRWWHQLQLPSOHPHQWDWLRQVWUDWHJLHV&RPPLWPHQWSXEOLF DZDUHQHVVDQGSRWHQWLDORQWKHORFDOOHYHOFRXOGEHXVHGEHWWHU 'XHWRWKHHFRQRPLFUHVWUXFWXULQJSURFHVVLQ(DVWHUQ(XURSHPDQ\DFFHVVLRQFRXQWULHVZLOO LQDOOOLNHOLKRRGIDFHDQDUURZHU.\RWRJDSWRILOOWKDQWKHFXUUHQW(8RUPD\HYHQKDYHD VXUSOXV ³KRWDLU´
(24) ,WVHHPVXQOLNHO\WKDWWKDWWKH(8FRXOGH[SORLWWKLVSRWHQWLDORWKHUWKDQ E\WKHXVHRIWKH.\RWR0HFKDQLVPV 7KH (8 FRPPLVVLRQ SURSRVDO IRU LQWHUQDO HPLVVLRQ WUDGLQJ UDLVHV PDQ\ TXHVWLRQV EXW GHVHUYHVGXHDWWHQWLRQ4XHVWLRQVUHODWHWRERWKLWVLQWHUQDOIXQFWLRQLQJ HJHQWLWLHVLQYROYHG FRPSDWLELOLW\ ZLWK SROLFLHV DQG PHDVXUHV
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³JUHHQ´ WKHLU HFRQRPLF GHYHORSPHQW DQG LW FDQ KHOS WR EURDGHQ SDUWLFLSDWLRQLQWKHLQWHUQDWLRQDOUHJLPHRYHUWLPH ³+RW DLU´ ZDV QRW UHJDUGHG WR EH D YHU\ LPSRUWDQW LVVXH LI ORRNHG DW IURP D ORQJHUWHUP SHUVSHFWLYH 7RR PXFK (8 HPSKDVLV RQ ³+RW DLU´ PD\ KLQGHU DOOLDQFHV ZLWK 5XVVLD IRU DQ HDUO\ HQWU\ LQWR IRUFH RI WKH .\RWR 3URWRFRO ZKLOH WKHUH DUH RWKHU ZD\V WR OLPLW ³+RW DLU´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
(26) 3DJHRI. 5,90UHSRUW. 6DPHQYDWWLQJ 7LMGHQVGH]HVGH.OLPDDWFRQIHUHQWLH &R3
(27) LQQRYHPEHULQ'HQ+DDJ]DORYHUHHQ DDQWDO EHODQJULMNH RSHQVWDDQGH SXQWHQ XLW KHW .\RWR 3URWRFRO RYHUHHQVWHPPLQJ PRHWHQ ZRUGHQ EHUHLNW WHQHLQGH UDWLILFDWLH RI ]HOIV KHW EHKRXG YDQ KHW 3URWRFRO WH YHU]HNHUHQ ,Q DSULORUJDQLVHHUGHKHW5,90LQVDPHQZHUNLQJPHWKHW123LQ$PVWHUGDPGHWZHHGH (),($ (XURSHDQ)RUXPRQ,QWHJUDWHG(QYLURQPHQWDO$VVHVVPHQW
(28) ZRUNVKRSNOLPDDWEHOHLG RP PHW ZHWHQVFKDSSHUV EHOHLGVPDNHUV HQ VWDNHKROGHUV WH GLVFXVVLsUHQ RYHU HHQ DDQWDO YDQ GH]H EHODQJULMNH SXQWHQ DOVPHGH RYHU GH URO GLH GH (8 ]RX NXQQHQ VSHOHQ YRRU HHQ VXFFHVYROOHLPSOHPHQWDWLHYDQKHW.\RWR3URWRFRO,QYLHUVHVVLHVZHUGHQGHYROJHQGH]DNHQ EHVSURNHQ .\RWR0HFKDQLVPHQELQQHQODQGVHXLWYRHULQJYDQNOLPDDWEHOHLGSXWWHQ ³VLQNV´
(29) HQ (8 OHLGHUVFKDS 'LW UDSSRUW RPYDW GH EHODQJULMNVWH UHVXOWDWHQ YDQ GH ZRUNVKRS GLH DOV YROJWNXQQHQZRUGHQVDPHQJHYDW (8OHLGHUVFKDS +RHZHO GH OHLGHQGH URO YDQ GH (8 UHODWLHI ]ZDN LV YRRU ZDW EHWUHIW KDDU SROLWLHNH HQ HFRQRPLVFKHNUDFKW VWUXFWXUHHOOHLGHUVFKDS
(30) ]LMQHU]HNHUZHOPRJHOLMNKHGHQWRWYHUVWHUNLQJ YDQ KDDU LQVWUXPHQWHOH OHLGHUVFKDS 9RRUEHHOGHQ ]LMQ FRDOLWLHV PHW RQWZLNNHOLQJVODQGHQ PEW&'0WHFKQRORJLHRYHUGUDFKWDGDSWDWLHDDQNOLPDDWYHUDQGHULQJHQYHUVWHUNLQJYDQGH ZHWHQVFKDSSHOLMNH LQIUDVWUXFWXXU 5LFKWLQJJHYHQG OHLGHUVFKDS GRRU GH (8 RS EDVLV YDQ KHW ³JHYHQYDQKHWJRHGHYRRUEHHOG´NDQYHUGHUYHUVWHUNWZRUGHQGRRULQLWLDWLHYHQWHQHPHQLQ KHWRS]HWWHQHQLQWHUQWRHSDVVHQYDQHHQHIIHFWLHIUHJLPHYDQKDQGKDYLQJ'H(8]DO]RZHO LQWHUQ DOV H[WHUQ GRRU PQ PLOLHX1*2¶V
(31) EHRRUGHHOG ZRUGHQ RS KDDU JHORRIZDDUGLJKHLG RSEDVLVYDQGHPDWHZDDULQGH(8GHPLOLHXHIIHFWLYLWHLWYDQKHW.\RWR3URWRFRO]DOEOLMYHQ YHUGHGLJHQ'H(8]RXPRHWHQLQYHVWHUHQLQKHWYHUWURXZHQYDQEHODQJULMNHDQGHUHODQGHQ ]RGDWQRRG]DNHOLMNHVWHXQYRRUGHUDWLILFDWLHYDQKHW.\RWR3URWRFROZRUGWJHFUHsHUGHQKHW 3URWRFRORRNLQZHUNLQJNDQWUHGHQ]RQGHUGH96 PHWGH]JQ&RDOLWLHYDQ
(32) 0HWQDPH 5XVODQGHQGH2HNUDwQH]LMQEHODQJULMNLQGLWYHUEDQG %LQQHQODQGVHWRHSDVVLQJYDQNOLPDDWEHOHLG 9DQ HHQ ULFKWLQJJHYHQGH OHLGHUVFKDSVURO YDQ GH (8 LV HHQ JHORRIZDDUGLJH ELQQHQODQGVH LPSOHPHQWDWLHYDQNOLPDDWPDDWUHJHOHQHHQHVVHQWLs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³YHUJURHQLQJ´ YDQ GH HQHUJLHVHFWRUNDQQLHWWHPLQQRRG]DNHOLMN]LMQ.
(33) 5,90UHSRUW. 3DJH RI. %LMNRPVWLJH YRRUGHOHQ YDQ NOLPDDWEHOHLG RS KHW JHEHLG YDQ ELMY PLOLHX HFRQRPLH RI WHFKQRORJLH
(34) ZRUGHQ PDDU ]HOGHQ PHHJHQRPHQ LQ GH DQDO\VHV YDQ KHW NOLPDDWEHOHLG ZDDUGRRU GH WRWDOH YRRUGHOHQ YDDN RQGHUJHZDDUGHHUG ZRUGHQ 'H ELMNRPHQGH YRRUGHOHQ NXQQHQDOV]HZHOPHHJHUHNHQGZRUGHQQDWLRQDOHPDDWUHJHOHQJRHGNRSHUHQDDQWUHNNHOLMNHU PDNHQLQYHUKRXGLQJWRWKHWWRHSDVVHQYDQHPLVVLHKDQGHO +HWORNDOHHQUHJLRQDOHQLYHDXYHUGLHQWPHHUDDQGDFKWLQGHLPSOHPHQWDWLHVWUDWHJLHsQ+LHU NDQPHHUJHEUXLNZRUGHQJHPDDNWYDQKHWSXEOLHNHEHZXVW]LMQHQHQJDJHPHQW 'RRUGHHFRQRPLVFKHKHUVWUXFWXUHULQJHQLQ2RVW(XURSDNXQQHQYHHOYDQGHELMGH(*WRHWH WUHGHQ ODQGHQ UHODWLHI HHQYRXGLJ KXQ .\RWR GRHOVWHOOLQJHQ KDOHQ RPGDW YHHO RXGH YHUYXLOHQGHLQGXVWULHsQZRUGHQYHUYDQJHQ(HQDDQWDOODQGHQ]LW]HOIVPHWHHQRYHUVFKRWDDQ HPLVVLHNUHGLHWHQ ³KRW DLU´
(35) +HW LV HFKWHU QLHW ZDDUVFKLMQOLMN GDW GH (8 GLW SRWHQWLHHO NDQ EHQXWWHQDQGHUVGDQGRRUPLGGHOYDQGH.\RWR0HFKDQLVPHQ +HWYRRUVWHOYDQGH(XURSHVH&RPPLVVLHYRRUHHQV\VWHHPYDQLQWHUQHHPLVVLHKDQGHOURHSW QRJYHHOYUDJHQRSPDDUYHUGLHQW]HNHUDDQGDFKW'HYUDJHQKHEEHQ]RZHOEHWUHNNLQJRSKHW LQWHUQH IXQFWLRQHUHQ ZLH HU PHH GRHQ UHODWLH PHW DQGHUH EHOHLGVLQVWUXPHQWHQ HQ PDDWUHJHOHQ
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³YHUJURHQLQJ´YDQGH HFRQRPLH HQ YRRU KHW EHYRUGHUHQ YDQ HHQ JHOHLGHOLMNH XLWEUHLGLQJ YDQ GHHOQDPH DDQ KHW NOLPDDWUHJLPH 'H]RJHQDDPGH³KRWDLU´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sQYDQSXWWHQHQKHWRSQHPHQYDQ SXWWHQ LQ KHW NDGHU YDQ &'0 (HQ EUHGH WRHSDVVLQJ YDQ VLQNV PDDWUHJHOHQ DO LQ GH HHUVWH EXGJHW SHULRGH NDQ KHW QHPHQ YDQ DQGHUH GDDGZHUNHOLMNH
(37) UHGXFWLHPDDWUHJHOHQ RQWPRHGLJHQ 'H RQ]HNHUKHGHQ URQG KHW PHWHQ YDQ SXWWHQ ]LMQ QRJ JURRW GDDU NDQ PHH.
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
(39) 5,90UHSRUW. 3DJHRI. ,QWURGXFWLRQ $IWHUWKH.\RWR3URWRFROZDVVLJQHGLQ WZRPRUH&RQIHUHQFHVRIWKH3DUWLHVZHUHKHOG LQ%XHQRV$LUHVDQG%RQQWRGLVFXVVDQGVROYHRSHQHQGVLQWKLVWUHDW\0DQ\FRQWURYHUVLHV RQWKH3URWRFROVWLOOUHPDLQKRZHYHU7KHVHZLOOEHQHJRWLDWHGDWWKHVL[WK&RQIHUHQFHRIWKH 3DUWLHV LQ 7KH +DJXH LQ WKH 1HWKHUODQGV &R3
(40) LQ 1RYHPEHU $W &R3 WKH (8 LV H[SHFWHG E\ PDQ\ WR FRPH XS ZLWK D VWURQJ QHJRWLDWLRQ SRVLWLRQ LQ GHIHQFH RI WKH HQYLURQPHQWDOHIIHFWLYHQHVVRIWKH.\RWR3URWRFRO$WWKHVDPHWLPHKRZHYHUWKH(8PD\ KDYHWRJLYHXSVRPHORQJGHIHQGHGSRVLWLRQVVXFKDVLWVGHPDQGVRIFHLOLQJVRQWKHXVHRI VRFDOOHG.\RWR0HFKDQLVPV VHHIROORZLQJFKDSWHUV
(41) LQRUGHUWRUHDFKDJUHHPHQWDW&R3 ZKLFKLVDSUHUHTXLVLWHIRUUDOO\LQJVXIILFLHQWVXSSRUWWRKDYHWKH.\RWR3URWRFROHQWHULQWR IRUFHDWWKHILUVWSODFH 7KH(XURSHDQ)RUXPRQ,QWHJUDWHG(QYLURQPHQWDO$VVHVVPHQW (),($
(42) RUJDQLVHGLWVVHFRQG FOLPDWH SROLF\ ZRUNVKRS LQ $PVWHUGDP 7KH 1HWKHUODQGV LQ $SULO DV SDUW RI WKH (XURSHDQSUHSDUDWLRQVIRU&R37KHREMHFWLYHRIWKHZRUNVKRSZDVWRGLVFXVVVRPHRIWKH PDMRU SROLF\ LVVXHV IRU WKH LPSOHPHQWDWLRQ RI WKH .\RWR 3URWRFRO UHOHYDQW WR &R3 'LVFXVVLRQVZHUHEDVHGRQDVVHVVPHQWVRIZKDWVFLHQWLILFUHVHDUFKKDVEHHQDEOHWRVD\DERXW WKHVHSROLF\LVVXHVSUHVHQWHGE\OHDGLQJ(XURSHDQVFLHQWLVWV&RPPHQWVIURPVWDNHKROGHUVLQ WKHSROLF\SURFHVV JRYHUQPHQWRIILFLDOVHQYLURQPHQWDO1*2VDQGEXVLQHVVUHSUHVHQWDWLYHV
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
(44) DQGVLQNVZKLFKWRJHWKHU GHWHUPLQH WKH FRVWV RI FRPSOLDQFH
(45) ZLOO EH DQDO\VHG IURP D (XURSHDQ SHUVSHFWLYH LQ WKH VXEVHTXHQWVHFWLRQVRIWKLVUHSRUW$WWKHHQGRIWKHUHSRUWZHZLOOFRPHEDFNWRWKHTXHVWLRQ LIDQGKRZWKH(8FRXOGDFWDVDOHDGHULQPRELOLVLQJVXIILFLHQWVXSSRUWWRHQDEOHWKH.\RWR 3URWRFROWRHQWHULQWRIRUFHZLWKRXWPDMRUFRXQWULHVMRLQLQJLQWKHLQLWLDOVWDJH. . .\RWR0HFKDQLVPV -RLQW,PSOHPHQWDWLRQ -,
(46) (PLVVLRQV7UDGLQJ (7
(47) &OHDQ'HYHORSPHQW0HFKDQLVP &'0
(48).
(49) 3DJHRI. 5,90UHSRUW. 7KLV UHSRUW DLPV WR SURYLGH D VXPPDU\ RI WKH PDLQ FRQFOXVLRQV RI WKH (),($ FOLPDWH ZRUNVKRS WKDW FDQ EH GUDZQ RQ EDVLV RI WKH EDVLV RI WKH DVVHVVPHQW RI WKH OLWHUDWXUH DQG GLVFXVVLRQVRIWKHVHUHVHDUFKILQGLQJVZLWKVFLHQWLVWVDQGVWDNHKROGHUV.
(50) 5,90UHSRUW. 3DJHRI. (8OHDGHUVKLSLQFOLPDWHSROLF\ VKRZLQJWKH GLUHFWLRQ $WWKHZRUNVKRSRQHVHVVLRQGHDOWZLWKWKHLVVXHRIWKH(8¶VFUHGLELOLW\WRH[HUFLVHFUHGLEOH OHDGHUVKLS RQ WKH ZD\ WR IXOO UDWLILFDWLRQ RI WKH .\RWR 3URWRFRO 7KH DVVHVVPHQW SDSHU SUHVHQWHG *XSWDDQG5LQJLXV
(51) PDGHDXVHIXOGLVWLQFWLRQEHWZHHQVWUXFWXUDOOHDGHUVKLS EDVHGRQSROLWLFDODQGHFRQRPLFSRZHU
(52) LQVWUXPHQWDOOHDGHUVKLS EDVHGRQGLSORPDWLFVNLOOV WR FUHDWH ZLQQLQJ FRDOLWLRQV
(53) DQG GLUHFWLRQDO OHDGHUVKLS EDVHG RQ LGHDV DQG GRPHVWLF LPSOHPHQWDWLRQ
(54) 7KHUH ZDV RYHUZKHOPLQJ VXSSRUW LQ WKH ZRUNVKRS GLVFXVVLRQV IRU WKH QRWLRQWKDWWKH.\RWR3URWRFROLVWKHRQO\UHDOLVWLFRSWLRQIRUVKRUWWHUPLQWHUQDWLRQDODFWLRQWR DGGUHVV FOLPDWH FKDQJH DQG WKDW LW WKHUHIRUH QHHGV WR HQWHU LQWR IRUFH DV VRRQ DV SRVVLEOH SURYLGHGLWVHQYLURQPHQWDOHIIHFWLYHQHVVFDQEHPDLQWDLQHG7KHPRVWO\(XURSHDQVFLHQWLVWV DQGSROLF\VWDNHKROGHUVGLGQRWVHHPXFKPHULWLQFRQVLGHULQJRWKHUDSSURDFKHVWRUHSODFHWKH .\RWR3URWRFRO ,Q VKRZLQJ OHDGHUVKLS WKH (8 LV IDFHG KHUH ZLWK D FUHGLELOLW\ SUREOHP VLQFH WKH RQO\ DFFHSWDEOH RXWSXW RI LWV OHDGHUVKLS ZLOO EH IXOO LPSOHPHQWDWLRQ RI WKH 3URWRFRO ZKLFK LV WKUHDWHQHGE\WKH86$UHOXFWDQFHRIUDWLI\LQJ DQGWKHFRQVHTXHQWLDO ODFN RI ZLOOLQJQHVV IRU RWKHU3DUWLHVWRIDFHXSWKHLU IXWXUH
(55) VKDUHVRIDFWLRQ6WUHQJWKHQLQJWKH(8FUHGLELOLW\RIWHQ OHDGV WR D IRFXV RQ GRPHVWLF LPSOHPHQWDWLRQ DFWLRQV RI FOLPDWH FKDQJH SROLFLHV VKRZLQJ LQWHUQDODFWLRQILUVW VHHDOVRWKHFKDSWHULQWKLVUHSRUW
(56) 6HYHUDORWKHU3DUWLHVWHQGWRKDYH PRUHV\PSDWK\IRUDV\VWHPRI.\RWR0HFKDQLVPVLQFOXGLQJ(PLVVLRQ7UDGLQJDVDPHDQVRI LPSOHPHQWDWLRQRIWKH.\RWR3URWRFRO ,QWKHZRUNVKRSSUHVHQWDWLRQRIWKHVFLHQWLILFDVVHVVPHQWRQWKHLVVXHDGLVWLQFWLRQZDVPDGH EHWZHHQ WKUHH W\SHV RI OHDGHUVKLS VWUXFWXUDO OHDGHUVKLS GLUHFWLRQDO OHDGHUVKLS DQG LQVWUXPHQWDOOHDGHUVKLS *XSWDDQG5LQJLXV
(57) 6WUXFWXUDOOHDGHUVKLSLVEDVHGRQSROLWLFDO DQGHFRQRPLFSRZHUZKHUHDVLQVWUXPHQWDOOHDGHUVKLSLVEDVHGRQGLSORPDWLFVNLOOVDQGWKH DELOLW\ WR FUHDWH ZLQQLQJ FRDOLWLRQV 'LUHFWLRQDO OHDGHUVKLS LV D PHDQV RI VKRZLQJ WKH ZD\ EDVHGRQLGHDVDQGFRQYLFWLRQVLQFOLPDWHFKDQJHSROLF\RIWHQDVVRFLDWHGZLWKWKHDELOLW\WR LPSOHPHQWGRPHVWLFPLWLJDWLRQDFWLYLWLHV . $VHVVLRQDWWKHZRUNVKRSRQWKHWRSLFRI(8OHDGHUVKLSZDVFKDLUHGE\3LHU9HOOLQJD ,QVWLWXWHRI (QYLURQPHQWDO6WXGLHV$PVWHUGDP)UHH8QLYHUVLW\7KH1HWKHUODQGV
(58) -R\HHWD*XSWD ,90$PVWHUGDP)UHH 8QLYHUVLW\7KH1HWKHUODQGV
(59) SUHVHQWHGDQDVVHVVPHQWSDSHUDOVRRQEHKDOIRIFRDXWKRU/DVVH5LQJLXV 81(3&HQWUHIRU(QHUJ\DQ(QYLURQPHQW'HQPDUN
(60) 7KHSDQHOFRQVLVWHGRI,JRU%DVKPDNRY &HQWUHIRU (QHUJ\(IILFLHQF\5XVVLD
(61) 'DYLG0RRUFURIW :RUOG%XVLQHVV&RXQFLOIRU6XVWDLQDEOH'HYHORSPHQW 6ZLW]HUODQG
(62) -RV'HOEHNH &OLPDWH&KDQJH8QLW(8'*RQWKH(QYLURQPHQW
(63) DQG.DUOD6FKRHWHUV &OLPDWH $FWLRQ1HWZRUN(XURSH%UXVVHOV%HOJLXP
(64) 6HHDOVRWKHODVWSDUDJUDSKIRUDGGLWLRQDOGLVFXVVLRQVDQGLWV FRQFOXVLRQVUHDFKHGLQWKLVVDPHVHVVLRQ.
(65) 3DJHRI. 5,90UHSRUW. 7KH ZRUNVKRSGLVFXVVLRQVKRZHG JHQHUDO VXSSRUW IRU WKH YLHZ WKDW VWUXFWXUDO OHDGHUVKLS LV FXUUHQWO\LQDQ\ZD\EH\RQGWKH(8¶VUHDFKVLQFHWKLVLVE\IDUPRUHWKHZRUNLQJOHYHORIWKH 86$ ,W ZDV QRWHG WKDW LQ PRVW LQWHUQDWLRQDO DJUHHPHQWV WKH 86$ GLG QRW RQO\ KDYH D VWUXFWXUDO OHDGHUVKLS UROH EXW LQGHHG DOVR VKRZHG OHDGHUVKLS RQ WKH LQVWUXPHQWDO DQG GLUHFWLRQDO OHYHOV +RZHYHU WKH (8 GRHV KDV VHYHUDO VWUHQJWKV WR PDNH XVH RI LQ LWV DPELWLRQV LWV KLVWRULFDO WLHV ZLWK GHYHORSLQJ FRXQWULHV LWV VXEVWDQWLDO JHRJUDSKLFDO DQG GHPRJUDSKLFDOVL]H HVSHFLDOO\LILWDOLJQVZLWKSURSRVHGIXWXUH(8PHPEHUFRXQWULHV
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
(67) DQG WKH IDFW WKDW VRPH ZRUNVKRS SDUWLFLSDQWV SURSRVHGFRPPRQSROLFLHVVXFKDVDFDUERQWD[KDYHDOUHDG\EHHQLPSOHPHQWHGE\DQXPEHU RI (8 PHPEHU VWDWHV DUH H[DPSOHV RI WKDW 6RPH SDUWLFLSDQWV ZRQGHUHG ZKHWKHU WKH (8¶V *UHHQ3DSHURQ(PLVVLRQ7UDGLQJ (XURSHDQ&RPPLVVLRQD
(68) PLJKWQRWVKLIWWKHIRFXV IURPGRPHVWLFDFWLRQWRPDUNHWPHFKDQLVPVDQGKHQFHFRQIXVHWKHQHJRWLDWLRQVDQGWKUHDWHQ WKH(8¶VFUHGLELOLW\,WFRXOGJHQHUDWHDOOHJDWLRQVRIXVLQJGRXEOHVWDQGDUGVE\FRQVLGHULQJDQ LQWHUQDO WUDGLQJ V\VWHP WKDW PD\ GLIIHU IURP WKH UXOHV IRU WKH .\RWR 0HFKDQLVPV VHH WKH FKDSWHU
(69) ,WZDVQRWHGWKDWWKHLQWHUQDO(8LPSOHPHQWDWLRQRIGRPHVWLFDFWLRQVLVQRWRQO\ LPSRUWDQWIRULWVLQWHUQDWLRQDOFUHGLELOLW\EXWDOVRIRUVWUHQJWKHQLQJWKHSRVLWLRQRI1*2VLQ RUGHUWRHIIHFWLYHO\LQIOXHQFHWKHFOLPDWHSROLF\GHEDWHVE\VKRZLQJWKHZD\ . 7KH&'0LPSOLHVWUDQVIHURIFDUERQPLWLJDWLRQWHFKQRORJLHVIURP$QQH[,FRXQWULHVWRQRQ$QQH[, FRXQWULHV WKH$QQH[,FRXQWU\SD\VIRUWKHµQHZWHFKQRORJ\¶EXWDOVRUHFHLYHGWKHFUHGLWVRIPLWLJDWLRQ7KLV LVPRUHRUOHVVRSSRVHGWR-,ZKLFKLQYROYHVPLWLJDWLRQSURMHFWVEHWZHHQ$QQH[,FRXQWULHVZKHUHWKHFUHGLWV RIPLWLJDWLRQDUHDOVRVKDUHG.
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
(71) 3DJHRI. 5,90UHSRUW.
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
(73) XQGHUWKH.\RWR3URWRFRO7KHVSHFLDODUUDQJHPHQWWKH(8KDVPDGHWRUHGLVWULEXWHWKH HIIRUWV IRU LPSOHPHQWLQJ WKH ± UHGXFWLRQ DPRQJ PHPEHU 6WDWHV (8 EXUGHQ VKDULQJ DJUHHPHQW XVLQJ WKH ³EXEEOH SURYLVLRQ´ RI DUWLFOH RI WKH 3URWRFRO
(74) SRVHV DGGLWLRQDO FKDOOHQJHVRQWKHLPSOHPHQWDWLRQEXWDOVRRQWKHFUHGLELOLW\RIWKHDPELWLRQVIRUDOHDGHUVKLS UROH /DUJH GRPHVWLF UHGXFWLRQ SRWHQWLDOV GR H[LVW ZLWKLQ WKH (8 EXW LPSOHPHQWDWLRQ RI GRPHVWLFDFWLRQVLVFXUUHQWO\VWLOOUDWKHUORZ,QWKHOLJKWRIWKHFXUUHQWLQWHUQDWLRQDOGHEDWHRQ WKH .\RWR 0HFKDQLVPV WKH (8 LV VWDUWLQJ WR GHEDWH D SRVVLEOH LQWHUQDO HPLVVLRQWUDGLQJ VFKHPH $OWKRXJK LPSOHPHQWDWLRQ RI GRPHVWLF PHDVXUHV DQG WKH UROH RI XVLQJ WKH .\RWR 0HFKDQLVPVDUHPXWXDOO\GHSHQGHQW %DUNHUHWDO
(75) LWLVQRWFOHDULIGRPHVWLFSROLFLHV DQGPHDVXUHVDQGWKH.\RWRPHFKDQLVPVZLOOZRUNLQV\QHUJHWLFZD\ $WWKHZRUNVKRSDQDVVHVVPHQWSDSHU VHH%DUNHUHWDO
(76) ZDVSUHVHQWHGRQWKHWRSLFRI GRPHVWLF JUHHQKRXVH JDV PLWLJDWLRQ RSWLRQV IROORZHG E\ D SDQHO GLVFXVVLRQ DV ZHOO DV D SOHQDU\ GHEDWH :LWK UHVSHFW WR WKH FUHGLELOLW\ RI WKH (8 GLUHFWLRQDO
(77) OHDGHUVKLS SRVLWLRQ GRPHVWLF DFWLRQV DW (8 OHYHO FRRUGLQDWHG FRPPRQ SROLFLHV DQG PHDVXUHV
(78) LV NH\ WDNLQJ DOVR LQWR DFFRXQW WKH FRQVHTXHQFHV RI WKH (8 HQODUJHPHQW IRU IXWXUH FOLPDWH SROLFLHV ,PSOHPHQWDWLRQ RI DQ (8 LQWHUQDO (PLVVLRQ 7UDGLQJ V\VWHP ZLOO EH GLVFXVVHG LQ WKH QH[W VHFWLRQRQWKH.\RWR0HFKDQLVPV 2Q WKH WRSLF RI GRPHVWLF PLWLJDWLRQ DFWLRQV WKH (8 KDV SXEOLVKHG ³(XURSHDQ SROLFLHV DQG. PHDVXUHV WR UHGXFH JUHHQKRXVH JDV HPLVVLRQV WRZDUG D (XURSHDQ FOLPDWH FKDQJH SURJUDPPH´ (8 E
(79) ,W LV UHDVRQHG WKDW WKH LQWHUQDO PDUNHW ZLWKLQ WKH (8 ZLOO FRQWLQXRXVO\JLYHDVWURQJLPSHWXVWRGHYHORSFOLPDWHSROLFLHVDQGPHDVXUHVRQWKH(8OHYHO 2IJUHDWUHOHYDQFHIRULPSOHPHQWLQJGRPHVWLFDFWLRQVLQWKH(8VHYHUDOSRLQWVRIDWWHQWLRQV DQGRSSRUWXQLWLHVZHUHSUHVHQWHGLQWKHVHVVLRQV¶DVVHVVPHQWSDSHU DQG JHQHUDOO\VXSSRUWHG . 7KHZRUNVKRSVHVVLRQRQWKLVWRSLFZDVFKDLUHGE\1LJHO+DLJK IRUPHUGLUHFWRU,QVWLWXWHIRU(XURSHDQ (QYLURQPHQWDO3ROLF\/RQGRQ
(80) 6HEDVWLDQ2EHUWKU (FRORJLF*HUPDQ\
(81) SUHVHQWHGWKHDVVHVVPHQWSDSHURQ EHKDOIRIWKHRWKHUDXWKRUV7HUU\%DUNHU &DPEULGJH8QLYHUVLW\8.
(82) 7RP.UDPDQG0RQLTXH9RRJW (QHUJ\5HVHDUFK)RXQGDWLRQ7KH1HWKHUODQGV
(83) 7KHSDQHOFRQVLVWHGRIUHSUHVHQWDWLYHVIURPSROLF\DQG VFLHQFH 'LPLWUL/DODV1DWLRQDO2EVHUYDWRU\$WKHQV
(84) HQYLURQPHQWDO1*2V 1XQR/DFDVWD(XURQDWXUD 3RUWXJDO
(85) SROLF\ (ZDU\VW+LOOHIURPWKH3ROLVK)RXQGDWLRQIRU(QHUJ\(IILFLHQF\
(86) DQGSROLF\EXVLQHVV +DQV(LNHYRQ6FKRO]'*7UDQVSRUWDQG(QHUJ\
(87) .
(88) 3DJHRI. 5,90UHSRUW. LQ WKH ZRUNVKRS GLVFXVVLRQ $Q LPSRUWDQW JULSSLQJ SRLQW IRU DFWLRQV LV WKH FXUUHQW OLEHUDOLVDWLRQ RI (XURSHDQ HQHUJ\ PDUNHWV ZKLFK ZLOO OHDG WR D GHFUHDVH LQ HQHUJ\ SULFHV SRWHQWLDOO\UHVXOWLQJLQKLJKHUJUHHQKRXVHJDVHPLVVLRQV7KLVPD\EH SDUWLDOO\
(89) RIIVHWE\D IDVWHUVZLWFKWRJDVDQGRWKHUORZFDUERQIXHOVDVZHOODVE\DKLJKHUVHQVLWLYLW\RIHQHUJ\ PDUNHWVWRPDUNHWEDVHGLQVWUXPHQWV6WLOOWKHUHPLJKWEHDQHHGWR³JUHHQ´WKHOLEHUDOLVDWLRQ SURFHVVWKURXJKUHJXODWRU\LQWHUYHQWLRQV %DUNHUHWDO
(90) $QRWKHU LPSRUWDQW QRWLRQ IURP WKH ZRUNVKRS LV WKH IDFW WKDW DQFLOODU\ EHQHILWV HQYLURQPHQWDOHFRQRPLFDQGWHFKQRORJLFDOEHQHILWV
(91) DUHRIWHQQRWLQFOXGHGLQWKHDQDO\VLV RI WKH EHQHILWV RI FOLPDWH FKDQJH SROLFLHV UHVXOWLQJ LQ DQ XQGHUHVWLPDWLRQ RI WKH DJJUHJDWH EHQHILWV ,W LV LPSRUWDQW WR QRWH WKDW WKH H[LVWHQFH RI DQFLOODU\ EHQHILWV FDQ PDNH GRPHVWLF DFWLRQ FKHDSHU DQG PRUH DWWUDFWLYH WKDQ LQWHUQDWLRQDO (PLVVLRQ 7UDGLQJ $OVR LQWHJUDWLQJ FOLPDWH SROLFLHV LQ RWKHU SROLF\ DUHDV VXFK DV LQGXVWU\ WUDQVSRUW DQG DJULFXOWXUH EHFRPHV PRUHDQGPRUHLPSRUWDQW7KH&DUGLIISURFHVV (XURSHDQ&RPPLVVLRQ
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
(93) 7KH(8XQDQLPLW\UXOHVIRUGHFLVLRQPDNLQJDUHDSRWHQWLDOREVWDFOHIRULPSOHPHQWDWLRQRID VWURQJFOLPDWHFKDQJHSROLF\DWWKHGRPHVWLFLPSOHPHQWDWLRQIURQW7KH³FORVHUFRRSHUDWLRQ SURYLVLRQV´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
(94) 1HYHUWKHOHVV GXH WR WKH HFRQRPLF UHVWUXFWXULQJ SURFHVV LQ (DVWHUQ (XURSH PDQ\ DFFHVVLRQ FRXQWULHV ZLOO LQ DOO OLNHOLKRRG IDFH D QDUURZHU .\RWR JDS WR ILOO WKDQ WKH FXUUHQW (8 RU PD\ HYHQ KDYH D VXUSOXV ³KRW DLU´
(95) VHH 0LFKDHORZD DQG %HW]
(96) 2Q WRS RI WKDW WKHUH VHHPV WR EH D FRQVLGHUDEOH SRWHQWLDO IRU UHGXFHG HPLVVLRQV E\ GXH WR WKH RXWGDWHG HQHUJ\ LQIUDVWUXFWXUHV\VWHPLQPRVWRIWKHVHFRXQWULHV,WZDVFRQFOXGHGWKDWLWLVYHU\XQOLNHO\WKDW WKH (8 FRXOG H[SORLW WKLV E\ DGGLQJ WKHVH FRXQWULHV WR WKH ³EXEEOH´ 7KH .\RWR 3URWRFRO ZRXOG RQO\ DOORZ WKLV EHIRUH UDWLILFDWLRQ DQG WKH WLPH VFKHGXOH IRU (8 H[WHQVLRQ GRHV QRW.
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³JUHHQ´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³FORVHU FRRSHUDWLRQ SURYLVLRQV´ DV SURSRVHGLQWKH$PVWHUGDP7UHDW\DOORZLQJDPDMRULW\GHFLVLRQWKDWZRXOGQRWDSSO\WRDPLQRULW\PLJKWEH XVHIXOWRLQFUHDVHG\QDPLFV 'XHWRWKHHFRQRPLFUHVWUXFWXULQJSURFHVVLQ(DVWHUQ(XURSHPDQ\DFFHVVLRQFRXQWULHVZLOOLQDOOOLNHOLKRRG IDFHDQDUURZHU.\RWRJDSWRILOOWKDQWKHFXUUHQW(8RUPD\HYHQKDYHDVXUSOXV ³KRWDLU´
(98) 2QWRSRIWKDW WKHUHVHHPVWREHDFRQVLGHUDEOHSRWHQWLDOIRUUHGXFHGHPLVVLRQVE\,WZDVFRQFOXGHGWKDWLWLV YHU\XQOLNHO\WKDWWKH(8FRXOGH[SORLWWKLVE\DGGLQJWKHVHFRXQWULHVWRWKH³EXEEOH´VLQFHUDWLILFDWLRQRIWKH 3URWRFROZLOOPRVWSUREDEO\EHHDUOLHUWKDQDFFHVVLRQRIWKHFRXQWULHVDQGDGGLWLRQVWRWKHEXEEOHZLOOWKHQ QRWEHDOORZHGDQ\PRUH.
(99) 3DJHRI. 5,90UHSRUW.
(100) 5,90UHSRUW. 3DJHRI. .\RWR0HFKDQLVPV :LWKRXW UHJDUGLQJ WKH LVVXH RI VXSSOHPHQWDULW\ VHH QH[W FKDSWHU
(101) D QXPEHU RI PDUNHW RULHQWHG PHFKDQLVPV DUH DYDLODEOH WR WKH 3DUWLHV XQGHU WKH 3URWRFRO LQ DGGLWLRQ WR RU SRVVLEO\UHSODFLQJWKH
(102) GRPHVWLFDFWLYLWLHVRILPSOHPHQWLQJFOLPDWHFKDQJHSROLFLHV7KHVR FDOOHG .\RWR 0HFKDQLVPV DUH (PLVVLRQ 7UDGLQJ (7
(103) -RLQW ,PSOHPHQWDWLRQ -,
(104) DQG WKH &OHDQ'HYHORSPHQW0HFKDQLVP &'0
(105) (7LQYROYHVWKHWUDGLQJRIH[FHVVHVRIWKHDVVLJQHG DPRXQWVRIFDUERQGLR[LGHHPLVVLRQV$Q\FRXQWU\WKDWHPLWVOHVVJUHHQKRXVHJDVHVWKDQWKH DPRXQW LW LV DOORZHG WR HPLW FDQ LQ WKH (7 V\VWHP WUDGH WKH ³OHIWRYHUV´ RQ WKH HPLVVLRQV PDUNHW-,LQYROYHVSURMHFWVWRPLWLJDWHJUHHQKRXVHJDVHVVXFKDVHJUHSODFLQJDQROG DQG OHVVHIILFLHQW
(106) FRDO SODQW E\ D PRGHUQRQHWRGHFUHDVH HPLVVLRQV(VVHQWLDOWR-,SURMHFWV LV WKDWWKH\WDNHSODFHZLWKLQWKH$QQH[,FRXQWULHVZKHUHRQHFRXQWU\DFFRXQWVIRUWKHFRVWVRI WKHSURMHFWDSSOLHGLQDQRWKHUFRXQWU\7KHFUHGLWVRIPLWLJDWLRQDUHVKDUHGEHWZHHQWKHWZR SDUWLHV LQYROYHG -, XVXDOO\ DSSOLHV WR UHSODFHPHQW WHFKQRORJLHV &'0 LQYROYHV SURMHFWV RI QHZ WHFKQRORJLHV LQ QRQ$QQH[, FRXQWULHV EXW DIIRUGHG IRU E\ DQ $QQH[, SDUW\ 7KH GHYHORSPHQWRIQHZWHFKQRORJLHVDQGWHFKQRORJ\WUDQVIHUVKRXOGEHFRQVLVWHQWZLWKWKHUXOH RI ³HQYLURQPHQWDO DGGLWLRQDOLW\´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³HQYLURQPHQWDODGGLWLRQDOLW\´UHTXLUHPHQWVRIWKH3URWRFRO
(107) 7KH (8 LQWHUQDO (PLVVLRQ 7UDGLQJ V\VWHP 7KH (XURSHDQ &RPPLVVLRQ KDV WDNHQ WKH LQLWLDWLYH WR SXEOLVK WKH ³*UHHQ 3DSHU RQ JUHHQKRXVH HPLVVLRQV WUDGLQJ ZLWKLQ WKH (XURSHDQ 8QLRQ´ (XURSHDQ &RPPLVVLRQ D
(108) LQWURGXFLQJ RSSRUWXQLWLHV IRU DQ (PLVVLRQ 7UDGLQJ V\VWHP IRU WKH (8 $V GLVFXVVHG LQ WKH SUHYLRXV SDUDJUDSK . 7KHZRUNVKRSVHVVLRQRQ.\RWR0HFKDQLVPVZDVFKDLUHGE\&DUOR&DUUDUR )RQGD]LRQH(QL(QULFR0DWWHL ,WDO\
(109) .H\QRWHVSHDNHUZDV)DUKDQD<DPLQ )RXQGDWLRQIRU,QWHUQDWLRQDO(QYLURQPHQWDO/DZDQG 'HYHORSPHQW8.
(110) ZKRSUHVHQWHGWKHSDSHURQEHKDOIRIWKHRWKHUWZRDXWKRUV -HDQ0DUF%XUQLDX[DQG $QGULHV1HQWMHV
(111) 7KHSDQHOLQFOXGHGDYDULHGJURXSRISHRSOHUHSUHVHQWLQJSROLF\ 6\OYLDQH*DVWDOGRIURP WKH)UHQFK0LQLVWU\RI(FRQRPLFVDQG)LQDQFH
(112) LQGXVWU\ 0LNH:ULJOHVZRUWKIURP%3$PRFR
(113) HQYLURQPHQWDO1*2V 6WHIDQ6LQJHUIURP::),QWHUQDWLRQDO
(114) DQGVFLHQFH $GDP5RVHIURP3HQQV\OYDQLD 6WDWH8QLYHUVLW\
(115) .
(116) 3DJHRI. 5,90UHSRUW. VXSSOHPHQWDULW\ WR GRPHVWLF DFWLRQV UHPDLQV DQ LVVXH DOWKRXJK WKH V\VWHP LWVHOI FRXOG SURYLGHXVHIXOSUDFWLFDOH[SHULHQFH 3DUWLFLSDWLRQRISULYDWHHQWLWLHV WKH.\RWR3URWRFRODOORZVLQYROYHPHQWRIEXVLQHVVDQG RWKHU RUJDQLVDWLRQV ³SULYDWH DQG SXEOLF HQWLWLHV´
(117) LQ LPSOHPHQWLQJ -, DQG &'0 )RU (PLVVLRQ7UDGLQJQRLQGLFDWLRQVDUHJLYHQLQWKHOHJDOWH[W6LQFHDWUDGLQJV\VWHPZRXOG EHPRVWLQWHUHVWLQJWRWKHEXVLQHVVFRPPXQLW\WKHGHEDWHLVRQJRLQJZKHWKHUDQGKRZD V\VWHP IRU LPSOHPHQWLQJ WKH .\RWR PHFKDQLVPV FRXOG EHQHILW IURP SDUWLFLSDWLRQ E\ ³SULYDWHDQGSXEOLF HQWLWLHV´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³JUHHQ´ WKHLU HFRQRPLHV DQG WU\LQJWRFRPPLWWKHPWRHPLVVLRQOLPLWDWLRQVRUUHGXFWLRQVLQWKHIXWXUH.H\VLVVXHLQWKDW UHVSHFWZLOOEHKRZSURMHFWVFDQFRQWULEXWHWRDVXVWDLQDEOHGHYHORSPHQW6XJJHVWLRQVZHUH PDGHWRRSWIRUDQLQWHUQDWLRQDOO\DJUHHG³OLVWDSSURDFK´ZLWKLQWKH&'0V\VWHP6XFKDOLVW FRXOGFRQWDLQHOLJLEOHSURMHFWW\SHVRUFRXOGH[FOXGH³XQZDQWHG´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
(118) LWLVLPSRUWDQWWKDWDFRPPRQ(8(PLVVLRQ7UDGLQJ (7
(119) VFKHPH ZLOO EH GHYHORSHG WKDW LV PDQGDWRU\ IRU DOO GLIIHUHQW QDWLRQV DQG UHVXOWV LQ FRQVLVWHQWQDWLRQDOWUDGLQJVFKHPHVDQGDOHYHOSOD\LQJILHOG)RULQVWDQFHGLIIHUHQWFKRLFHV RI D SHUPLW DOORFDWLRQ VFKHPH E\ 0HPEHU 6WDWHV JUDQGIDWKHULQJ YHUVXV DXFWLRQLQJ RI SHUPLWV
(120) FRXOGOHDGWRGLVWRUWLRQRIWKHLQWHUQDOPDUNHW.
(121) 5,90UHSRUW. 3DJHRI. 'LVFXVVLRQ ZDV UDLVHG RQ LQFOXGLQJ ERWK EXVLQHVV HQWLWLHV DV ZHOO DV DGGLWLRQDO JUHHQKRXVH. JDVHV LQ VXFK D V\VWHP RI (7 2Q LQFOXGLQJ RWKHU JUHHQKRXVH JDVHV LW ZDV PHQWLRQHG WKDW RQO\ JDVHV WKDW FDQ EH ZHOO PRQLWRUHG VKRXOG EH LQFOXGHG )RU VPDOO DQG PHGLXP VL]HG HQWHUSULVHVLWZDVGLVFXVVHGKRZWKH\FRXOGEHLQFOXGHGLQDWUDGHV\VWHPDQGKRZDWD[DQG WUDGLQJUHJLPHIRUWKHVHEXVLQHVVHVFRXOGEHFRPELQHG VHHEHORZDW³SULYDWHHQWLWLHV´
(122) :LWK UHVSHFW WR WKH TXHVWLRQ RI FRPSOLDQFH DQG HQIRUFHPHQW DJDLQVW RYHUVHOOLQJ HPLVVLRQ TXRWD LW ZDV VXJJHVWHG WR WDNH WKH ³(XUR]RQH HOLJLELOLW\ FULWHULD´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
(124) VKRXOG EH LQFOXGHG LQ WKH V\VWHP 7KHUH DUH QR IXQGDPHQWDO UHDVRQV IRU H[FOXGLQJ WKHP IURP VXFK D V\VWHPEXWFRPELQLQJSROLFLHVDQGPHDVXUHVFRXOGEHFRPSOLFDWHGVXFKDVDQHQHUJ\FDUERQ WD[DWLRQFRPELQHGZLWKDWUDGLQJV\VWHP2QHXVHIXOGLVWLQFWLRQPDGHDWWKHZRUNVKRSFRXOG EHWRH[FOXGHHQHUJ\H[WHQVLYH60(VLQLWLDOO\VLQFHWKH\DUHPRUHOLNHO\EHLQFOXGHGLQDQ HQYLURQPHQWDO WD[DWLRQ VFKHPH %DUNHU HW DO
(125) VXJJHVWHG WKDW LI FHUWDLQ PLQLPXP UHTXLUHPHQWV FRQFHUQLQJ PRQLWRULQJ DQG YHULILFDWLRQ ZRXOG EH PHW DFWRUV FRXOG YROXQWDU\ RSWLQIRUWKHWUDGLQJV\VWHP .
(126) 3DJHRI. 5,90UHSRUW. &RPSOLDQFH 7KH GHVLJQ RI D FUHGLEOH DQG HIIHFWLYH FRPSOLDQFH DQG HQIRUFHPHQW V\VWHP IRU WKH .\RWR 3URWRFROLQJHQHUDODQGWKH.\RWRPHFKDQLVPVLQSDUWLFXODULVVHHQE\PDQ\DVFUXFLDOIRUWKH HQYLURQPHQWDOHIIHFWLYHQHVVRIWKH.\RWR3URWRFRO7KHUHLVDJURZLQJOLWHUDWXUHRQRSWLRQV IRUVXFKDV\VWHP <DPLQHWDO81)&&&
(127) 2QHSDUWLFXODUSUREOHPZLWKDV\VWHPRI(PLVVLRQ7UDGLQJLVWKHSRVVLELOLW\RI³RYHUVHOOLQJ´ WUDQVIHUULQJVRPXFKRIWKHDVVLJQHGDPRXQWWKDWWKHVHOOHULVQRORQJHULQFRPSOLDQFH7KLV SRVHVWKHTXHVWLRQRIZKRVKRXOGEHUHVSRQVLEOHZKHQDQHQWLW\KDVRYHUVROGLWVSHUPLWVWKH EX\HU RU WKH VHOOHU" %X\HU OLDELOLW\ LV JHQHUDOO\ VHHQ DV ³ULVN DYHUVH´ EXW ZLWK SRWHQWLDOO\ VHULRXVGLVFRXUDJHPHQWRIXVLQJ(PLVVLRQ7UDGLQJEHFDXVHRIWKHKLJKHUSRVVLEOHWUDQVDFWLRQ FRVWV DQG WKH QHHG WR ZDLW XQWLO PRUH FODULW\ DERXW WUXVWZRUWK\ VHOOHUV ZRXOG EH DYDLODEOH 6HOOHUOLDELOLW\ZRXOGKHOSHVWDEOLVKDWUDGLQJV\VWHPHDUO\EHFDXVHEX\HUVZRXOGQRWKDYHWR ZRUU\ DERXW IXWXUH ULVNV EXW LW GHSHQGV YHU\ PXFK RQ D VWURQJ LQWHUQDWLRQDO FRPSOLDQFH UHJLPH 7KH ³WUDIILF OLJKW´DSSURDFK LV HPHUJLQJ DV D FRPSURPLVH SURSRVDO WUDGLQJ LV LQLWLDOO\ DOORZHG WR SURFHHG RQ D VHOOHU OLDELOLW\ EDVLV DQG EX\HU OLDELOLW\ LV RQO\ WULJJHUHG ZKHUHFRPSOLDQFHSUREOHPVDUHLGHQWLILHG'XULQJWKHZRUNVKRSGHEDWHVSDUWLFLSDQWVVKRZHG VHULRXV GRXEWV DERXW WKH HIIHFWLYHQHVV RI WKH ³WUDIILF OLJKW DSSURDFK´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³JUHHQ´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³WUDIILF OLJKW DSSURDFK´ HVSHFLDOO\ VLQFH D FUHGLEOH LQWHUQDWLRQDO VDQFWLRQ UHJLPH PLJKW EH GLIILFXOW WR LPSOHPHQW $ VWURQJ LQWHUQDO FRPSOLDQFH V\VWHP IRU WUDGLQJ PLJKW VWDUW ZLWK D ULJRURXV VHW RI HOLJLELOLW\ FULWHULDVXFKDVXVHGIRUDFFHVVLRQWRWKH(XUR]RQH.
(129) 3DJHRI. 5,90UHSRUW.
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
(131) WR HVWDEOLVK TXDQWLWDWLYH UHVWULFWLRQV RQ WKH SXUFKDVH DQG VDOHV RI DOORZDQFHV DQG FUHGLWVZKLOHRWKHUVILUPO\UHVLVWLQWHUQDWLRQDOUHJXODWLRQ 7KH LVVXH RI VXSSOHPHQWDULW\ WR GRPHVWLF DFWLRQV KDV D QXPEHU RI GLPHQVLRQV HFRQRPLF HIILFLHQF\ WKH LQIOXHQFH RQ WHFKQRORJLFDO LQQRYDWLRQ WKH ³KRW DLU´ SKHQRPHQRQ WKH ORFDO EHQHILWVRIGRPHVWLFDFWLRQDQGWKHFUHGLELOLW\RIWKH$QQH[,FRXQWULHV $V IDU DV HFRQRPLF HIILFLHQF\ LV FRQFHUQHG WKHUH LV JHQHUDO DJUHHPHQW LQ WKH OLWHUDWXUH WKDW XQOLPLWHG XVH RI WKH .\RWR 0HFKDQLVPV ZRXOG \LHOG WKH EHVW UHVXOWV LQ WHUP RI FRVW HIIHFWLYHQHVV8QUHVWULFWHG(PLVVLRQ7UDGLQJDPRQJ$QQH[,FRXQWULHVZRXOGFXWFRPSOLDQFH FRVWV E\ PRUH WKDQ D WKLUG <DPLQ HW DO %ROOHQ HW DO :H\QDQW 2(&'
(132) $GGLQJIXOOXVHRI-,DQG&'0FRXOGSRWHQWLDOO\ UHGXFHWKHRYHUDOOFRVWWR$QQH[, FRXQWULHV WR YHU\ ORZ OHYHOV SHU WRQQH &
(133) HYHQ ZKHQ VLQNV DUH H[FOXGHG IURP WKH &'0 *UXEE 5HLOO\
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³+RWDLU´LVDWHUPXVHGIRUWKHH[FHVVDVVLJQHGDPRXQWVRIHPLVVLRQULJKWLQFHUWDLQFRXQWULHVSUHVHQWEHFDXVH RIJHQHUDOHFRQRPLFGRZQIDOO(VSHFLDOO\LQ(DVWHUQ(XURSHDQFRXQWULHVDQG5XVVLDHPLVVLRQOHYHOVDUHPXFK ORZHUWKDQH[SHFWHGXQGHUWKH ³EXVLQHVVDVXVXDO´GHYHORSPHQWV7KHH[FHVV³ULJKWVRIHPLVVLRQV´DUH FDOOHG³KRWDLU´ZKLFKLVDQLQWHUHVWLQJVHOOHUVRSWLRQLQFDVHRIVHWWLQJXSDQ(7V\VWHP.
(135) 3DJHRI. 5,90UHSRUW. DVVXPSWLRQV PDGH VWXGLHV ILQG D VPDOOHU RU ELJJHU SRVLWLYH HIIHFW RQ VR FDOOHG LQGXFHG WHFKQRORJLFDOFKDQJHRIGRPHVWLFLQYHVWPHQWVDQGGHYHORSPHQWRIQHZWHFKQRORJLHV <DPLQ HW DO
(136) 6XFK WHFKQRORJLFDO LQQRYDWLRQ FRXOG EH LPSRUWDQW LQ RUGHU WR EH DEOH WR XQGHUWDNHIXUWKHUHPLVVLRQUHGXFWLRQVLQWKHSHULRGDIWHUWKHILUVWEXGJHWSHULRGRIWKH.\RWR 3URWRFRO&RQWUDU\WRDJHQHUDOIHHOLQJLQGXVWU\H[SHULHQFHVZLWKLQWHUQDOSULFLQJRIFDUERQ HPLVVLRQV PDNHV LW TXHVWLRQDEOH ZKHWKHU ORZHU FRVWV IRU HPLVVLRQ UHGXFWLRQV WKURXJK WKH .\RWR0HFKDQLVPV
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
(138) 7KH OLWHUDWXUH JHQHUDOO\ DJUHHV DERXW D VXEVWDQWLDO SRVLWLYH
(139) GLIIHUHQFH EHWZHHQ DVVLJQHG DPRXQWVDQGDFWXDOHPLVVLRQVXQGHU ³EXVLQHVVDVXVXDO´FRQGLWLRQVIRUFRXQWULHVLQ(DVWHUQ (XURSHDQGWKHIRUPHU6RYLHW8QLRQWKHVRFDOOHG³KRWDLU´SKHQRPHQRQ)RU5XVVLDDQGWKH 8NUDLQHWKH2(&'*5((1 PRGHO HVWLPDWHV ³KRW DLU´ RI DERXW PLOOLRQ WRQV RI FDUERQ <DPLQHWDO
(140) 8VLQJWKLVDPRXQWLQDQ(PLVVLRQ7UDGLQJV\VWHPLVVHHQE\PDQ\ DV XQGHUPLQLQJWKHHQYLURQPHQWDOHIIHFWLYHQHVVRIWKH.\RWR3URWRFROVLQFHWKHDYHUDJH UHGXFWLRQFRPSDUHGWR IRUWKH$QQH[, FRXQWULHV LV URXJKO\ HTXLYDOHQW WR PLOOLRQ WRQVRIFDUERQ ,WKDVLQVSLUHGWKH(8WRSURSRVHDFDSRQVHOOLQJH[FHVVDVVLJQHGDPRXQWV (8
(141) 7KLV LVVXH OHG WR D ILHUFH GHEDWH DW WKH ZRUNVKRS LQ ZKLFK VHYHUDO DUJXPHQWV ZHUH PDGH DJDLQVWDOLQNDJHRIVXSSOHPHQWDULW\ZLWK³KRWDLU´ . ,WZDVQRWHGWKDW³KRWDLU´LVQRW³IUHH´7KHSKHQRPHQRQKDSSHQVDWKXJHHFRQRPLFFRVWV IRUWKHFRXQWULHVLQYROYHGEHFDXVHLWLVDGLUHFWUHVXOWRIWKHVHYHUHHFRQRPLFGRZQWXUQLQ (DVWHUQ(XURSH5XVVLD8NUDLQHDQGRWKHUFRXQWULHVZLWKHFRQRPLHVLQWUDQVLWLRQ ³+RWDLU´ZRXOGLIWUDGHGVHOODWDUHJXODUPDUNHWSULFHDOWKRXJKRIFRXUVHWKHYROXPH ZRXOGLQIOXHQFHWKHPDUNHW ³+RWDLU´LVQRWVRPHWKLQJWKDWRQO\FRQFHUQVHFRQRPLHVLQWUDQVLWLRQEXWLVDOVRSOD\LQJ DUROHLQFRXQWULHVOLNH*HUPDQ\DQGWKH8.+HUHGHYHORSPHQWVXQUHODWHGWRFOLPDWH FKDQJHPLWLJDWLRQ *HUPDQXQLILFDWLRQDQGPDVVLYHVKLIWVIURPFRDOWRJDVXVH UHVSHFWLYHO\
(142) KDYHOHGWRDVLJQLILFDQWGHFOLQHRIHPLVVLRQV7KLVZRXOGLPSO\WKDWD FHUWDLQDPRXQWRI³KRWDLU´LVDOUHDG\DYDLODEOHZLWKLQWKH(8 . . &DOFXODWHGIURP$QQH[1DWLRQDO&RPPXQLFDWLRQVIRU .
(143) 5,90UHSRUW. 3DJH RI. ,WLVDWHPSRUDU\SKHQRPHQRQEHFDXVHLWLVXQOLNHO\WRKDYHWKLVKDSSHQDJDLQLQDIXWXUH EXGJHWSHULRG VLQFHWKHSRVVLELOLW\ZLOOWKHQEHWDNHQLQWRDFFRXQWLQWKHQHJRWLDWLRQV
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³KRWDLU´XQGHUWKHUHJLPHIRUGHDOLQJZLWK. VXSSOHPHQWDULW\ VLQFH LW ZRXOG XQGHUPLQH WKH FUHGLELOLW\ RI LQGXVWULDOLVHG FRXQWULHV RI LPSOHPHQWLQJ WKH .\RWR 3URWRFRO DQG KHQFH ZRXOG GHOD\ DFFHVV RI GHYHORSLQJ FRXQWULHV $OVRLWZRXOGXQGHUPLQHWKHHQYLURQPHQWDOFUHGLELOLW\RIWKH.\RWR3URWRFROLQJHQHUDODQG VSDUNYHU\QHJDWLYHUHDFWLRQVIURPWKHHQYLURQPHQWDOFRPPXQLW\ ,QWKHFRXUVHRIWKHGHEDWHWKHUHZDVDJURZLQJFRQYHUJHQFHWRZDUGVWKHYLHZWKDW³KRWDLU´ LVQRWWKHPRVWLPSRUWDQWDVSHFWRIWKH.\RWR3URWRFRO´&HLOLQJV´IRUWKHXVHRIWKH.\RWR 0HFKDQLVPV DUH QRW WKH DQVZHU WR WKH ³KRW DLU´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³GXFNLQJ´ WKHLUUHVSRQVLELOLW\0RUHGRPHVWLFDFWLRQZRXOGGHPRQVWUDWHWKHLQWHUQDWLRQDOOHDGHUVKLSRI 2(&'FRXQWULHVDQG FUHGLELOLW\RIWKHLUFRPPLWPHQWVDQGSRVVLEO\VWUHQJWKHQWKHLUKDQGLQ IXWXUH QHJRWLDWLRQV DERXW EURDGHQLQJ WKH JURXS RI FRXQWULHV FRPPLWWLQJ WR OLPLWDWLRQV RU UHGXFWLRQVRIJUHHQKRXVHJDVHPLVVLRQV.
(146) 3DJHRI. 5,90UHSRUW. . :RUNVKRSFRQFOXVLRQV VXSSOHPHQWDULW\ . &HLOLQJV DUH SUREDEO\ QRW HIIHFWLYH IRU HQVXULQJ PLQLPXP GRPHVWLF UHGXFWLRQ HIIRUWV 0DQ\ SRVVLEOH DOWHUQDWLYHVWRFHLOLQJVZHUHVXJJHVWHG - $³SDFNDJHIRUPXOD´FRXOGEHDGRSWHGUHTXLULQJDEDODQFHLQUHGXFWLRQVIURPGRPHVWLFDFWLRQDQGWKRVH IURPWKH.\RWR0HFKDQLVPV - 0LQLPXP SULFHV DGMXVWDEOHRYHU WLPH
(147) FRXOG EH VHW IRU HPLVVLRQ UHGXFWLRQ XQLWV IRU WKH 3DUWLHV RI WKH 3URWRFRO - )HHVRQ-,DQG(PLVVLRQ7UDGLQJFRXOGEHHVWDEOLVKHGHTXLYDOHQWWRWKRVHDOUHDG\DJUHHGXSRQIRUWKH &'0 - 7KHVFRSHRIWKH&'0 HOLJLELOLW\RISURMHFWV
(148) DQGWKHVFRSHRIWKHHOLJLEOHVLQNFDWHJRULHVXQGHUDUWLFOH DQGFRXOGEHOLPLWHGHQKDQFLQJWKHQHHGIRUPRUHGRPHVWLFDFWLRQ. . ³KRWDLU´LVQRWUHJDUGHGWREHDYHU\LPSRUWDQWLVVXHLIORRNHGDWLQDORQJHUWHUPSHUVSHFWLYH*LYHQWKHKLJK HFRQRPLF FRVWV SDLG E\ FRXQWULHV WKDW PD\ KDYH ³KRW DLU´ DYDLODEOH HPSKDVLV VKRXOG EH RQ KHOSLQJ WKHP ³JUHHQ´WKHLUHFRQRPLHVUDWKHUWKDQSURKLELWLQJWKHPWRVHOOLW &RPELQLQJ D WUDGLQJ V\VWHP ZLWK QDWLRQDO DQG (XURSHDQ SROLFLHV DQG PHDVXUHV PD\ UHTXLUH VXEVWDQWLDO FKDQJHVLQHQYLURQPHQWDOOHJLVODWLRQ 7HFKQRORJLFDOLQQRYDWLRQLVFUXFLDOIRUIXWXUHHPLVVLRQUHGXFWLRQVEXWXQGHUVWDQGLQJDERXWWKHLQIOXHQFHRI GRPHVWLFDFWLRQDQGWHFKQRORJ\WUDQVIHULVOLPLWHG0RUHUHVHDUFKLVQHHGHG. . . 7KHVHFRQFOXVLRQVDUHPDLQO\GLVWLOOHGIURPWKHZRUNVKRSVHVVLRQVRQ.\RWR0HFKDQLVPVDQG ,PSOHPHQWDWLRQLVVXHV.
(149) 5,90UHSRUW. 3DJHRI. 6LQNV 6LQNV WDNH LQ D VSHFLDO SRVLWLRQ LQ WKH .\RWR 3URWRFRO ,W LPSOLHV LQFUHDVLQJ WKH XSWDNH RI. H[FHVV JUHHQKRXVH JDVHV &2
(150) LQ ELRVSKHULF VLQNV LQ DGGLWLRQ WR GHFUHDVLQJ WKH DQWKURSRJHQLF HPLVVLRQV RI JUHHQKRXVH JDVHV 6HTXHVWHULQJ DGGLWLRQDO FDUERQ LQ WKH ELRVSKHUH DQG LQ SURGXFWV IURP WKH ELRVSKHUH ³VLQNV´
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
(152) JLYHVDVWDWHRIWKHDUWRIWKHVFLHQWLILF NQRZOHGJH RQ WKHVH LVVXHV 7KH GHFLVLRQV DUH FRPSOLFDWHG E\ WKH XQFHUWDLQWLHV WKDW H[LVW LQ WKHEDVLFGDWD3UHVHQWNQRZOHGJHUHJDUGLQJVLQNVPDLQO\GHDOVZLWKWKHGLVWULEXWLRQRIVLQNV DPRQJWKHZRUOG¶VHFRV\VWHPVWKHDFFXUDF\RIHVWLPDWLRQRIWKHFXUUHQWVLQNSRWHQWLDOIXWXUH . 7KHVHVVLRQRQVLQNVZDVFKDLUHGE\/HR0H\HU 0LQLVWU\RI+RXVLQJ6SDWLDO3ODQQLQJDQG(QYLURQPHQW7KH 1HWKHUODQGV%HUQKDUG6FKODPDGLQJHU -RDQQHXP5HVHDUFK$XVWULD
(153) OHDGDXWKRURIWKH,3&&6SHFLDO5HSRUW RQ/DQG8VH/DQG8VH&KDQJHDQG)RUHVWU\DQGRIWKHZRUNVKRS¶V6LQNVDVVHVVPHQWVHWWKHVFHQHE\ SUHVHQWLQJWKHFXUUHQWVFLHQWLILFVWDWHRIWKHDUWDOVRRQEHKDOIRIWKHDVVHVVPHQW¶VFRDXWKRUV:ROIJDQJ &UDPHU 3RWVGDP,QVLWXWHIRU&OLPDWH,PSDFWV5HVHDUFK*HUPDQ\
(154) DQG,JLQR(PPHU )DFH)RXQGDWLRQ 1HWKHUODQGV
(155) 7KHSDQHOFRQVLVWHGRIUHSUHVHQWDWLYHVIURPEXVLQHVV 3HGUR0RXUD&RVWDIURP(FR6HFXULWLHV /WG
(156) SROLF\ .ODXV5DGXQVN\IURPWKH)HGHUDO(QYLURQPHQW$JHQF\LQ$XVWULD
(157) DQGHQYLURQPHQWDO1*2V 6LEOH6FK|QHIURP::)1HWKHUODQGV
(158) $UWLFOH LQFOXGHVLQWKH3URWRFRO³UHPRYDOVE\VLQNVUHVXOWLQJIURPGLUHFWKXPDQLQGXFHGODQGXVHFKDQJH DQGIRUHVWU\DFWLYLWLHVOLPLWHGWRDIIRUHVWDWLRQUHIRUHVWDWLRQDQGGHIRUHVWDWLRQVLQFH ´ $UWLFOH LQFOXGHVLQWKH3URWRFROWKDW³7KH&RQIHUHQFHRIWKH3DUWLHV «
(159) VKDOO «
(160) GHFLGHXSRQ PRGDOLWLHVUXOHVDQGJXLGHOLQHVDVWRKRZDQGZKLFKDGGLWLRQDOKXPDQLQGXFHGDFWLYLWLHVUHODWHGWRFKDQJHVLQ JUHHQKRXVHJDVHPLVVLRQVDQGUHPRYDOVLQWKHDJULFXOWXUDOVRLODQGODQGXVHFKDQJHDQGIRUHVWU\FDWHJRULHV VKDOOEHDGGHGWRRUVXEWUDFWHGIURPWKHDVVLJQHGDPRXQWIRU3DUWLHVLQFOXGHGLQ$QQH[,WDNLQJLQWRDFFRXQW XQFHUWDLQWLHVWUDQVSDUHQF\LQUHSRUWLQJYHULILDELOLW\WKHPHWKRGRORJLFDOZRUNRIWKH,3&& «
(161) ´ $UWLFOHLQFOXGHVLQWKH3URWRFROWKDW³$Q\3DUW\LQFOXGHGLQ$QQH[,PD\WUDQVIHUWRRUDFTXLUHIURPDQ\ RWKHUVXFK3DUW\HPLVVLRQUHGXFWLRQXQLWVUHVXOWLQJIURPSURMHFWVDLPHGDWUHGXFLQJDQWKURSRJHQLFHPLVVLRQV E\VRXUFHVRUHQKDQFLQJDQWKURSRJHQLFUHPRYDOVE\VLQNVRIJUHHQKRXVHJDVHVLQDQ\VHFWRURIWKHHFRQRP\ «
(162) ´.
GERELATEERDE DOCUMENTEN
year.. In 2009, however, carbon emissions were greatly reduced, reaching a lower level compared to that for 2007 emissions. To understand which countries are responsible for
Deze worden vervolgens geloetst door de aldus berekende fluxen voor hel Helvoirls Broek te vergelijken met de met WATBAL berekende fluxen, en door de
Joanneke liet in haar presentatie ook diverse citaten zien om het bij- zondere karakter van de Winterswijkse bossen door de eeuwen heen te onderstrepen.. In een ‘Statistieke
De daling in aantal spruiten per plant in 1989 en 1991 /92 en de afname in gewicht per spruit bij toenemende plantdichtheid in alle drie de jaren (tabel 11, 13), wordt ge-
Voor de analyse is het irrigatie systeem opgesplitst in de volgende componenten: • Hoofd/primair systeem: Wakay pompstation – Corantijn kanaal – Nani inlaat •
Ostoa 47 concludes time is the most significant factor for companies to undertake RCBMs. Besides time, by completing a reverse merger the transfer of all contractual rights and
Modern engineers must perform their work carefully to avoid damaging buried underground utilities. Before starting ground works the exact location of pipes and cables
The Coordinator at the coke plant uses the same densities on a monthly basis to determine the mass of each stockpile of coal (densities X volume = mass). Two to
