Greenhouse Gas Emissions in the Netherlands 1990-2001
226
0
0
Hele tekst
(2) 500YDQGHQ%ULQN WUDQVSRUW
(3) -$0RQWIRRUW IXJLWLYHHPLVVLRQVHQHUJ\
(4) '61LMGDP VPDOOFRPEXVWLRQ VROYHQWDQGSURGXFWXVH
(5) &-3HHN LQGXVWU\
(6) 0:YDQ6FKLMQGHO DJULFXOWXUH
(7) DQG($=RQQHYHOG HQHUJ\
(8) . 1DWLRQDO,QYHQWRU\5HSRUWSUHSDUHGIRUVXEPLVVLRQLQDFFRUGDQFHZLWK WKH81)UDPHZRUN&RQYHQWLRQRQ&OLPDWH&KDQJH 81)&&&
(9) DQG WKH(XURSHDQ8QLRQ V*UHHQKRXVH*DV0RQLWRULQJ0HFKDQLVP >LQFOXGLQJHOHFWURQLF([FHOVSUHDGVKHHWILOHVFRQWDLQLQJ WKH&RPPRQ5HSRUWLQJ)RUPDW &5)
(10) GDWDIRU WR@. 1HWKHUODQGV2UJDQLVDWLRQIRU$SSOLHG6FLHQWLILF5HVHDUFK 712
(11) 32%R[1/$+$SHOGRRUQ 1RYHP32%R[1/$$6LWWDUG 6WDWLVWLFV1HWKHUODQGV &%6
(12) 32%R[1/-09RRUEXUJ. . . 7KLV LQYHVWLJDWLRQ KDV EHHQ SHUIRUPHG E\ RUGHU DQG IRU WKH DFFRXQW RI WKH 'LUHFWRUDWH*HQHUDO IRU (QYLURQ PHQWDO 3URWHFWLRQ &OLPDWH &KDQJH DQG ,QGXVWU\ 'LYLVLRQ RI WKH 1HWKHUODQGV 0LQLVWU\ RI 6SDWLDO 3ODQQLQJ +RXVLQJDQGWKH(QYLURQPHQWZLWKLQWKHIUDPHZRUNRI5,90SURMHFWSURMHFWWLWOHµ,QWHUQDWLRQDOHPLV VLRQUHSRUWV¶. 5,9032%R[1/%$%LOWKRYHQ SKRQH ID[ .
(13) LL.
(14) 5,905HSRUW1HWKHUODQGV1,5$&.12:/('*(0(176. $FNQRZOHGJHPHQWV 0DQ\ FROOHDJXHV IURP D QXPEHU RI RUJDQLVDWLRQV &%6 (&/19 /(, 5,90 712 DQG UHFHQWO\ $22
(15) KDYHEHHQLQYROYHGLQWKHDQQXDOXSGDWHRIWKH1HWKHUODQGV3ROOXWDQW(PLVVLRQ5HJLVWHU 3(5
(16) DOVR FDOOHG WKH (PLVVLRQ 5HJLVWUDWLRQ (5
(17) V\VWHP ZKLFK FRQWDLQV HPLVVLRQV GDWD RQ KXQGUHGV RI SROOXWDQWV VHH 6HFWLRQ
(18) 7KLVDQQXDO SURMHFW LV OHG E\ WKH9520 ,QVSHFWRUDWH 9,
(19) DQG WKH &R RUGLQDWLQJ &RPPLWWHH RQ 7DUJHW *URXS 0RQLWRULQJ &&'0
(20) 7KH HPLVVLRQ FDOFXODWLRQV LQFOXGLQJ WKRVHIRUJUHHQKRXVHJDVHPLVVLRQVDUHSHUIRUPHGE\PHPEHUVRIVRFDOOHG(57DVN)RUFHV VHH6HF WLRQ
(21) 7KLV LV D PDMRU WDVN VLQFH WKH 1HWKHUODQGV¶ LQYHQWRU\ FRQWDLQV PDQ\ GHWDLOHG HPLVVLRQ VRXUFHV 6XEVHTXHQWO\WKHHPLVVLRQVDQGDFWLYLW\GDWDRIWKH1HWKHUODQGV¶LQYHQWRU\LVFRQYHUWHGE\712 LQWRWKH,3&&VRXUFHFDWHJRULHVFRQWDLQHGLQWKH&5)ILOHVZKLFKIRUPDVXSSOHPHQWWRWKLVUHSRUW 7KHGHVFULSWLRQRIVRXUFHVDQDO\VLVRIWUHQGVDQGXQFHUWDLQW\HVWLPDWHVLQHPLVVLRQV VHH&KDS WHUVWR
(22) RIWKHYDULRXVVRXUFHVKDVEHHQPDGHLQFRRSHUDWLRQZLWKWKHIROORZLQJ5,90H[SHUWV 0U 'LN%HNHU ZDVWH
(23) 0U5REHUWYDQGHQ%ULQN WUDQVSRUW
(24) 0UV-RKDQQD0RQWIRRUW IXJLWLYHHPLVVLRQV HQHUJ\
(25) 0U 'XUN 1LMGDP VPDOO FRPEXVWLRQ VROYHQW DQG SURGXFW XVH
(26) 0U .HHV 3HHN LQGXVWU\ ZDVWHLQFLQHUDWLRQ ZDVWH ZDWHU
(27) DQG 0UV0DULDQ YDQ 6FKLMQGHO DQG 0U.ODDV YDQ GHU +RHN DJUL FXOWXUH
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
(29) &217(1761HWKHUODQGV1,55,905HSRUW. LY.
(30) 5,905HSRUW1HWKHUODQGV1,5&217(176. &RQWHQWV $&.12:/('*(0(176 ,,, 6$0(19$77,1* '87&+
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¶7DUJHW6HFWRUVDQG,3&&VRXUFHFDWHJRULHV &5)ILOHV SULQWHGYHUVLRQRIVXPPDU\WDEOHVDQGFRPSOHWHQHVV 7HUULWRULDODVSHFWV LPSRUWH[SRUWV 3UHVHQWDWLRQRIILJXUHV URXQGLQJRIIDQGVXPPDWLRQ 2UJDQLVDWLRQRIWKHUHSRUW. . 7KH3ROOXWDQW(PLVVLRQ5HJLVWHU 3(5
(32) 7KH1DWLRQDO,QYHQWRU\5HSRUWDQG&5)ILOHV . . &DUERQGLR[LGHHPLVVLRQV &2IURPVLQNV 0HWKDQH 1LWURXVR[LGH +)&V3)&VDQG6) 'DWDVRXUFHV. . .H\VRXUFHLGHQWLILFDWLRQDQGPHWKRGRORJLFDOFKRLFH /LPLWDWLRQV . . 7KH3ROOXWDQW(PLVVLRQ5HJLVWHU 3(5
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
(34) :DVWH 2WKHU ,QWHUQDWLRQDOWUDQVSRUW . (0,66,2175(1'6)25,1',5(&7*5((1+286(*$6(6$1'62. . . Y.
(35) &217(1761HWKHUODQGV1,55,905HSRUW . (1(5*<>&5)6(&725@ . 29(59,(:2)6(&725. . )8(/&20%867,21>&5)&$7(*25<$@. . . 7HPSHUDWXUHFRUUHFWLRQIRU&2 &2HPLVVLRQVIURPELRPDVV . (QHUJ\LQGXVWULHV &5)FDWHJRU\$
(36) 6RXUFHFDWHJRU\GHVFULSWLRQ 0HWKRGRORJLFDOLVVXHV 8QFHUWDLQW\DQGWLPHVHULHVFRQVLVWHQF\ 6RXUFHVSHFLILF4$4&DQGYHULILFDWLRQ 0DQXIDFWXULQJLQGXVWULHVDQGFRQVWUXFWLRQ &5)FDWHJRU\$
(37) 6RXUFHFDWHJRU\GHVFULSWLRQ 0HWKRGRORJLFDOLVVXHV 8QFHUWDLQW\DQGWLPHVHULHVFRQVLVWHQF\ 6RXUFHVSHFLILF4$4&DQGYHULILFDWLRQ 7UDQVSRUW &5)FDWHJRU\$
(38) 6RXUFHFDWHJRU\GHVFULSWLRQ 0HWKRGRORJLFDOLVVXHV 8QFHUWDLQW\DQGWLPHVHULHVFRQVLVWHQF\ 9HULILFDWLRQRIURDGWUDQVSRUW YHKLFOHNPDSSURDFKYHUVXV,3&&DSSURDFK 6RXUFHVSHFLILFSODQQHGLPSURYHPHQWV 2WKHUVHFWRUV &5)FDWHJRU\$
(39) 6RXUFHFDWHJRU\GHVFULSWLRQ 0HWKRGRORJLFDOLVVXHV 8QFHUWDLQW\DQGWLPHVHULHVFRQVLVWHQF\ 2WKHUV &5)FDWHJRU\$
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
(41). . &+(0,&$/,1'8675< %
(42). . 0(7$/352'8&7,21 &
(43). . . 6RXUFHFDWHJRU\GHVFULSWLRQ 0HWKRGRORJLFDOLVVXHV 8QFHUWDLQWLHVDQGWLPHVHULHVFRQVLVWHQF\. . 6RXUFHFDWHJRU\GHVFULSWLRQ 0HWKRGRORJLFDOLVVXHV 8QFHUWDLQWLHVDQGWLPHVHULHVFRQVLVWHQF\ 6RXUFHVSHFLILFUHFDOFXODWLRQ . . 6RXUFHFDWHJRU\GHVFULSWLRQ 0HWKRGRORJLFDOLVVXHV 8QFHUWDLQWLHVDQGWLPHVHULHVFRQVLVWHQF\. . 6RXUFHFDWHJRU\GHVFULSWLRQ 0HWKRGRORJLFDOLVVXHV 8QFHUWDLQWLHVDQGWLPHVHULHVFRQVLVWHQF\. . 6RXUFHFDWHJRU\GHVFULSWLRQ 0HWKRGRORJLFDOLVVXHV . 352'8&7,212)+$/2&$5%216$1'6) (
(44). . &2168037,212)+$/2&$5%216$1'6) )
(45). . YL. . .
(46) 5,905HSRUW1HWKHUODQGV1,5&217(176 . 8QFHUWDLQWLHVDQGWLPHVHULHVFRQVLVWHQF\ 6RXUFHVSHFLILFUHFDOFXODWLRQV. . 6RXUFHFDWHJRU\GHVFULSWLRQ 0HWKRGRORJLFDOLVVXHV 8QFHUWDLQWLHVDQGWLPHVHULHVFRQVLVWHQF\. 27+(5,1'8675,$/352&(66(6 *
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
(48). . :$67(:$7(5+$1'/,1* %
(49). . :$67(,1&,1(5$7,21 &
(50). . 27+(5:$67(+$1'/,1* '
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
(52) &217(1761HWKHUODQGV1,55,905HSRUW 5(&$/&8/$7,216$1',03529(0(176 (;3/$1$7,21$1'-867,),&$7,21)255(&$/&8/$7,216. . ,03/,&$7,216)25(0,66,21/(9(/6. . ,03/,&$7,216)25(0,66,2175(1'6,1&/8',1*7,0(6(5,(6&216,67(1&< 5(&$/&8/$7,2165(63216(727+(5(9,(:352&(66$1'3/$11(',03529(0(176. . . 0HWKRGRORJLFDOFKDQJHV 6RXUFHDOORFDWLRQ (UURUFRUUHFWLRQV. . 5HFDOFXODWLRQRIEDVH\HDUDQG QRZILQDO
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
(54) 7(03(5$785(&255(&7,21)25&2 )520(1(5*<&2168037,21 . . $11(; 27+(5'(7$,/('0(7+2'2/2*,&$/'(6&5,37,216)25,1',9,'8$/6285&(256,1. &$7(*25,(6. '(7$,/('0(7+2'2/2*,&$/'(6&5,37,21)2527+(56285&(6 '(7$,/('0(7+2'2/2*,&$/'(6&5,37,212)/8&)&$7(*25<$. $11(; &25()(5(1&($3352$&+$1'&203$5,621:,7+7+(6(&725$/$3352$&+ $11(; $66(660(172)&203/(7(1(66$1' 327(17,$/
(55) 6285&(6$1'6,1.62) *5((1+286(*$6(0,66,216$1'5(029$/6(;&/8'('. $ $ $. $ $ $. $ $. $11(; $'',7,21$/,1)250$7,2172%(&216,'(5('$63$572)7+(1,568%0,66,21. $. $11(; 6(/(&7,212)&200215(3257,1*)250$77$%/(6. $. ,3&&7$%/(6$)25%$6(<($56 $1' $1')25 5(&$/&8/$7,21$1'&203/(7(1(667$%/(6)25 $1' &5)75(1'7$%/(6)25*5((1+286(*$6(6 75(1'7$%/(6)2535(&85625*$6(6$1'62 . $ $ $ $. $11(; &+(0,&$/&203281'681,76*/2%$/:$50,1*327(17,$/6 27+(5&219(56,21)$&7256$1',17(51(7/,1.6. $. $11(; /,672)$%%5(9,$7,216. $. YLLL.
(56) 5,905HSRUW1HWKHUODQGV1,56$0(19$77,1*. 6DPHQYDWWLQJ 'XWFK
(57) 1DWLRQDO,QYHQWRU\5HSRUW 1,5
(58) 'LWUDSSRUWRYHUGH1HGHUODQGVHLQYHQWDULVDWLHYDQEURHLNDVJDVHPLVVLHVLVRSJHVWHOGRPWHYROGRHQDDQ GH QDWLRQDOH UDSSRUWDJHYHUSOLFKWLQJHQ LQ YDQ KHW .OLPDDWYHUGUDJ YDQ GH 9HUHQLJGH 1DWLHV 81)&&&
(59) HQ YDQ KHW %HZDNLQJVPHFKDQLVPH %URHLNDVJDVVHQ YDQ GH (XURSHVH 8QLH 'LW UDSSRUW EHYDWWUHQGDQDO\VHVYRRUGHHPLVVLHVYDQEURHLNDVJDVVHQLQGHSHULRGH HHQHHUVWHDQDO\VH YDQ ]JQ VOHXWHOEURQQHQ HQ GH RQ]HNHUKHLG LQ KXQ HPLVVLHV YROJHQV GH µ7LHU ¶PHWKRGLHN YDQ KHW ,3&&UDSSRUW RYHU *RRG 3UDFWLFH *XLGDQFH GRFXPHQWDWLH YDQ JHEUXLNWH EHUHNHQLQJVPHWKRGHQ GDWDEURQQHQHQWRHJHSDVWHHPLVVLHIDFWRUHQ HQHHQRYHU]LFKWYDQKHWNZDOLWHLWVV\VWHHPHQGHYDOLGDWLH YDQGHHPLVVLHFLMIHUVYRRUGH1HGHUODQGVH(PLVVLHUHJLVWUDWLH(HQDSDUWHDQQH[ELMGLWUDSSRUWRPYDW HOHNWURQLVFKH GDWD RYHU HPLVVLHV DFWLYLWHLWHQGDWD HQ DIJHOHLGH HPLVVLHIDFWRUHQ LQ KHW ]JQ &RPPRQ 5HSRUWLQJ)RUPDW &5)
(60) ZDDUGRRUKHW91.OLPDDWVHFUHWDULDDWRPZRUGWYHU]RFKW,QGHDSSHQGLFHV ELMGLWUDSSRUW]LMQGH&5)WUHQGWDEHOOHQHQGH,3&&WDEHOOHQµ$¶RSJHQRPHQYRRU DOOH FLMIHUV YRRU ]LMQ YRRUORSLJ
(61) DOVPHGH WDEHOOHQ RYHU KHUEHUHNHQLQJHQ HQ FRPSOHHWKHLG YDQ HPLVVLHEURQQHQ 'H 1,5 JDDW QLHW VSHFLILHN LQ RS GH LQYORHG YDQ KHW JHYRHUGH RYHUKHLGVEHOHLG PHW EHWUHNNLQJ WRW HPLVVLHV YDQ EURHLNDVJDVVHQ PHHU LQIRUPDWLH KLHURYHU LV WH YLQGHQ LQ GH 0LOLHXEDODQV. (PLVVLHWUHQGVEURHLNDVJDVVHQ 'HWRWDOHQHWWR&2 HTHPLVVLHVZDUHQLQKRJHUGDQLQ YRRUGH)JDVVHQ+).¶V 3).¶VHQ6)
(62) ,QSHULRGH ]LMQGHHPLVVLHVYDQ&2 PHWWRHJHQRPHQWHUZLMOGH&+ HQ 1 2HPLVVLHV PHW UHVS HQ DIQDPHQ 9DQ GH ]RJHQDDPGH )JDVVHQ ZDDUYRRU KHW UHIHUHQWLHMDDULVQDPGHWRWDOHHPLVVLHPHWDI'H+).HQ3).HPLVVLHVQDPHQPHWUHVS HQDILQWHQRS]LFKWHYDQ WHUZLMOGHHPLVVLHVYDQ6) PHWWRHQDPHQ+LHURQGHU ZRUGWSHU,3&&FDWHJRULHGHYHUNODULQJYRRUGHWUHQG JHJHYHQ 'H HPLVVLHV YDQ HQHUJLHJHEUXLN HQ SURGXFWLH FDWHJRULH
(63) LV PHW FD WRHJHQRPHQ WHQ RS ]LFKWHYDQ PHWQDPHGRRUGHWRHQDPHYDQ&2 HPLVVLHVYDQGHFHQWUDOHVHQGHWUDQVSRUW VHFWRU UHVSHQWRHQDPH
(64) 'HYHUGXEEHOLQJYDQGHHOHNWULFLWHLWLPSRUWLQ YDQQDDU YRRUKHWKXLVKRXGHOLMNHHOHNWULFLWHLWVYHUEUXLNYHURRU]DDNWHHHQWLMGHOLMNHDIQDPHYDQGH&2 HPLVVLHVLQGH]HVHFWRUHQKHWODQGHOLMNWRWDDO'HVWLMJLQJYDQGH&2 HPLVVLHVGLHLQGHSHULRGH YyyU WH]LHQZDV]HW]LFKLQHQZHHUGRRU 'H LQGXVWULsOH SURFHVHPLVVLHV GZ] QLHWYHUEUDQGLQJVHPLVVLHV
(65) FDWHJRULH
(66) ]LMQ JHGDDOG WHQRS]LFKWHYDQ PHWQDPHGRRUGHVWHUNHDIQDPHYDQGH+).HPLVVLHVHQHHQDIQDPHYDQ GH1 2HPLVVLHVYDQGHVDOSHWHU]XXUSURGXFWLH (PLVVLHV YDQ RSORVPLGGHOHQ HQ DQGHUH SURGXFWHQ FDWHJRULH
(67) GUDJHQ PDDU ZHLQLJ ELM WRW KHW QDWLRQDOHWRWDDOGHHPLVVLHWUHQGYHUWRRQWHHQGDOLQJGRRUHHQDIQDPHYDQGHHPLVVLHYDQ1 2YDQ VSXLWEXVVHQ 'HODQGERXZHPLVVLHV FDWHJRULH
(68) ]LMQVLQGV PHWDIJHQRPHQ'LWNRPWGRRUGHVWHUNH DIQDPH YDQ KHW DDQWDO GLHUHQ
(69) ZDDUGRRU &+ HPLVVLHV DINRPVWLJ YDQ IHUPHQWDWLH HQ PHVW PHW]LMQJHGDDOG 'H&2 YDVWOHJJLQJLQERVVHQ FDWHJRULH
(70) EHGUDDJWFLUFDYDQKHWODQGHOLMNHWRWDDO'HMDDUOLMN VHIOXFWXDWLHV WRW± 0WRQ
(71) ZRUGHQYHURRU]DDNWGRRUZLM]LJLQJHQLQGHGDWDVHWGLHJHEUXLNW ZRUGWYRRUKHWEHUHNHQHQYDQGH]HFDWHJRULH 'HHPLVVLHVYDQGHDIYDOVHFWRU FDWHJRULH
(72) ]LMQVLQGV FLUFDDIJHQRPHQPHWQDPHGRRU HHQDIQDPHYDQ&+ HPLVVLHVYDQVWRUWSODDWVHQ'HDDQIRVVLHOHEUDQGVWRIIHQJHUHODWHHUGHHPLVVLH YDQDIYDOYHUEUDQGLQJVLQVWDOODWLHV]LMQRSJHQRPHQLQFDWHJRULH$ 'HVHFWRUµRYHULJ¶ FDWHJRULH
(73) EHVWDDW JURWHQGHHOV XLW GH HPLVVLH YDQ 1 2 GRRU YHUYXLOGRSSHU YODNWHZDWHU GH]HELMGUDJHLVFRQVWDQWJHKRXGHQRYHUGHMDUHQ ,QWHUQDWLRQDOHWUDQVSRUWHPLVVLHV YDQ OXFKW HQ VFKHHSYDDUW ZRUGHQ RRN JHUDSSRUWHHUG YROJHQV GH ,3&&ULFKWOLMQPDDUDOVHHQDSDUWHFDWHJRULHGLHQLHWWRWKHWQDWLRQDOHWRWDDOJHUHNHQGZRUGW1H . . . . . . . . . . . . . . . L[.
(74) 6$0(19$77,1*1HWKHUODQGV1,55,905HSRUW. GHUODQGUDSSRUWHHUWDOOHHQGH&2 HPLVVLHVGH]H]LMQVLQGV PHWRI0WRQWRHJHQRPHQ GRRUHHQWRHQDPHYDQGHHPLVVLHVYDQVFKHHSYDDUWEXQNHUV 0WRQ
(75) HQYOLHJYHUNHHU 0WRQ
(76) 'HJURRWVWHZLM]LJLQJHQLQWRWDOHEURHLNDVJDVHPLVVLHV &2 HT
(77) LQWHQRS]LFKWHYDQZRUGHQ YHURRU]DDNWGRRUGHWRHQDPHYDQ0WRQ&2 0WRQGRRUGHUHODWLHINRXGHUHZLQWHUYDQ
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
(79) 9HUGHU ZDUHQ &2 HPLVVLHV YDQ RSHQKDDUGHQ HQ YDQ HHQ JHGHHOWH YDQ KHW YHUEUXLN YDQ ELRJDV WHQ RQUHFKWH JHODEHOG DOV IRVVLHOH HPLVVLHEURQQHQ 'H EHODQJULMNVWH ZLM]LJLQJHQ WHQ RS]LFKWH YDQ GH YRULJH UDSSRUWDJH ]LMQ KHW JHYROJ YDQPHWKRGLHNYHUDQGHULQJYHUEHWHULQJLQDOORFDWLHHQKHUVWHOYDQIRXWHQ 0HWKRGLHNZLM]LJLQJHQ KHUEHUHNHQLQJ YDQ 1 2HPLVVLHV YDQ VDOSHWHU]XXUSURGXFWLH YRRU GH MDUHQ HQ LQ OLMQ PHW GH PHWKRGH YRRU GH DQGHUH MDUHQ KHUEHUHNHQLQJ YDQ GH HPLVVLHV YDQ &+ HQ 1 2 YDQ 5:=,¶V KHU]LHQLQJ YDQ GH +). HQ 6) HPLVVLHV YRRU GH MDUHQ $OORFDWLH YDQ EURQQHQ DDQSDVVLQJHQ LQ GH DIYDOVHFWRU GRRU PHHU GXLGHOLMNKHLG RYHU GH VXEVHFWRUHQ YHUEHWHUGH EUDQGVWRIXLWVSOLWVLQJ LQ GH GDWDEDVH FRQVLVWHQWLH LQ GH DOORFDWLH YDQ LQGXVWULsOHSURFHVHPLVVLHV )RXWHQFRUUHFWLH DDQSDVVLQJ YDQ YHUNHHUGH WRHZLM]LQJ YDQ QLHWIRVVLHOH EUDQGVWRIIHQ LQ GH FDWHJRULHsQ$$HQ' GXEEHOWHOOLQJELMURRNJDVRQW]ZDYHOLQJ FDWHJRULH*
(80) 1 2HPLVVLH YDQ ODQGERXZJURQGHQ &2 YHUEUDQGLQJVHPLVVLHV LQ FDWHJRULH $I YRRU GH MDUHQ HQ
(81) &2 HPLVVLHV YDQ GH HQHUJLHVHFWRU $
(82) YRRU JHJHYHQV RYHU QRQ HQHUJHWLVFKJHEUXLNDOVFKHPLVFKHJURQGVWRI ]JQµIHHGVWRFNV¶
(83) $G
(84) YRRU HQ $OV JHYROJ YDQ GH]H KHUEHUHNHQLQJHQ ]LMQ LQ KHW EDVLVMDDU GH WRWDOH &2 HTXLYDOHQWH HPLVVLHV PHW 7J&2 HTRIDIJHQRPHQ,QWRWDDO]LMQGHHPLVVLHVLQKHWEDVLVMDDUYDQ&2 HQ6) UHVS HQ0WRQ&2 HTXLYDOHQWODJHUJHZRUGHQ GH+).HPLVVLHV]LMQLQ KHWEDVLVMDDUYRRUGH )JDVVHQ
(85) WRHJHQRPHQPHW0WRQ&2 HT . . . . . . . . . . . . . . . 2Q]HNHUKHGHQ 'HRQ]HNHUKHLGLQGHWRWDOHMDDUOLMNVHHPLVVLHVZRUGWJHVFKDWRS GHRQ]HNHUKHLGLQGHWUHQGRYHU GHSHULRGH ZRUGWRSSXQWHQJHVFKDWELMHHQWRHQDPHYDQJHEDVHHUGRSGH]JQ µ7LHU¶PHWKRGLHNYDQGH,3&&YRRUWUHQGRQ]HNHUKHGHQ PHW EHWURXZEDDUKHLGVLQWHUYDO
(86) 9RRU GH DI]RQGHUOLMNH VWRIIHQ ZRUGW GH RQ]HNHUKHLG LQ GH MDDUOLMNVH HPLVVLHV DOV YROJW JHVFKDW YRRU &2 &+ 1 2 +).¶V 3).¶V HQ 6) 'H WUHQGRQ]HNHUKHLG ZRUGW YRRU &2 &+ 1 2HQYRRUDOOH)JDVVHQDOVJURHSJHVFKDWRSUHVSDQGSXQWHQ 'DDUELMPRHWZRUGHQRSJHPHUNWGDWGHRQ]HNHUKHLGLQGHHPLVVLHFLMIHUVYRRUHQLQGHHPLV VLHWUHQGZDDUVFKLMQOLMNJURWHULVGDQKLHUERYHQJHQRHPGLVDOVJHYROJYDQHHQWLMGHOLMNYHUVOHFKWHULQJ YDQGHNZDOLWHLWYDQGHHPLVVLHFLMIHUVYRRUGHODDWVWHMDUHQWHQRS]LFKWHYDQGHGDWDYRRUHHUGHUHMDUHQ 'LW ZRUGW YHURRU]DDNW GRRU D
(87) HHQ DQGHUH UDSSRUWDJHZLM]H GRRU LQGLYLGXHOH EHGULMYHQ WKDQV UHFKW VWUHHNVYLDGHPLOLHXMDDUYHUVODJHQ
(88) HQ E
(89) YHUWUDJLQJLQGHEHVFKLNEDDUKHLGYDQ YRRUORSLJH
(90) VWDWLVWLH NHQYRRUKHWYRRUJDDQGHNDOHQGHUMDDUPHWQDPHYRRUHQHUJLHJHEUXLN . . . [. . . . .
(91) 5,905HSRUW1HWKHUODQGV1,56$0(19$77,1*. 5HVSRQVQDDUDDQOHLGLQJYDQUHYLHZV 'H1HGHUODQGVHHPLVVLHUHJLVWUDWLHYRRUEURHLNDVJDVVHQKHHIWGHYROJHQGHUHYLHZVJHKDGGRRUKHW91 .OLPDDWVHFUHWDULDDW HHQµGHVNUHYLHZ¶HQHHQµFHQWUDOLVHGUHYLHZ¶YDQGH1,5HQHHQµ6\QWKHVLV DQG$VVHVVPHQWUHSRUW¶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µRYHULJHEUDQGVWRIIHQ¶ . 9HUEHWHULQJHQLQGHWRHNRPVW 2PWHYROGRHQDDQGHULFKWOLMQHQYDQKHW,3&&PHWEHWUHNNLQJWRWGHHPLVVLHUHJLVWUDWLHYDQEURHLNDV JDVVHQLVLQHHQSURJUDPPDJHVWDUWRPGHEHVWDDQGHPRQLWRULQJSURFHGXUHVDDQWHSDVVHQDDQGH LQWHUQDWLRQDOHHLVHQ'LWSURJUDPPDYDOWRQGHUYHUDQWZRRUGHOLMNKHLGYDQKHW0LQLVWHULHYDQ9520HQ ZRUGW JHFR|UGLQHHUG GRRU 1RYHP (U LV HHQ LQWHUGHSDUWHPHQWDOH ZHUNJURHS JHIRUPHHUG ± GH :HUN JURHS(PLVVLHPRQLWRULQJ%URHLNDVJDVVHQ:(%±GLHEHODVWLVPHWDGYLVHULQJRYHUGHYHUVFKLOOHQGH XLWWHYRHUHQDFWLHV'HDFWLHVLQGHDIJHORSHQMDUHQZDUHQRQGHUDQGHUHHHQ7LHURQ]HNHUKHLGVDQDO\ VHHYDOXDWLHYDQGHHPLVVLHIDFWRUHQYRRUEUDQGVWRIIHQHHQ7LHUIHHGVWRFNDQDO\VHLGHQWLILFDWLHYDQ RQWEUHNHQGHEURQQHQYDQQLHW&2 EURHLNDVJDVVHQHQRQGHU]RHNQDDUGHYDVWOHJJLQJYDQ&2 'HUH VXOWDWHQKLHUYDQ]XOOHQLQYROJHQGHUDSSRUWDJHVYHUZHUNWZRUGHQ1RJORSHQGHDFWLHV]LMQKHWRQWZLN NHOHQYDQQLHXZHSURWRFROOHQ KHWEHVFKULMYHQYDQGHPHWKRGHVYRRUKHWYDVWVWHOOHQYDQGHHPLVVLHV
(92) HQGLYHUVH4XDOLW\$VVXUDQFHHQ4XDOLW\&RQWURO 4$4&
(93) DFWLYLWHLWHQ . . [L.
(94) 6$0(19$77,1*1HWKHUODQGV1,55,905HSRUW. [LL.
(95) 5,905HSRUW1HWKHUODQGV1,5(;(&87,9(6800$5<. ([HFXWLYH6XPPDU\ (6%DFNJURXQGLQIRUPDWLRQRQJUHHQKRXVHJDVLQYHQWRULHV DQGFOLPDWHFKDQJH 7KLV UHSRUW GRFXPHQWV WKH 1HWKHUODQGV¶ DQQXDO VXEPLVVLRQ RI LWV JUHHQKRXVH JDV HPLVVLRQ LQ YHQWRU\LQDFFRUGDQFHZLWKWKHJXLGHOLQHVSURYLGHGE\WKH8QLWHG1DWLRQV)UDPHZRUN&RQYHQWLRQRQ &OLPDWH &KDQJH 81)&&&
(96) DQG WKH (XURSHDQ 8QLRQ¶V *UHHQKRXVH *DV 0RQLWRULQJ 0HFKDQLVP 7KHVHJXLGHOLQHVZKLFKDOVRUHIHUWR5HYLVHG ,3&&*XLGHOLQHVDQG,3&&*RRG3UDFWLFH*XLG DQFHUHSRUWVSURYLGHDIRUPDWIRUWKHGHILQLWLRQRIVRXUFHFDWHJRULHVDQGIRUFDOFXODWLRQGRFXPHQWD WLRQDQGUHSRUWLQJ RI HPLVVLRQV 7KH JXLGHOLQHV DLP DW IDFLOLWDWLQJ YHULILFDWLRQ WHFKQLFDO DVVHVVPHQW DQG H[SHUW UHYLHZ RI WKH LQYHQWRU\ LQIRUPDWLRQ E\ LQGHSHQGHQW ([SHUW 5HYLHZ 7HDPV E\ WKH 81)&&& 7KHUHIRUH WKH LQYHQWRULHV VKRXOG EH WUDQVSDUHQW FRQVLVWHQW FRPSDUDEOH FRPSOHWH DQG DFFXUDWHDVHODERUDWHGLQWKH81)&&&*XLGHOLQHVIRUUHSRUWLQJDQGEHSUHSDUHGXVLQJJRRGSUDFWLFH DVGHVFULEHGLQWKH,3&&*RRG3UDFWLFH*XLGDQFH 7KLV 1DWLRQDO ,QYHQWRU\ 5HSRUW 1,5
(97) WKHUHIRUH SURYLGHV H[SODQDWLRQV RI WKH WUHQGV LQ JUHHQKRXVH JDV HPLVVLRQV IRU WKH SHULRG DQG VXPPDU\ GHVFULSWLRQV RI PHWKRGV DQG GDWD VRXUFHVRI D
(98) 7LHUDVVHVVPHQWVRIWKHXQFHUWDLQW\LQDQQXDOHPLVVLRQVDQGLQHPLVVLRQWUHQGV E
(99) D SUHOLPLQDU\DVVHVVPHQWRINH\VRXUFHVIROORZLQJWKH7LHUDQG7LHUDSSURDFKHVRIWKH,3&&*RRG 3UDFWLFH*XLGDQFH DQG F
(100) 4XDOLW\$VVXUDQFHDQG4XDOLW\&RQWURODFWLYLWLHV7KLVUHSRUWJLYHVQRVSH FLILFLQIRUPDWLRQRQWKHHIIHFWLYHQHVVRIJRYHUQPHQWSROLFLHVIRUUHGXFLQJJUHHQKRXVHJDVHPLVVLRQV WKLVLQIRUPDWLRQFDQEHIRXQGLQ5,90¶V(QYLURQPHQWDO%DODQFH3OHDVHQRWHWKDWHPLVVLRQVIRU SUHVHQWHGLQWKLV1,5 KDYH EHHQ FRPSLOHG XVLQJ SUHOLPLQDU\ VWDWLVWLFVDQG DUH WKHUHIRUH FDOFX ODWHGGLIIHUHQWO\WKDQWKHHPLVVLRQVRIRWKHU\HDUV VHH$QQH[HVDQG
(101) 6RFDOOHG&RPPRQ5HSRUWLQJ)RUPDW &5)
(102) VSUHDGVKHHWILOHVFRQWDLQLQJGDWDRQHPLVVLRQVDF WLYLW\GDWDDQGLPSOLHGHPLVVLRQIDFWRUVDFFRPSDQ\WKLVUHSRUW7KHFRPSOHWHVHWRI&5)ILOHVDVZHOO DVWKH1,5LQSGIIRUPDWFDQEHIRXQGDWZHEVLWHZZZJUHHQKRXVHJDVHVQOZKLFKSURYLGHVOLQNVWR WKH5,90¶VZHEVLWH ZZZULYPQO
(103) ZKHUHWKHVHILOHVUHVLGH. &OLPDWH&RQYHQWLRQDQG.\RWR3URWRFRO 7KH .\RWR 3URWRFRO VKDUHV WKH &RQYHQWLRQ¶V REMHFWLYH SULQFLSOHV DQG LQVWLWXWLRQV EXW VLJQLILFDQWO\ VWUHQJWKHQV WKH &RQYHQWLRQ E\ FRPPLWWLQJ $QQH[ , 3DUWLHV WR LQGLYLGXDO OHJDOO\ELQGLQJ WDUJHWV WR OLPLWRUUHGXFHWKHLUJUHHQKRXVHJDVHPLVVLRQV7KH(8KDVDWDUJHWRILQWKH SHULRG7KH(8KDVUHGLVWULEXWHGLWVWDUJHWVDPRQJWKH0HPEHU6WDWHV7KH EXUGHQVKDULQJ
(104) WDUJHW RI1HWKHUODQGVLV3OHDVHQRWHWKDWWKHGHILQLWLRQRIZKDWVKRXOGEHUHSRUWHGXQGHUWKHVRXUFHVLQN FDWHJRU\µ/DQGXVHFKDQJHDQGIRUHVWU\¶ /8&)
(105) WRWKH8QLWHG1DWLRQV)UDPHZRUN&RQYHQWLRQRQ &OLPDWH&KDQJHLVFRQVLGHUDEO\GLIIHUHQWIURPWKHGHILQLWLRQRIHPLVVLRQVVLQNVWREHLQFOXGHGLQWKH QDWLRQDOWRWDOXQGHUWKH.\RWR3URWRFRO. 5HSRUWLQJUHTXLUHPHQWV 81)&&&DQG,3&& $QQH[,3DUWLHVWRWKH81)&&&PXVWVXEPLWDQQXDOO\DQLQYHQWRU\RIWKHLUJUHHQKRXVHJDVHPLVVLRQV LQFOXGLQJGDWDIRUWKHLUEDVH\HDU H[FHSWIRUVRPH(FRQRPLHV,Q7UDQVLWLRQ
(106) DQGGDWDXSWRWKH ODVW EXW RQH \HDU SULRU WR VXEPLVVLRQ ,QYHQWRULHV GXH $SULO IRU H[DPSOH VKRXOG FRQWDLQ HPLVVLRQGDWDXSWRWKH\HDU7KH81)&&&*XLGHOLQHVSUHVFULEHWKHVRXUFHFDWHJRULHVFDOFXOD WLRQPHWKRGRORJLHVDQGWKHFRQWHQWVDQGWKHIRUPDWIRUWKHLQYHQWRU\UHSRUW)RUWKHGHILQLWLRQRIWKH VRXUFHFDWHJRULHVDQGFDOFXODWLRQPHWKRGRORJLHVWKH81)&&&*XLGHOLQHVJHQHUDOO\UHIHUWRWKH,3&& *XLGHOLQHVIRU*UHHQKRXVH*DV,QYHQWRULHVDQGWKH,3&&*RRG3UDFWLFH*XLGDQFHUHSRUWV7KH,3&& RIWHQXVHVWKHFRQFHSWRIDµ7LHUHG$SSURDFK¶E\ZKLFKDVWHSZLVHDSSURDFKLVPHDQW 7LHULVVLP SOHVWUHTXLUHVOHDVWGDWDDQGHIIRUW 7LHULVPRUHDGYDQFHGDQGRUGDWDLQWHQVLYH 7LHULVVWLOOPRUH DGYDQFHG HWF. [LLL.
(107) (;(&87,9(6800$5<1HWKHUODQGV1,55,905HSRUW. *HQHUDOO\ PRUH GHWDLOHGDGYDQFHG HPLVVLRQ FDOFXODWLRQ PHWKRGV DUH UHFRPPHQGHG ± GDWD DQG FDSDFLW\ SHUPLWWLQJ ± DQG PRUH GHWDLOHGDGYDQFHG XQFHUWDLQW\ DVVHVVPHQWV RU PRUH DGYDQFHG NH\ VRXUFHDVVHVVPHQWV7RDLGSULRULW\VHWWLQJWKH*RRG3UDFWLFH*XLGDQFHUHFRPPHQGVXVLQJKLJKHUWLHU PHWKRGVLQSDUWLFXODUIRUVRFDOOHGNH\VRXUFHV8QFHUWDLQW\HVWLPDWHVFDQVHUYHWRUHILQHERWKWKHNH\ VRXUFH LGHQWLILFDWLRQ DQG SULRULWLVH LQYHQWRU\ LPSURYHPHQW DFWLYLWLHV 7KH 1HWKHUODQGV JHQHUDOO\ DS SOLHVFRXQWU\VSHFLILFKLJKHUWLHUPHWKRGVIRUFDOFXODWLRQJUHHQKRXVHJDVHPLVVLRQV VHH6HFWLRQ
(108) . .H\VRXUFHV )RU SUHOLPLQDU\ LGHQWLILFDWLRQ RI VRFDOOHG µNH\ VRXUFHV¶ DFFRUGLQJ WR WKH ,3&& *RRG 3UDFWLFH DS SURDFKZHDOORFDWHGWKHQDWLRQDOHPLVVLRQVDFFRUGLQJWRWKH,3&&¶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µNH\VRXUFHV¶ VHH7DEOH
(109) )RUWKHVHVRXUFHVLQSULQFLSOHDKLJKHU7LHUHPLVVLRQFDOFXODWLRQPHWKRGVKRXOGEHXVHG)RUNH\ VRXUFHV D EULHI FRPSDULVRQ LV PDGH RI WKH 1HWKHUODQGV¶ PHWKRGRORJLHV ZLWK WKH ,3&& 7LHUV LQ WKH PHWKRGRORJLFDO VHFWLRQV RI WKH VHFWRUDO &KDSWHUV WR DOVR VHH 7DEOH
(110) )URP WKLV DQDO\VLV LW VHHPVFOHDUWKDWIRU&+ IURPQDWLRQDOJDVGLVWULEXWLRQDQG&+ IURPHQWHULFIHUPHQWDWLRQRIFDWWOHIRU LQVWDQFHWKHPHWKRGVXVHGZLOOSUREDEO\QHHGWREHLPSURYHGLQIXWXUH+RZHYHUDFRPSUHKHQVLYH DQDO\VLVVWLOOKDVWREHPDGH . . . 'HVFULSWLRQRIWKHLQVWLWXWLRQDODUUDQJHPHQWIRULQYHQWRU\SUHSDUDWLRQ 7KHSUHSDUDWLRQRIWKHJUHHQKRXVHJDVHPLVVLRQGDWDLQWKH1HWKHUODQGVLVEDVHGRQWKHQDWLRQDO3RO OXWDQW(PLVVLRQ5HJLVWHU 3(5
(111) 7KLVJHQHUDOSURFHVVKDVH[LVWHGIRUPDQ\\HDUVDQGLVRUJDQLVHGDVD SURMHFW ZLWK DQ DQQXDO F\FOH 7R PHHW WKH 81)&&& DQG ,3&& UHTXLUHPHQWV DGGLWLRQDO DFWLRQV DUH VWLOO
(112) QHFHVVDU\ $URXQG WKH \HDU D SURJUDPPH ZDV VWDUWHG WR DGDSW WKH PRQLWRULQJ RI JUHHQ KRXVHJDVHVLQWKH1HWKHUODQGVDQGWUDQVIRUPWKLVLQWRD1DWLRQDO6\VWHPDVVWDWHGLQ$UWLFOHRIWKH .\RWR 3URWRFRO 7KH &OLPDWH &KDQJH DQG ,QGXVWU\ 'LYLVLRQ RI WKH 0LQLVWU\ RI 9520 9520'*0.9,
(113) LVUHVSRQVLEOHIRURUJDQLVLQJWKHUHSRUWLQJSURFHVV)LJXUH(6SUHVHQWVWKLVSUR FHVVWKHUHODWLRQZLWKWKH3(5DQGWKHUHVSRQVLELOLWLHV7KH&RRUGLQDWLRQ&RPPLWWHHIRU7DUJHW6HF WRU0RQLWRULQJ &&'0
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
(115) ZKLFKGLUHFWVIXWXUH DFWLRQVDLPHGDWLPSURYLQJWKHPRQLWRULQJRIJUHHQKRXVHJDVHPLVVLRQVUHOHYDQWWRUHSRUWLQJWRWKH 81)&&&LQDOODVSHFWV,Q6HFWLRQZHVXPPDULVHWKHPDLQDFWLRQVSUHVHQWHGLQPRUHGHWDLOLQ 6HFWLRQ 6RPH DFWLRQV DOUHDG\ UHVXOWHG LQ LPSURYHG GDWD RWKHUV DUH UHODWHG WR IXWXUH LPSURYH PHQWV2QHRIWKHDFWLRQVLVDLPHGDWLPSURYLQJWKHSURFHVVRIGDWDFROOHFWLRQDQGFDOFXODWLRQVE\WKH XVHRISURWRFROVZKLFKVKRXOGEHLQFOXGHGLQWKH3(5V\VWHPIURPRQZDUGV. [LY.
(116) 5,905HSRUW1HWKHUODQGV1,5(;(&87,9(6800$5<. 712. 1RYHP 1RYHP ZLWK712 72&%6 &%6DQG DQG5,90
(117) 5,90. 3(5 ,QWHUPH GLDWHGDWD EDVH. 5,90. 5,90. 712DQG&%6. 712DQG&%6
(118). ZLWK1RYHP. 0LQLVWU\ 9520 '*0.9,. 1,5. 1,5UHSRUW DQG &5)ILOHV. &5) ILOHV $GGLWLRQDO GDWDDQGUH FDOFXODWLRQV. 9520,Q VSHFWRUDWH. ZLWK1RYHP. 9520'*0.9,. &RPPHQWVRQ GUDIW. 0LQLVWU\ 9520. )LJXUH (6 1,5 DQG &5) SUHSDUDWLRQSURFHVV UHODWLRQ ZLWK WKH 3ROOXWDQW (PLVVLRQ 5HJLVWHU 3(5
(119) DQG UH VSRQVLELOLWLHV. 2UJDQLVDWLRQRIWKHUHSRUW 7KLV\HDUZHKDYHFKDQJHGWKHVWUXFWXUHRIWKHUHSRUWLQWRWKHIRUPDWWKDWZLOOEHFRPHFRPSXOVRU\DV RIQH[W\HDU7KLVZDVGRQHWRLGHQWLI\LQDGYDQFHWKHHOHPHQWVRIWKHUHSRUWWKDWQHHGH[WUDDWWHQWLRQ LQWKHQH[WVXEPLVVLRQ+RZHYHUGXHWRWLPHFRQVWUDLQWVLQWKHSUHSDUDWLRQRIWKHUHSRUWWKHUHDGHU ZLOO QRWLFH PDUNHG GLIIHUHQFHV LQ WKH OHYHO RI GHWDLO LQ WKH GHVFULSWLYH VHFWLRQV RI &KDSWHUV WR ZKLFKGHVFULEHWKHHPLVVLRQVSHUVRXUFHVHFWRUDQGSURYLGHH[SODQDWLRQVRIREVHUYHGWUHQGVLQVHFWRUDO HPLVVLRQV7KHUHSRUWVWDUWVZLWKDQLQWURGXFWRU\&KDSWHUFRQWDLQLQJEDFNJURXQGLQIRUPDWLRQRQWKH 1HWKHUODQGV¶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
(120) (;(&87,9(6800$5<1HWKHUODQGV1,55,905HSRUW. (66XPPDU\RIQDWLRQDOHPLVVLRQDQGUHPRYDOUHODWHG WUHQGV ,Q 7DEOH (6 WKH WUHQGV LQ QDWLRQDO WRWDO QHW
(121) &2 HTXLYDOHQW HPLVVLRQV DUH VXPPDULVHG IRU 7RWDO&2 HTXLYDOHQWHPLVVLRQVRIWKHVL[JUHHQKRXVHJDVHVWRJHWKHULQFUHDVHGE\DERXWLQ UHODWLYHWRWKHEDVH\HDURI IRUIOXRULQDWHGJDVHV
(122) ,Q7DEOH(6WKHVDPHWUHQGVSHU JDVKDYHEHHQVXPPDULVHGEXWQRZZLWK&2 HPLVVLRQVFRUUHFWHGIRURXWVLGHWHPSHUDWXUHLQRUGHUWR H[FOXGHWKHFOLPDWLFLQIOXHQFHWKDWSDUWLDOO\PDVNVWKHDQWKURSRJHQLFWUHQGLQWKH&2 HPLVVLRQV8V LQJWHPSHUDWXUHFRUUHFWHG&2 HPLVVLRQVLQ DQGWKHVWUXFWXUDODQWKURSRJHQLFWUHQGRIWRWDO JUHHQKRXVHJDVHPLVVLRQVLQWKHSDVW\HDUVLVHVWLPDWHGWREHDSRLQWORZHUWKDQWKHDFWXDOWUHQG RILQFUHDVH&2 HPLVVLRQVLQFUHDVHGE\DERXWIURP WRPDLQO\GXHWRWKHLQFUHDVH LQWKHHPLVVLRQVLQWKHHQHUJ\
(123) DQGWUDQVSRUWVHFWRUV
(124) 7KHGRXEOLQJRILPSRUWHGHOHFWULFLW\ LQ IURP WR RI WKH GRPHVWLF HOHFWULFLW\ FRQVXPSWLRQ RQO\ WHPSRUDULO\ GHFUHDVHG &2 HPLVVLRQVIURPWKHHQHUJ\VHFWRUDQGWRWDOQDWLRQDO&2 HPLVVLRQV,QDQGWKHDQQXDOLQ FUHDVHRIWKHSUH \HDUVKDVUHVXPHG&2 HPLVVLRQVSHDNHGLQ GXHWRDYHU\FROGZLQWHU . . . . . . . . . 7DEOH(67RWDOJUHHQKRXVHJDVHPLVVLRQVLQ&2 HTDQGLQGH[HG QRWHPSHUDWXUHFRUUHFWLRQ
(125) . .
(126). . . . . . . . . . . . &2ZLWK/8&). . . . . . . . . . . . . &2H[FOXGLQJ/8&). . . . . . . . . . . . . &+. . . . . . . . . . . . . 1 2. . . . . . . . . . . . . +)&V. . . . . . . . . . . . . 3)&V. . . . . . . . . . . . . 6). . . . . . . . . . . . . . . . . . . . . . . . . . 1DW(PLVVLRQV 7J&2HT
(127).
(128)
(129). 7RWDO>JURXSRIVL[@> ,QGH[ ,QGH[&2. @.
(130).
(131). . . . . . . . . . . . ,QGH[&+. . . . . . . . . . . . . ,QGH[12. . . . . . . . . . . . . 7RWDO>JURXSRIWKUHH@. . . . . . . . . . . . . ,QGH[+)&V. . . . . . . . . . . . . ,QGH[3)&V. . . . . . . . . . . . . ,QGH[6) SRWHQWLDO
(132). . . . . . . . . . . . . . . . . . . . . . . . . ,QGH[>JURXSRIVL[@ ,QGH[ .
(133).
(134). ,QGH[+)&V ,QGH[3)&V. . . . . . . . . . . . . . . . . . . . . . . . . ,QGH[6) SRWHQWLDO
(135). . . . . . . . . . . . . ,QGH[>JURXSRIQHZJDVHV@. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(136). ,QGH[ QHZJDVHV
(137). ,QGH[>JURXSRIFRPSRVLWH@ ,QWHUQDWLRQDO%XQNHU&2.
(138).
(139). ,QGH[EXQNHUV&2 .
(140). 'DWDIRUDUHSUHOLPLQDU\,QSDUWLFXODULQWKLVVXEPLVVLRQWKLV W GDWDVHWLVRIDUHODWLYHO\ORZTXDOLW\ VHH6HFWLRQ
(141) 1DWLRQDOHPLVVLRQVH[FOXGLQJ/8&) FDWHJRU\$
(142) %DVH\HDU (PLVVLRQVIURPLQWHUQDWLRQDOPDULQHDQGDYLDWLRQEXQNHUVDUHQRWLQFOXGHGLQWKHQDWLRQDOWRWDOV %DVH\HDUHPLVVLRQV IRU&2 &+ DQG1 2DQG IRUWKH)JDVHVVKDGHGEROGLWDOLFILJXUHV
(143) 7J&2 HT.
(144) .
(145) .
(146).
(147)
(148). . [YL. . . .
(149) 5,905HSRUW1HWKHUODQGV1,5(;(&87,9(6800$5<. 7DEOH(67RWDOJUHHQKRXVHJDVHPLVVLRQVZLWKWHPSHUDWXUHFRUUHFWLRQLQ&2 HTDQGLQGH[HG . . . . . . . . . . . . . (PLVVLRQV 7J&2HT
(150) &2ZLWK/8&) 7FRUUHFWHG
(151). . . . . . . . . . . . . &2H[FOXGLQJ/8&) 7FRUUHFWHG
(152). . . . . . . . . . . . . . . . . . . . . . . . . ,QGH[&2H[FOXGLQJ/8&) 7FRUUHFWHG
(153). . . . . . . . . . . . . 7RWDO>JURXSRIWKUHH@
(154). . . . . . . . . . . . . . . . . . . . . . . . . 7RWDO>JURXSRIVL[@ ,QGH[ .
(155).
(156). ,QGH[ )JDVHV
(157) ,QGH[>JURXSRIVL[FRPSRVLWH@.
(158). ([FOXGLQJ/8&).
(159). &+ HPLVVLRQVGHFUHDVHGE\LQFRPSDUHGWRWKH OHYHOPDLQO\GXHWRWKHGHFUHDVH LQWKHZDVWHVHFWRU
(160) WKHDJULFXOWXUDOVHFWRU
(161) DQGIXJLWLYHHPLVVLRQVIURPRLODQGJDV
(162) 1 2HPLVVLRQVGHFUHDVHGE\DERXWLQFRPSDUHGWR PDLQO\GXHWRWKHGHFUHDVHLQ WKHHPLVVLRQVIURPLQGXVWULDOSURFHVVHV
(163) ZKLFKFRPSHQVDWHGLQFUHDVHVRIHPLVVLRQVIURPDJUL FXOWXUHRIDERXWDQGIURPIRVVLOIXHOFRPEXVWLRQRI PDLQO\IURPWUDQVSRUW
(164) 2IWKHIOXRULQDWHGJUHHQKRXVHJDVHVIRUZKLFK LVWKHUHIHUHQFH\HDUHPLVVLRQVRI+)&VDQG 3)&VGHFUHDVHGLQE\DERXWDQGUHVSHFWLYHO\ZKLOH6) HPLVVLRQVLQFUHDVHGE\ 7RWDOHPLVVLRQVRIDOO)JDVHVGHFUHDVHGE\DERXWFRPSDUHGWRWKH OHYHO,QWKHODUJHVW FKDQJHVVKRZHGDQLQFUHDVHRI0WRQRI&2 ±RIZKLFK0WRQZDVGXHWRWKHFROGHUZLQWHUFRP SDUHGWR±DQGGHFUHDVHRIRYHU0WRQLQ+)&HPLVVLRQV$ORQJZLWKWKHLQFUHDVHGLPSRUWRI HOHFWULFLW\VLQFH WKLVLVWKHSULPDU\UHDVRQZK\WRWDOJUHHQKRXVHJDVHPLVVLRQVKDYHVWDELOLVHG VLQFH . . . . (62YHUYLHZRIVRXUFHDQGVLQNFDWHJRU\HPLVVLRQHVWLPDWHV DQGWUHQGV 7DEOH(6SURYLGHVDQRYHUYLHZRIWKH&2 HTHPLVVLRQWUHQGVSHU,3&&VRXUFHFDWHJRU\,WFOHDUO\ VKRZVWKHHQHUJ\VHFWRU FDWHJRU\
(165) WREHE\IDUWKHODUJHVWFRQWULEXWRUWRQDWLRQDOWRWDOJUHHQKRXVH JDVHPLVVLRQVZLWKDVKDUHWKDWLQFUHDVHGIURPLQ WRDERXWLQ,QFRQWUDVWHPLV VLRQVRIWKHRWKHUPDLQFDWHJRULHVGHFUHDVHGWKHODUJHVWEHLQJWKRVHRILQGXVWULDOSURFHVVHV IURPWR VKDUH
(166) ZDVWH IURPWRVKDUH
(167) DQGDJULFXOWXUH IURPWRLQ
(168) 7KHVHFWRUVVKRZLQJ WKH ODUJHVW JURZWK LQ &2 HT HPLVVLRQV VLQFH DUH WKH HQHUJ\ VHFWRU DQG WKH WUDQVSRUW VHFWRU VKRZLQJLQFUHDVHVRIDQGUHVSHFWLYHO\&OHDUH[FHSWLRQVDUHWKHZDVWHVHFWRUDQGDJULFXO WXUHZKLFKVKRZHGDGHFUHDVHLQ&2 HTHPLVVLRQVRIDERXWDQGUHVSHFWLYHO\(PLVVLRQV IURPWKHUHVLGHQWLDODQGVHUYLFHVHFWRUVLQFUHDVHG E\ EXW ZHDWKHUHIIHFWV VXEVWDQWLDOO\ LQIOXHQFH WKHVH ZKHQWKHWHPSHUDWXUHFRUUHFWLRQZDVLQFOXGHGWKHVHHPLVVLRQVGHFUHDVHGE\DERXW . . . (QHUJ\6HFWRU &5)VHFWRU
(169) 7KHHPLVVLRQVIURPWKHHQHUJ\VHFWRU FDWHJRU\
(170) DUHGRPLQDWHGE\&2 IURPIRVVLOIXHOFRPEXVWLRQ ZLWKIXJLWLYHHPLVVLRQVIURPJDVDQGRLO PHWKDQHDQG&2
(171) FRQWULEXWLQJDIHZSHUFHQWDQG&+ DQG 1 2IURPIXHOFRPEXVWLRQDGGLQJRQHSHUFHQW5HVSRQVLEOHIRUWKHLQFUHDVLQJWUHQGLQWKLVVHFWRUDUH WKHHQHUJ\LQGXVWULHVDQGWKHWUDQVSRUWVHFWRURIZKLFK&2 HPLVVLRQVLQFUHDVHGE\DQGVLQFH ,QFRQWUDVWWKHHQHUJ\UHODWHG&2 HPLVVLRQVIURPPDQXIDFWXULQJLQGXVWULHVDSSHDUWRKDYHGH FUHDVHGDIHZSHUFHQWLQDQGDQGWKHDFWXDO&2 HPLVVLRQVIURPWKHRWKHUVHFWRU UHVLGHQ WLDOVHUYLFHVDQGDJULFXOWXUH
(172) LQFUHDVHGE\DERXW7KHUHODWLYHO\VWURQJLQFUHDVHVLQHPLVVLRQVIURP WKHHQHUJ\VHFWRUDQGWKHWUDQVSRUWVHFWRUUHVXOWLQLQFUHDVHVRIWKHLU&2 VKDUHLQWKHQDWLRQDO&2 HT WRWDOE\DQGSRLQWVUHVSHFWLYHO\WR DQGLQWKH7KH LQFUHDVHRIWKHHQHUJ\ VHFWRUHPLVVLRQVLVSDUWO\PLWLJDWHGE\DERXWSRLQWVGXHWRWKHVWURQJLQFUHDVHLQQHWLPSRUWRI HOHFWULFLW\VLQFH ZKLFKLVHTXLYDOHQWWRDERXW0WRQRI&2 FRPLQJIURPGRPHVWLFIRVVLOIXHO . . . . . . . . . . [YLL.
(173) (;(&87,9(6800$5<1HWKHUODQGV1,55,905HSRUW. JHQHUDWHGHOHFWULFLW\:HQRWHWKDWIXJLWLYHPHWKDQHHPLVVLRQVIURPRLODQGQDWXUDOJDVGHFUHDVHGE\ VLQFH 7DEOH(66XPPDU\RIHPLVVLRQWUHQGSHUVRXUFHFDWHJRU\DQGSHUJDV LQ7J&2 HT
(174) . . 6RXUFHFDWHJRU\. $(QHUJ\ IXHOFRPEXVWLRQ. . . . . . . . . . . . . . . . . . . . . . . . . &2 (QHUJ\LQGXVWULHV. . . . . . . . . . . . . &2 0DQXIDFWXULQJLQGXVWULHV. . . . . . . . . . . . . &2 7UDQVSRUW. . . . . . . . . . . . . &2 2WKHUVHFWRUV. . . . . . . . . . . . . &2 2WKHU. . . . . . . . . . . . . &+. . . . . . . . . . . . . 12. . . . . . . . . . . . . %(QHUJ\ IXJLWLYHVIURPRLO JDV. . . . . . . . . . . . . &2. . . . . . . . . . . . . &+. . . . . . . . . . . . . 12. . . . . . . . . . . . .
(175). ,QGXVWULDOSURFHVVHV. . . . . . . . . . . . . &2. . . . . . . . . . . . . &+. . . . . . . . . . . . . 12. . . . . . . . . . . . . +)&V. . . . . . . . . . . . . 3)&V. . . . . . . . . . . . . 6). . . . . . . . . . . . . . . . . . . . . . . . . &2. . . . . . . . . . . . . &+. ,(
(176). ,(
(177). ,(
(178). ,(
(179). ,(
(180). ,(
(181). ,(
(182). ,(
(183). ,(
(184). ,(
(185). ,(
(186). ,(
(187). 6ROYHQWDQGRWKHUSURGXFWXVH.
(188). 12 $JULFXOWXUH. . . . . . . . . . . . . . . . . . . . . . . . . &+ (QWHULFIHUPHQWDWLRQ. . . . . . . . . . . . . &+ 0DQXUHPDQDJHPHQW. . . . . . . . . . . . . 12 0DQXUHPDQDJHPHQW. . . . . . . . . . . . . 12 $JULFXOWXUDOVRLOV. . . . . . . . . . . . . . . . . . . . . . . . . $&KDQJHVLQIRUHVWELRPDVVVWRFNV &2. . . . . . . . . . . . . . . . . . . . . . . . . &2. . . . . . . . . . . . . &+. . . . . . . . . . . . . :DVWH. 1 2. . . . . . . . . . . . . 2WKHU. . . . . . . . . . . . . &+ 6ROYHQWVDQGRWKHUSURGXFWXVH. . . . . . . . . . . . . 12 3ROOXWHGVXUIDFHZDWHU. . . . . . . . . . . . . . . . . . . . . . . . . ,QWHUQDWLRQDOEXQNHUV. . . . . . . . . . . . . &20DULQH. . . . . . . . . . . . . . . . . . . . . . . . . 1$7,21$/727$/(0,66,216.
(189). 0HPRLWHPQRWLQFOXGHGLQQDWLRQDOWRWDO . &2$YLDWLRQ. (PLVVLRQVIURPWKHXVHRIWKH )JDVHV +)&V 3)&V DQG6) DUH DFFRUGLQJ WRWKH ,3&& UHSRUWLQJ JXLGHOLQHV DOO UHSRUWHG XQGHUVRXUFHFDWHJRU\µ,QGXVWULDOSURFHVVHV¶ 7KHQDWLRQDOWRWDOGRHVQRWLQFOXGHWKH&2 VLQNUHSRUWHGXQGHUFDWHJRU\$7KLV&2 VLQNLVQRWFRPSOHWHDQGUHIHUVWR WKHGHILQLWLRQXQGHUWKH81)UDPHZRUN&RQYHQWLRQRQ&OLPDWH&KDQJH 81)&&&
(190) ZKLFKLVGLIIHUHQWIURPWKHDPRXQWWR EHFDOFXODWHGXQGHUWKH.\RWR3URWRFRO VHH6HFWLRQ
(191) .
(192) . .
(193). . . ,QGXVWULDOSURFHVVHV &5)VHFWRU
(194) 7KH JUHHQKRXVH JDV HPLVVLRQV IURP LQGXVWULDO SURFHVVHV FDWHJRU\
(195) KDYH GHFUHDVHG E\ RYHU VLQFH $VFDQEHVHHQLQ7DEOH(61 2HPLVVLRQVPDLQO\IURPQLWULFDFLGPDQXIDFWXUHLVWKH PDLQFRQWULEXWRUWRWKLVVRXUFHFDWHJRU\+RZHYHUWKHVWURQJGHFUHDVLQJWUHQGLQ+)&HPLVVLRQV RI UHGXFWLRQVLQFH DQGUHGXFWLRQVLQFH
GERELATEERDE DOCUMENTEN
In de opleiding Uitbener-uitsnijder leert de cursist karkassen versnijden, uitbenen, bewerken en opdelen volgens de geldende regels van voedselveiligheid en hygiëne teneinde ze
Vanwege de verschillende bijdragen van consumptiecategorieën aan de voetafdruk zal een halvering van de effecten op de voetafdrukken en biodiversiteit dan ook via verschillende
Om binnen zijn structurele en strategische taken een zinvolle bijdrage te kunnen leveren voor een evaluatie van ecologische, economische, ruimtelijke en sociale aspecten in de
Het Leerorkest is er voor de muziek, en de muziekvooruitgang wordt niet beoordeeld en doorgegeven wanneer kinderen naar andere klassen gaan?. Met andere woorden: aandacht voor
Het leven in de Caymantrog zou een link moeten vormen tussen het diepzeeleven van de Atlantische en de Grote Oceaan, maar misschien treffen de onderzoekers wel iets heel nieuws
Omdat er geen nieuwe reductiemaatregelen bekend zijn, zijn bij zowel de productie van Caprolactam als van Acrylonitril de emissies voor de toekomstige jaren tot en met 2030
Deze notitie beschrijft de berekening van de voorlopige correctiebedragen voor de bevoor- schotting van de SDE++ in het jaar 2020, Zoals vastgelegd in het besluit SDE, worden deze
production in case one of the roasting furnaces is out of use due to maintenance, hydrogen gas production in the wastewater treatment plant, and controllable cooling of zinc ingots
