• No results found

Effecten van verplaatsing van agrarische ammoniakemissies: verkenning op provinciaal niveau | RIVM

N/A
N/A
Protected

Academic year: 2021

Share "Effecten van verplaatsing van agrarische ammoniakemissies: verkenning op provinciaal niveau | RIVM"

Copied!
70
0
0

Bezig met laden.... (Bekijk nu de volledige tekst)

Hele tekst

(1)

5,90UDSSRUW

(IIHFWHQ YDQ YHUSODDWVLQJ YDQ DJUDULVFKH DPPRQLDNHPLVVLHV YHUNHQQLQJ RS SURYLQFLDDO QLYHDX -'YDQ'DP HG 36&+HXEHUJHU-00$EHQ :$-YDQ3XO 'LWRQGHU]RHNZHUGYHUULFKWLQRSGUDFKWHQWHQODVWHYDQKHWPLQLVWHULHYDQ9520HQKHW ,QWHUSURYLQFLDDO2YHUOHJ ,32 LQKHWNDGHUYDQSURMHFW9HU]XULQJHQJURRWVFKDOLJH OXFKWYHURQWUHLQLJLQJ 5,903RVWEXV%$%LOWKRYHQWHOHIRRQID[

(2)

SDJYDQ 5,90UDSSRUW

$EVWUDFW

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

(3)

5,90UDSSRUW SDJYDQ

9RRUZRRUG

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³HPLVVLHSODIRQGVVWLNVWRIXLWGHODQGERXZ´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

+HWRQGHU]RHNLVLQQDXZRYHUOHJPHWGHEHJHOHLGLQJVFRPPLVVLHYDQKHW,320/SURMHFW RSJH]HW HQ XLWJHYRHUG *UDDJ ZLOOHQ ZLM GH EHJHOHLGLQJVFRPPLVVLH EHGDQNHQ YRRU GH YUXFKWEDUH GLVFXVVLHV HQVXJJHVWLHV 'DDUQDDVW ZLOOHQ ZH JUDDJ )HUGLQDQG %RJPDQ -HURHQ 'ROPDQV3HWUDYDQ(JPRQG.ODDVYDQGHU+RHN)HUG6DXWHUHQ+HQNYDQ=HLMWVYDQKHW 5,90EHGDQNHQYRRUKXQLQ]HWHQELMGUDJHLQKHWSURMHFW

(4)

SDJYDQ 5,90UDSSRUW

,QKRXG

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

(5)

5,90UDSSRUW SDJYDQ /LWHUDWXXU  %LMODJHQ %LMODJH9HU]HQGOLMVW  %LMODJH5HVXOWDWHQYRRU  %LMODJH5HVXOWDWHQYRRU  %LMODJH%HSDOLQJYDQGHHPLVVLHYDQ1+XLWGHODQGERXZLQ  %LMODJH6RXUFHUHFHSWRUPDWULFHV  %LMODJH7KHRUHWLVFKHDFKWHUJURQGHQYDQGHUXLPWHOLMNHRSWLPDOLVDWLH  %LMODJH8LWJDQJVSXQWHQELMYDVWVWHOOLQJPLQLPDOHHPLVVLHSHUKHFWDUHLQ  %LMODJH2Q]HNHUKHLGLQGHVWLNVWRIGHSRVLWLHEHUHNHQLQJHQRS[NPVFKDDO  %LMODJH'HILQLWLHFRQFHQWUDWLHJHELHGHQ  %LMODJH%HJHOHLGLQJVFRPPLVVLH(PLVVLHSODIRQGVVWLNVWRIXLWGHODQGERXZ 0/  

(6)

SDJYDQ 5,90UDSSRUW

6DPHQYDWWLQJ

$FKWHUJURQGHQYUDDJVWHOOLQJ

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

+HW,QWHUSURYLQFLDDO2YHUOHJ ,32 KHHIWEHKRHIWHDDQKHWRQWZLNNHOHQYDQLQVWUXPHQWDULXP RPGHDPPRQLDNHPLVVLHVXLWGHODQGERXZLQWHJUDDOWHYROJHQHQ]RPRJHOLMNWHVWXUHQ'LWLV GRRUKHW,32ZHHUJHJHYHQLQKHWSURMHFWYRRUVWHO³(PLVVLHSODIRQGVVWLNVWRIXLWGHODQGERXZ´ SURMHFWFRGH 0/  LQ KHW NDGHU YDQ KHW ,QWHUSURYLQFLDDO 0LOLHXSURJUDPPD  'LW SURMHFWNHQWGULHIDVHQZDDUELMGLWRQGHU]RHNGHHOXLWPDDNWYDQGHHHUVWHIDVH,QGH]HVWXGLH LVDOOHHQQDDUKHWYHUPHVWHQGHDVSHFWYDQDPPRQLDNJHNHNHQ'HVWDQNSUREOHPDWLHNLVEXLWHQ EHVFKRXZLQJJHODWHQ

'HDOJHPHQHYUDDJVWHOOLQJYDQGH'*0,32RSGUDFKWLVWZHHOHGLJ

  +RH LVGH RSWLPDOHYHUGHOLQJ YDQ GH DPPRQLDNHPLVVLHV XLWJDDQGH YDQ HHQ 1HGHUODQGV HPLVVLHSODIRQG YDQ  NWRQ  YRRU  SHU SURYLQFLH ZDDUELM GH QDWXXU ]RYHHO PRJHOLMN EHVFKHUPGZRUGWRIPHWDQGHUHZRRUGHQGHNULWLVFKHVWLNVWRIGHSRVLWLHZDDUGHQYRRUGHQDWXXU SHUSURYLQFLH]RZHLQLJPRJHOLMNRYHUVFKUHGHQZRUGHQ"

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³(YDOXDWLH YDQ GH YHU]XULQJVGRHOVWHOOLQJHQ GH HPLVVLHYDULDQWHQ´ %HFN HW DO   9HURQGHUVWHOG LV GDW GH 1HGHUODQGVH VWLNVWRIR[LGHQHPLVVLHV RPODDJ JDDQ WRW  NWRQ HQ LQ KHW EXLWHQODQG HHQ HYHQUHGLJHUHGXFWLHSODDWVYLQGW'HEXLWHQODQGVHDPPRQLDNHPLVVLHV]LMQHYHQUHGLJJHVFKDDOG PHWGHUHGXFWLHLQ1HGHUODQG

(7)

5,90UDSSRUW SDJYDQ

:HUNZLM]H

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

%LMGHRSWLPDOLVDWLHVLVDOVYRRUZDDUGHRSJHOHJGGDWGHDPPRQLDNHPLVVLHVYDQGHODQGERXZ XLW KHW QDWXXUDUHDDO ZRUGHQ YHUZLMGHUG 2S GH]H PDQLHU LV RS HHQ LPSOLFLHWH PDQLHU HHQ DPPRQLDNHPLVVLHYULMJHELHGURQGQDWXXUJHELHGLQGHRSWLPDOLVDWLHPHHJHQRPHQGDWYDULHHUW YDQ  WRW  P 'H RSWLPDOLVDWLH LV XLWJHYRHUG SHU SURYLQFLH GDQ ZHO KHW GHHO YDQ KHW FRQFHQWUDWLHJHELHGLQGHSURYLQFLH

'HXLWSODDWVLQJHQXLWQDWXXUDUHDDOJDDQYHHOYHUGHUGDQGH]RQHULQJYRRUJHVWHOGLQGHQLHXZH DPPRQLDNZHW 'H WZHH JURRWVWH YHUVFKLOOHQ ]LMQ GDW LQ GH DPPRQLDNZHW DOOHHQ DDQ GH HPLVVLHVYDQGHLQWHQVLHYHYHHKRXGHULMEHSHUNLQJHQRSJHOHJGZRUGHQHQGDWGLW JHEHXUW LQ HHQ]RQHURQGGH(+6GLHNOHLQHULV RIPDIKDQNHOLMNYDQGHGHILQLWLHYHZHW GDQ ZDDUPHHKLHU HIIHFWLHI JHUHNHQGLV

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yyUGHRSWLPDOLVDWLH'HLQGLFDWRUHQGLHEHWUHNNLQJKHEEHQRS1HGHUODQG

(8)

SDJYDQ 5,90UDSSRUW

JHVRPPHHUGHHQJHPLGGHOGHRYHUVFKULMGLQJYDQGHNULWLVFKHVWLNVWRIGHSRVLWLHYRRUQDWXXUWHQ RS]LFKWH YDQ GH VLWXDWLH YyyU GH UXLPWHOLMNH RSWLPDOLVDWLH DI PHW UXLP  UHVSHFWLHYHOLMN  7DEHO   +HW EHVFKHUPGH DUHDDO QDWXXU KHW SHUFHQWDJH QDWXXU PHW HHQ GHSRVLWLH EHQHGHQGHNULWLVFKHGHSRVLWLH QHHPWWRHYDQFDWRWFD

$OVRRNGHDPPRQLDNHPLVVLHVEXLWHQKHWQDWXXUDUHDDOYHUSODDWVWZRUGHQOHYHUWGLWUHVXOWDWHQ RSGLHVOHFKWVHHQDDQWDOSURFHQWSXQWHQKRJHUOLJJHQ'HKRHYHHOKHLGYHUSODDWVWHHPLVVLHELM HHQWRWDOHRSWLPDOLVDWLHLVUXZZHJWZHHNHHU]RJURRWDOVGHKRHYHHOKHLGXLWJHSODDWVWHHPLVVLH XLWGH³QDWXXUFHOOHQ´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kQ2YHULMVVHO*HOGHUODQGHQ 1RRUG%UDEDQW ODWHQLQKHWDOJHPHHQHHQKRJHUHUHGXFWLHLQGHJHVRPPHHUGHRYHUVFKULMGLQJ ]LHQGDQGHNOHLSURYLQFLHVLQKHWZHVWHQYDQ1HGHUODQG 1RRUGHQ=XLG+ROODQG=HHODQG   ]LMQHHQVRPPDWLHYDQRIHHQPLGGHOLQJRYHUGHSURYLQFLHV+HWJH]DPHQOLMNHHIIHFWYDQGHRSWLPDOLVDWLHYDQ DOOHSURYLQFLHVRSGHLQGLFDWRUHQYRRU1HGHUODQGLVRPUHNHQWHFKQLVFKHUHGHQHQ QRJ QLHWPRJHOLMN

(9)

5,90UDSSRUW SDJYDQ

7DEHO+HWHIIHFWYDQGHUXLPWHOLMNHRSWLPDOLVDWLHYDQDPPRQLDNHPLVVLHVXLWGHODQGERXZ QLYHDX[ NPVFKDDO RSGHJHVRPPHHUGHRYHUVFKULMGLQJYDQGHNULWLVFKHZDDUGHQYRRUVWLNVWRIYRRUODQGHFRV\VWHPHQHQ KHW SHUFHQWDJH ODQGHFRV\VWHPHQ GDW RQGHU GH NULWLVFKH ZDDUGH OLJW EHVFKHUPLQJVJUDDG  $OOHHQ GH ODQGERXZHPLVVLHV]LMQXLWQDWXXUDUHDDOYHUSODDWVWHQUXLPWHOLMNRSWLPDDOKHUSODDWVW 3URYLQFLH 1+HPLVVLH *HVRPPHHUGH RYHUVFKULMGLQJ %HVFKHUPLQJV JUDDG $IQDPH JHVRPPHHUGH RYHUVFKULMGLQJ %HVFKHUPLQJV JUDDG (HQKHLG NWRQ 0PRO     *URQLQJHQ       )U\VOkQ       'UHQWKH       2YHULMVVHO       *HOGHUODQG       8WUHFKW       1RRUG+ROODQG       =XLG+ROODQG       =HHODQG       1RRUG%UDEDQW       /LPEXUJ       )OHYRODQG      1HGHUODQG        $PPRQLDNHPLVVLHSODIRQGHQYHUGHOLQJRYHUGHSURYLQFLHV]LMQRSJHJHYHQGRRU'*0

  'H JHPLGGHOGH RYHUVFKULMGLQJHQ KHEEHQ DOOHHQ EHWUHNNLQJ RS GH [ NP FHOOHQ QDWXXU ZDDU HHQ RYHUVFKULMGLQJ SODDWVYLQGW$DQJH]LHQGHUHGXFWLHLQGHJHVRPPHHUGHRYHUVFKULMGLQJHQKHWDDQWDOFHOOHQGDWHHQRYHUVFKULMGLQJKHHIW QLHWHHQRSHHQLVNDQKHWYRRUNRPHQGDWLQHQNHOHSURYLQFLHVGHJHPLGGHOGHRYHUVFKULMGLQJWRHQHHPW

  /HW RS GH EHUHNHQLQJHQ KHEEHQ EHWUHNNLQJ RS HHQ GHHO YDQ GH QDWXXU 'H EHUHNHQGH RYHUVFKULMGLQJHQ HQ EHVFKHUPLQJVSHUFHQWDJHV]LMQVOHFKWVLQGLFDWLHVYRRUGHGDDGZHUNHOLMNHRYHUVFKULMGLQJHQYRRUGHJHKHOHQDWXXU

$OV GH DPPRQLDNHPLVVLHV XLW GH ODQGERXZ UXLPWHOLMN JHRSWLPDOLVHHUG ZRUGHQ RQGHU GH DDQQDPH GDW GH ODQGERXZSUDNWLMN QLHW LQJULMSHQG YHUDQGHUW QHHPW GH JHVRPPHHUGH RYHUVFKULMGLQJYDQGHNULWLVFKHVWLNVWRIGHSRVLWLHYDQGHQDWXXULQDIPHWRQJHYHHU DIKDQNHOLMNYDQKHWHPLVVLHSODIRQG )LJXXUHQ7DEHO %LMGHODJHUHHPLVVLHSODIRQGV YDQDPPRQLDNZRUGWKHWHIIHFWYDQHHQRSWLPDOHYHUSODDWVLQJYDQHPLVVLHVNOHLQHU'LWLVKHW JHYROJYDQ KHW IHLW GDW DDQJHQRPHQ LVGDWHHQ EHSHUNWHPDWH YDQ JURQGJHERQGHQHPLVVLHV DDQZH]LJEOLMIWHQHUQLHWPppUYHUGHUYDQQDWXXUYHUSODDWVWNDQZRUGHQ'LWYLQGHQZHRRN WHUXJLQKHWHIIHFWYDQYHUSODDWVLQJHQRSKHWEHVFKHUPLQJVQLYHDX%LMNWRQLVKHWHIIHFWYDQ GH RSWLPDOLVDWLH JURRW GH EHVFKHUPLQJ QHHPW WRH YDQ  QDDU  %LM ODJHUH HPLVVLHSODIRQGV QHHPW GH EHVFKHUPLQJVJUDDG QD RSWLPDOLVDWLH QDXZHOLMNV WRH VOHFKWV  SURFHQWSXQWHQ  %HODQJULMNHUHGHQKLHUYRRULV GDWGHNULWLVFKH VWLNVWRIGHSRVLWLHZDDUGHQ YDQ GH ]HHU JHYRHOLJH QDWXXU PHW GH ODDJVWH NULWLVFKH ZDDUGHQ  DOWLMG RYHUVFKUHGHQ ZRUGHQ 'DDUQDDVW ]LMQ XLWHUDDUG GH DQGHUH VWLNVWRIEURQQHQ HQ GH DFKWHUJURQGGHSRVLWLH PHGHYHUDQWZRRUGHOLMNYRRUGHEOLMYHQGHRYHUVFKULMGLQJHQ

(10)

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

(11)

5,90UDSSRUW SDJYDQ

 ,QOHLGLQJ

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sYDOXHHUG ,Q GH]H HYDOXDWLH YRHUW 5,90 LQ RSGUDFKW YDQ '*0RQGHU]RHNXLWQDDUKRHGHQDWXXUEHVFKHUPGNDQZRUGHQLQHHQDDQWDOHPLVVLHYDULDQWHQ YRRUYHU]XUHQGHHQYHUPHVWHQGHVWRIIHQYRRUHQ %HFNHWDO ,QGH]H VWXGLH ZRUGW GH EDVLVYDULDQW YRRU  YDQ GH YRRU GH HYDOXDWLH GRRUJHUHNHQGH HPLVVLHYDULDQWHQDOVXLWJDQJVSXQWJHNR]HQZDDULQGHDPPRQLDNHPLVVLHVXLWGHODQGERXZ NWRQHQGLHYRRUVWLNVWRIR[LGHQNWRQEHGUDJHQHQKHWEXLWHQODQGKHW81(&(SURWRFRO XLW  YROJW ,Q DOOH ³103´YDULDQWHQ LV GH UXLPWHOLMNH YHUGHOLQJ YDQ GH DPPRQLDNHPLVVLHV RQYHUDQGHUG YHURQGHUVWHOG ,Q GLW UDSSRUW ]DO HHQ YDULDQW RS GH  EDVLVYDULDQWJHSUHVHQWHHUGZRUGHQZDDULQGHDPPRQLDNHPLVVLHVSHUSURYLQFLHLQ1HGHUODQG ZRUGHQYHUSODDWVW]RGDQLJGDWGHQDWXXUPD[LPDDOEHVFKHUPGZRUGW

9DQXLW KHW ,QWHUSURYLQFLDDO 2YHUOHJ ,32  LV HU EHKRHIWH DDQ KHW RQWZLNNHOHQ YDQ LQVWUXPHQWDULXPRPGHVWLNVWRIHPLVVLHVXLWGHODQGERXZLQWHJUDDOWHYROJHQHQ]RPRJHOLMNWH VWXUHQ'LWZRUGWGRRUKHW,32ZHHUJHJHYHQLQKHWSURMHFWYRRUVWHO³(PLVVLHSODIRQGVVWLNVWRI XLW GH ODQGERXZ´ SURMHFWFRGH 0/  LQ KHW NDGHU YDQ KHW ,QWHUSURYLQFLDDO 0LOLHXSURJUDPPD'LWSURMHFWNHQWGULHIDVHQZDDUELMGLWRQGHU]RHNGHHOXLWPDDNWYDQ GH HHUVWH IDVH 'H JOREDOH YUDDJVWHOOLQJ YDQ GLW RQGHU]RHN LV KRH JHJHYHQ EHSDDOGH HPLVVLHSODIRQGV GH QDWXXU GRRU YHUSODDWVLQJ YDQ DPPRQLDNHPLVVLHV PD[LPDDO NDQ ZRUGHQ EHVFKHUPG

 2QGHU]RHNVYUDJHQ

+HWRQGHU]RHNODDW]LFKRSGHOHQLQWZHHRQGHU]RHNVYUDJHQ

2SWLPDOHUXLPWHOLMNHYHUGHOLQJDPPRQLDNHPLVVLHVLQSHUSURYLQFLH

:DW LV GH RSWLPDOH YHUGHOLQJ YDQ GH DPPRQLDNHPLVVLHV SHU SURYLQFLH XLWJDDQGH YDQ HHQ 1HGHUODQGVHPLVVLHSODIRQGYDQNWRQDPPRQLDNHQHHQ12[HPLVVLHYDQNWRQHQHHQ

SURYLQFLDOHYHUGHOLQJYROJHQVKHWPLQLVWHULHYDQ9520 6OLJJHUV YRRUZDDUELM GH QDWXXU ]RYHHO PRJHOLMN EHVFKHUPG ZRUGW LH GH NULWLVFKH VWLNVWRIGHSRVLWLHZDDUGHQ ]R ZHLQLJPRJHOLMNZRUGHQRYHUVFKUHGHQ "+HWJDDWXLWGUXNNHOLMNDOOHHQRPHHQDQDO\VHYDQLQ

(12)

SDJYDQ 5,90UDSSRUW

ZHONHPDWHKHWYHUSODDWVHQYDQDPPRQLDNHPLVVLHVNDQELMGUDJHQDDQHHQEHWHUHEHVFKHUPLQJ YDQGHQDWXXU$QGHUHPDQLHUHQRPGHQDWXXUWHEHVFKHUPHQZRUGHQQLHWEHVFKRXZG

(IIHFWHQYDQYHUSODDWVHQELMYHUVFKLOOHQGH1+HPLVVLHQLYHDXVLQ

:DW ]LMQ ELM VWDSVJHZLM]H YHUODJLQJ YDQ GH DPPRQLDNHPLVVLH XLW GH ODQGERXZ GH RYHUVFKULMGLQJHQYDQGHNULWLVFKHGHSRVLWLHQLYHDXVYRRUHQQDRSWLPDOLVDWLH"2SGH]HPDQLHU NDQ ELM EHQDGHULQJ HHQ EHHOG YHUNUHJHQ ZRUGHQ YDQ GH ZDDUGH YDQ JHELHGVJHULFKW EHOHLG YHUSODDWVLQJ YDQ HPLVVLH  ELM GLYHUVH QLYHDXV YDQ JHQHULHN EHOHLG YHUODJLQJ YDQ KHW HPLVVLHSODIRQG YRRUGHEHVFKHUPLQJYDQQDWXXU

 :HUNZLM]H

2SWLPDOHUXLPWHOLMNHYHUGHOLQJDPPRQLDNHPLVVLHVLQSHUSURYLQFLH

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wQWURGXFHHUG 'LW HPLVVLHYULMH JHELHG ]RX NXQQHQ ZRUGHQ JHwQWHUSUHWHHUG DOV KHW WRHSDVVHQ YDQ HHQ ]RQHULQJ'HRSWLPDOLVDWLHZRUGWLQSULQFLSHXLWJHYRHUGSHUSURYLQFLHUHVSHFWLHYHOLMNKHWGHHO YDQHHQFRQFHQWUDWLHJHELHGELQQHQHHQSURYLQFLH

(IIHFWHQYDQYHUSODDWVHQELMYHUVFKLOOHQGH1+HPLVVLHSODIRQGVLQ

,QSULQFLSHZRUGWGH]HOIGHPHWKRGHDOVELMKHWEHDQWZRRUGHQYDQGHHHUVWHRQGHU]RHNYUDDJ WRHJHSDVW $IZLMNHQG LV GDW GH HPLVVLH HQ GH GDDUELM EHKRUHQGH GHSRVLWLH YDQ GH QLHW ODQGERXZDPPRQLDNHPLVVLHVWHQRS]LFKWHYDQQDDUEHQHGHQZRUGWJHVFKDDOG9RRUKHW EXLWHQODQG ZRUGHQ PHW 1HGHUODQG HYHQUHGLJH HPLVVLHUHGXFWLHV YHURQGHUVWHOG 'H RSWLPDOLVDWLHVZRUGHQXLWJHYRHUGPHWDPPRQLDNHPLVVLHSODIRQGVYDQNWRQHQYHUYROJHQV YDQDINWRQPHWVWDSSHQYDQNWRQQDDUEHQHGHQWRWNWRQEHUHLNWLV

 6WUXFWXXUYDQKHWUDSSRUW

,Q KRRIGVWXN  ZRUGHQ GH DOJHPHQH XLWJDQJVSXQWHQ ELM KHW YHUSODDWVHQ YDQ HPLVVLHV EHVFKUHYHQ +RRIGVWXN  EHKDQGHOW GH VSHFLILHNH XLWJDQJVSXQWHQ HQ GH YRRUQDDPVWH UHVXOWDWHQYRRU9HUYROJHQVZRUGWLQKRRIGVWXNGLW]HOIGHYRRUJHGDDQ7RWVORW ZRUGHQ LQ KRRIGVWXN  EHNQRSW GH DQWZRRUGHQ RS GH RQGHU]RHNVYUDJHQ JHJHYHQ ,Q GH

(13)

5,90UDSSRUW SDJYDQ

ELMODJHQ ZRUGHQ EHSDDOGH RQGHUZHUSHQ YHUGHU XLWJHGLHSW HQ GH YRRUQDDPVWH UHVXOWDWHQ LQ WDEHOYRUPJHSUHVHQWHHUG

(14)
(15)

5,90UDSSRUW SDJYDQ

 $OJHPHQH XLWJDQJVSXQWHQ ELM KHW YHUSODDWVHQ YDQ

HPLVVLHV

 9HUSODDWVHQYDQHPLVVLHVUXLPWHOLMNHRSWLPDOLVDWLH

9RRU GH UXLPWHOLMNH RSWLPDOLVDWLH ZRUGW JHEUXLN JHPDDNW YDQ GH OLQHDLUH SURJUDPPHULQJV PHWKRGLHN +HQGULNV HQ 9DQ %HHN   ,Q HVVHQWLH LV KHW SUREOHHP ZDDU NXQQHQ GH HPLVVLHV KHW EHVWH JHSODDWVW ZRUGHQ ]RGDQLJ GDW GH RYHUVFKULMGLQJ YDQ GH NULWLVFKH GHSRVLWLHZDDUGHQ PLQLPDDO LV GLW YRUPW GH GRHOIXQFWLH  'H EHSHUNLQJHQ RI YRRUZDDUGHQ ZRUGHQ JHYRUPG GRRU GH PLQLPDOH HQ PD[LPDOH HPLVVLH SHU JULGFHO GH JUHQ]HQ YDQ GH SURYLQFLHV HQ FRQFHQWUDWLHJHELHGHQ HQ GH HPLVVLH SHU ³YHUSODDWVLQJVJHELHG´ =LH ELMODJH  YRRUGHZLVNXQGLJHIRUPXOHULQJYDQKHWUXLPWHOLMNRSWLPDOLVDWLHSUREOHHPPHWGRHOIXQFWLHHQ YRRUZDDUGHQ

 (PLVVLHVLQHQ

 $PPRQLDNHPLVVLHXLWGH1HGHUODQGVHODQGERXZ

'HHPLVVLHSODIRQGVYRRUYRRUDPPRQLDNXLWGHODQGERXZ SHUSURYLQFLH ]LMQRQWOHHQG DDQ GH QRWLWLH YDQ KHW PLQLVWHULH YDQ 9520 6OLJJHUV  ]LH RRN 7DEHO   8LWJDQJVSXQWKLHUELMLVGDWGH1HGHUODQGVH1+HPLVVLHLQQLHWKRJHUPDJ]LMQGDQ

NWRQ 8LWJDDQGH YDQ HHQ HPLVVLH YDQ  NWRQ YRRU DPPRQLDNHPLVVLHV GLH QLHW XLW GH ODQGERXZNRPHQEOLMIWHUYRRUGHODQGERXZNWRQRYHU'HUXLPWHOLMNHYHUGHOLQJYDQGH SURYLQFLDOHHPLVVLHVLVJHEDVHHUGRSGHYHUZDFKWHVLWXDWLHLQ]RQGHUYHUDQGHULQJHQLQ GH UXLPWHOLMNH SDWURQHQ 'H OH]HU ZRUGW YHUZH]HQ QDDU ELMODJH  YRRU HHQ JHGHWDLOOHHUGHU EHVFKULMYLQJYDQGHJHYROJGHPHWKRGH

9RRU]LMQRSWLPDOLVDWLHVXLWJHYRHUGYRRUHPLVVLHWRWDOHQXLWGHODQGERXZYDQ HQNWRQDPPRQLDN'HGDWDEHVWDQGHQYRRU]LMQGRRU OLQHDLUH VFKDOLQJXLWKHW EHVWDQGYRRUYHUNUHJHQ

 2YHULJHHPLVVLHV

9RRU 12[ ZRUGW YRRU  YRRU 1HGHUODQG XLWJHJDDQ YDQ KHW 1(&GLUHFWLYH YDQ GH (8

9RRUKHWEXLWHQODQGLVXLWJHJDDQYDQKHWHPLVVLHSODIRQGYROJHQVKHW81(&( *RWKHQEXUJ SURWRFRO YDQ  YRRU YHU]XUHQGH VWRIIHQ =LH 7DEHO  YRRU KHW RYHU]LFKW YDQ GH HPLVVLHVYRRUHQ9RRUJHOGWGDWGHEXLWHQODQGVHHPLVVLHVHYHQUHGLJPHWGH 1HGHUODQGVH HPLVVLHV RPODDJ JDDQ 0HW DQGHUH ZRRUGHQ ELM HHQ 1HGHUODQGVH 1+

HPLVVLHUHGXFWLHYDQQDDUNWRQJDDWGHEXLWHQODQGVH1+HPLVVLHPHWRPODDJ



1DKHWXLWYRHUHQYDQGLWRQGHU]RHNLVGLWHPLVVLHSODIRQGLQGH(XURSHVHPLQLVWHUUDDGQDDUERYHQWRHELMJHVWHOG

RSGHNWRQYDQKHW81(&(SURWRFRO,QKHW103LVHHQHPLVVLHSODIRQGYDQNWRQ1+DOV

(16)

SDJYDQ 5,90UDSSRUW 7DEHO'HJHSURMHFWHHUGHHPLVVLHYDQ12[HQ1+YRRUKHWEXLWHQODQGHQ1HGHUODQGLQHQLQ NWRQ %URQ6OLJJHUVHQRYHUOHJWXVVHQ,32HQ5,90 7HUYHUJHOLMNLQJ]LMQWHYHQVGH1HGHUODQGVH12[ HQ1+HPLVVLHVYRRUZHHUJHJHYHQ    :DDUGHQLQNWRQ %8,7(1/$1' 12[HQ1+ *RWKHQEXUJ SURWRFRO *HOLMNHHPLVVLHUHGXFWLHDOVLQ1HGHUODQG 1('(5/$1' 727$$/12[    727$$/1+         2YHULJHEURQQHQ         /DQGERXZ *URQLQJHQ )U\VOkQ 'UHQWKH 2YHULMVVHO )OHYRODQG *HOGHUODQG 8WUHFKW 1RRUG+ROODQG =XLG+ROODQG =HHODQG 1RRUG%UDEDQW /LPEXUJ                                                                                                        

 'HSRVLWLHEHUHNHQLQJHQVSHHOUXLPWHYRRUYHUSODDWVLQJ

YDQDPPRQLDNHPLVVLHV

'H GHSRVLWLHV SHU SURYLQFLH ZRUGHQ PHW HHQ VRXUFHUHFHSWRUPDWUL[ 650  DIJHOHLG XLW GH HPLVVLHV'H650LVHHQVQHOOHYHUVLHYDQKHWDWPRVIHULVFKWUDQVSRUWHQGHSRVLWLHPRGHO236 9DQ-DDUVYHOG =LHELMODJHYRRUQDGHUHLQIRUPDWLHRYHUVRXUFHUHFHSWRUPDWULFHVHQ GHWRHSDVVLQJHUYDQELQQHQGH]HVWXGLH

'LWRQGHU]RHNULFKW]LFKRSGHUXLPWHOLMNHRSWLPDOLVDWLHYDQGHODQGERXZHPLVVLHVJHULFKWRS EHVFKHUPLQJYDQGHQDWXXU'HRSWLPDOLVDWLHYDQGHUXLPWHOLMNHYHUGHOLQJYDQGHDJUDULVFKH DPPRQLDNHPLVVLHV YLQGW SODDWV SHU SURYLQFLH 'H VWLNVWRIGHSRVLWLH YDQ GH QLHW ODQGERXZEURQQHQ HQ YDQ ODQGERXZ EXLWHQ WH SURYLQFLH ZRUGW DOV HHUVWH YDQ GH NULWLVFKH ZDDUGHQYRRUVWLNVWRIDIJHWURNNHQ3HUJULGFHONDQGDWLQKRXGHQGDWHUyIHHQQRJPRJHOLMNH VWLNVWRIGHSRVLWLHUXLPWH LV yI HHQ RYHUVFKULMGLQJ ,Q GH RSWLPDOLVDWLH ZRUGHQ DOOHHQ GH RYHUVFKULMGLQJHQ³JHEUXLNW´]RGDQLJGDWGHWRWDOHRYHUVFKULMGLQJLQHHQSURYLQFLHPLQLPDDO LV

(17)

5,90UDSSRUW SDJYDQ 'HDQGHUHVWLNVWRIEURQQHQ]LMQ  GHHPLVVLHYDQ12[LQELQQHQHQEXLWHQODQG  GHHPLVVLHYDQ1+LQKHWEXLWHQODQG  GHHPLVVLHYDQ1+LQ1HGHUODQGDQGHUVGDQGRRUODQGERXZ  GHHPLVVLHYDQ1+GRRUODQGERXZLQGHRYHULJHSURYLQFLHV 'HGHSRVLWLHVWHQJHYROJHYDQGHEURQQHQ]LMQEHUHNHQGLQKHWNDGHUYDQGH ³(YDOXDWLH YDQGHYHU]XULQJGRHOVWHOOLQJHQ´ %HFNHWDO   'H]H]LMQEHUHNHQG PHW HHQ YDQ 236 9DQ-DDUVYHOG DIJHOHLGPRGHO'HGHSRVLWLHWHQJHYROJHYDQGHEURQQHQRQGHUSXQW LV LQ KHW NDGHU YDQ GH]H VWXGLH EHUHNHQG PHW GH 650PHWKRGH ]LH ELMODJH   1DDVW GH KLHUYRRU JHQRHPGH SRVWHQ LV GH NULWLVFKH ZDDUGH RRN QRJ HHQV YHUPLQGHUG PHW GH DFKWHUJURQGGHSRVLWLH ]LHSDUDJUDDI 

'HEHUHNHQGHGHSRVLWLHVNXQQHQVOHFKWVWHQGHOHPHWPHWLQJHQYHUJHOHNHQZRUGHQRPGDWHU ZHLQLJWRWJHHQGHSRVLWLHPHWLQJHQ]LMQ'LWJHOGWPHWQDPHYRRUGHGURJHGHSRVLWLH9DOLGDWLH YDQ GH PRGHOOHQ JHEHXUW GDDURP YRRU HHQ EHODQJULMN GHHO RS EDVLV YDQ JHPHWHQ OXFKWFRQFHQWUDWLHV 9RRU DPPRQLDN LV HU HHQ YHUVFKLO WXVVHQ GH JHPHWHQ HQ EHUHNHQGH FRQFHQWUDWLHVYDQDPPRQLDNYDQRQJHYHHU,QGH0LOLHXEDODQVHQZRUGHQGHEHUHNHQGH GURJHGHSRVLWLHQLYHDXV³JHFRUULJHHUG´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

 $FKWHUJURQGGHSRVLWLH

'HGHSRVLWLHZRUGWQLHWDOOHHQGRRUDQWURSRJHQHHPLVVLHVEHSDDOGPDDURRNGRRUQDWXXUOLMNH HPLVVLHV XLW ERGHP YXONDQHQ RFHDQHQ HWF 'DDUQDDVW LV HU RRN QRJ HHQ ELMGUDJH YDQ DQWURSRJHQH VWLNVWRIEURQQHQ EXLWHQ (XURSD $OEHUV HW DO   VFKDW KHW WRWDDO YDQ GH]H WZHHELMGUDJHQKLHUNRUWZHJDDQJHGXLGDOVDFKWHUJURQGGHSRVLWLHRSFLUFDPRO1KDSHU MDDU'HDFKWHUJURQGGHSRVLWLHZRUGWFRQVWDQWYHURQGHUVWHOGLQGHWLMG YRRUHQ 

(18)

SDJYDQ 5,90UDSSRUW

 .ULWLVFKHGHSRVLWLH

'H WHUP ³NULWLVFKH GHSRVLWLH´ LV JHGHILQLHHUG DOV KHW GHSRVLWLHQLYHDX ZDDU EHQHGHQ JHHQ VFKDGHDDQVSHFLILHNHJHYRHOLJHHOHPHQWHQYDQKHWPLOLHXRSWUHHGWYROJHQVGHKXLGLJHNHQQLV YULM YHUWDDOG XLW 1LOVVRQ HQ *UHQQIHOW   (HQ KRJH NULWLVFKH VWLNVWRIGHSRVLWLH YRRU QDWXXUJHHIWGXVDDQGDWGHRQGHUOLJJHQGHQDWXXUUHODWLHIRQJHYRHOLJLVYRRUVWLNVWRI,QKHW NDGHUYDQGH³(YDOXDWLHYDQGHYHU]XULQJVGRHOVWHOOLQJHQ´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îNPFHO9HUPHOGGLHQWWHZRUGHQGDWLQGHPHHVWHJHYDOOHQGH NULWLVFKHGHSRVLWLHEHSDDOGZRUGWGRRUGHQDWXXUZDDUGHZHONHYHHODOEHGXLGHQGODJHULVGDQ GHRYHULJHFULWHULD]LH$OEHUVHWDO  

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

(19)

5,90UDSSRUW SDJYDQ

)LJXXU.ULWLVFKHVWLNVWRIGHSRVLWLHQLYHDXVJHEUXLNWLQGHRSWLPDOLVDWLHV

 /DQGERXZDUHDDO

'HDPPRQLDNHPLVVLHXLWGHODQGERXZNDQLQSULQFLSHDOOHHQYHUSODDWVWZRUGHQQDDUORFDWLHV PHW HHQ ODQGERXZEHVWHPPLQJ LH ZDDU KHW ODQGJHEUXLN JHOLMN LV DDQ ppQ YDQ GH NODVVHQ

(20)

SDJYDQ 5,90UDSSRUW

JUDV PDwV DDUGDSSHOHQ ELHWHQ JUDQHQ RYHULJH ODQGERXZJHZDVVHQ JODVWXLQERXZ ERRPJDDUGEROOHQHQEHERXZLQJLQDJUDULVFKJHELHG 3HU[NPFHOLVGHIUDFWLHODQGERXZ EHUHNHQGRSEDVLVYDQGH/*1NDDUW /DQG*HEUXLN1HGHUODQGYHUVLH 

 $IZHQWHOLQJYRRUNRPHQ

2PWHYRRUNRPHQGDWLQGHRSWLPDOLVDWLHGHHPLVVLHVYRRUDODDQGHJUHQ]HQYDQGHSURYLQFLHV WHUHFKWNRPHQHQ]RGHGHSRVLWLHQDDUGHDQGHUHSURYLQFLHVYHUVFKXLIWPDJGHELMGUDJH LQ DEVROXWH]LQ YDQGHHQHSURYLQFLHRSGHDQGHUHQDGHRSWLPDOLVDWLHQLHWKRJHU]LMQGDQYRRU GHRSWLPDOLVDWLH'LWLVJHsIIHFWXHHUGGRRURPGHEHVFKRXZGHSURYLQFLHHHQUDQGYDQ[NP FHOOHQWHOHJJHQZDDULQGHGHSRVLWLHQLHWPDJWRHQHPHQ$OVKLHUDDQZRUGWYROGDDQQHHPW RRNEXLWHQGHUDQGGHGHSRVLWLHQLHWWRH

 %HKRXGYDQNZDOLWHLW

:DQQHHULQQDWXXUJULGFHOOHQYRRUGHRSWLPDOLVDWLHGHNULWLVFKHGHSRVLWLHZRUGWRYHUVFKUHGHQ GDQLVDOVUHVWULFWLHRSJHOHJGGDWGH]HRYHUVFKULMGLQJQDRSWLPDOLVDWLHQLHWPDJWRHQHPHQ

 &RQFHQWUDWLHJHELHGHQ

%LQQHQ 1HGHUODQG ]LMQ LQ KHW NDGHU YDQ GH ]RJHQDDPGH ³5HFRQVWUXFWLHZHW FRQFHQWUDWLH JHELHGHQ´ WZHH FRQFHQWUDWLHJHELHGHQ DDQJHZH]HQ 2RVW HQ =XLG ]LH ELMODJH   ,Q GH FRQFHQWUDWLHJHELHGHQ JHOGHQ H[WUD EHSHUNLQJHQ WHQ DDQ]LHQ YDQ KHW YHUSODDWVHQ YDQ 1+

HPLVVLHV7XVVHQKHWGHHOYDQHHQFRQFHQWUDWLHJHELHGELQQHQGHEHVFKRXZGHSURYLQFLHHQGH UHVWYDQGLHSURYLQFLHPRJHQJHHQHPLVVLHVYHUSODDWVWZRUGHQ2RNPDJJHHQYHUSODDWVLQJ SODDWVYLQGHQ WXVVHQ LQ YHUVFKLOOHQGH SURYLQFLHV OLJJHQGH GHOHQ YDQ KHW]HOIGH FRQFHQWUDWLHJHELHG 'XV ELMYRRUEHHOG JHHQ YHUSODDWVLQJ WXVVHQ KHW 1RRUG%UDEDQWVH HQ KHW /LPEXUJVHGHHOYDQKHWFRQFHQWUDWLHJHELHG=XLG

 %HVFKRXZGHQDWXXU

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

KHWWRWDOH1HGHUODQGVODQGRSSHUYODN7DEHO 2SGH]HPDQLHUZRUGWHHQUHSUHVHQWDWLHI EHHOG YDQ GH QDWXXU RYHU 1HGHUODQG YHUNUHJHQ GDW JRHG RYHUHHQNRPW PHW GH (FRORJLVFKH +RRIG6WUXFWXXU (+6 0HUNRSGDWGRRUGHUHVWULFWLHYDQQDWXXUEHJURHLLQJLQHHQFHO HUYHHO³QDWXXUFHOOHQ´YRRUNRPHQGLHRRNYHHOQLHWQDWXXUEHYDWWHQ2QJHYHHUYDQKHW DDQWDOJULGFHOOHQYDQGH]HQDWXXUNDDUWEHVWDDWYRRUPLQGHUGDQGHKHOIWXLWQDWXXUDUHDDO

(21)

5,90UDSSRUW SDJYDQ 7DEHO)UHTXHQWLHYHUGHOLQJYDQKHWDDQWDODOVQDWXXUJHODEHOGH[PFHOOHQSHU[NPJULGFHOLQ 1HGHUODQG GH[FHOOHQERYHQGHOLMQLQGHWDEHOZRUGHQDDQJHPHUNWDOV³QDWXXUFHOOHQ´GHFHOOHQRQGHUGH OLMQDOV³QLHWQDWXXUFHOOHQ´  $DQWDO[PFHOOHQPHW QDWXXULQ[NPFHO $DQWDO³[NP´FHOOHQ &XPXODWLHI                                                    7RWDDO  

 ,QGLFDWRUHQ

3HU SURYLQFLH ]LMQ GH JHVRPPHHUGH HQ GH JHPLGGHOGH RYHUVFKULMGLQJ YDQ GH NULWLVFKH ZDDUGHQHQGHEHVFKHUPLQJVJUDDGEHUHNHQG'HJHVRPPHHUGHRYHUVFKULMGLQJLVGHVRPYDQ GHKRHYHHOKHLGGHSRVLWLHERYHQGHNULWLVFKHZDDUGHQ JHVRPPHHUGRYHUGHQDWXXUFHOOHQGLH HHQRYHUVFKULMGLQJKHEEHQ'HJHPLGGHOGHRYHUVFKULMGLQJLVGHJHVRPPHHUGHRYHUVFKULMGLQJ JHGHHOG GRRU KHW DDQWDO QDWXXUFHOOHQ GDW HHQ RYHUVFKULMGLQJ KHHIW 'H EHVFKHUPLQJVJUDDG JHHIWDDQYRRUZHONGHHOYDQKHWQDWXXUDUHDDO LQ GHGHSRVLWLHRQGHUGHNULWLVFKHZDDUGH OLJW

'H LQGLFDWRUHQ ]LMQ DIKDQNHOLMN YDQ KHW EHVFKRXZGH QDWXXUDUHDDO YRRU ZDW EHWUHIW GH QDWXXUW\SHQ HQ GH GDDUELM EHUHNHQGH NULWLVFKH ZDDUGH  HQ KHW RSSHUYODN 0HW QDPH GH JHVRPPHHUGH RYHUVFKULMGLQJ LV VWHUN DIKDQNHOLMN YDQ KHW EHVFKRXZGH RSSHUYODN DDQ QDWXXUDUHDDO 'H KHHIW HHQ EHSHUNWH ZDDUGH RP KHW HIIHFW YDQ RYHUVFKULMGLQJ LV ZRUGW PHHJHQRPHQ HQ QLHW GH PDWH ZDDUPHH RYHUVFKUHGHQ LV 'H JHVRPPHHUGH RYHUVFKULMGLQJ JHHIW GDDUHQWHJHQ EHWHU KHW HIIHFW ZHHU RPGDW KLHULQ RRN GH PDWHYDQRYHUVFKULMGLQJEHVFKRXZGZRUGW

'HJHPLGGHOGHRYHUVFKULMGLQJKHHIWHHQEHSHUNWHZDDUGHRPGDWPHWQDPHELMODJHUHHPLVVLH HQGHSRVLWLHQLYHDXVKHW DDQWDOQDWXXUFHOOHQGDWQHWZHORIQLHW HHQ RYHUVFKULMGLQJ KHHIW KHW JHPLGGHOGHVWHUNEHSDOHQ'LHQWHQJHYROJHNDQLQHQNHOHJHYDOOHQQDHHQHPLVVLHUHGXFWLHKHW JHPLGGHOGH]HOIVVWLMJHQ

'HRSWLPDOLVDWLHV]LMQXLWJHYRHUGSHUSURYLQFLHZDDUELMLVRSJHOHJGGDWGHEHODVWLQJYDQDOOH DQGHUH SURYLQFLHV JHOLMN EOLMIW DDQ GH VLWXDWLH YyyU GH RSWLPDOLVDWLH ]LH SDUDJUDDI   'H LQGLFDWRUHQGLHEHWUHNNLQJKHEEHQRS1HGHUODQGDOVWRWDDOHQGHNDDUWEHHOGHQRYHU1HGHUODQG

EHVFKHUPLQJVJUDDG

(22)

SDJYDQ 5,90UDSSRUW

]LMQHHQVRPPDWLHYDQRIHHQPLGGHOLQJRYHUGHSURYLQFLHV+HWJH]DPHQOLMNHHIIHFWYDQ GHRSWLPDOLVDWLHYDQDOOHSURYLQFLHVRSGHLQGLFDWRUHQYRRU1HGHUODQGLVRPUHNHQWHFKQLVFKH UHGHQHQ QRJ QLHWPRJHOLMN

(23)

5,90UDSSRUW SDJYDQ

 5XLPWHOLMN JHRSWLPDOLVHHUGH DPPRQLDNHPLVVLHV

YRRU

 2SWLPDOLVDWLHPHWKRGHQ,HQ,,

(U]LMQWZHHRSWLPDOLVDWLHPHWKRGHQJHEUXLNW œ %LMPHWKRGH,ZRUGHQDOOHHQGHHPLVVLHVXLWGH³QDWXXUJULGFHOOHQ´JHKDDOGHQYHUYROJHQV RSWLPDDORYHUGHODQGERXZFHOOHQEXLWHQKHWQDWXXUDUHDDOYHUGHHOG'H1+HPLVVLHXLW

GHODQGERXZLQ GHQLHWQDWXXUJULGFHOOHQZRUGW QLHW JHRSWLPDOLVHHUG HQ EOLMIW ZDDU GH]H ]LFKYyyUGHRSWLPDOLVDWLHEHYLQGW

œ %LMPHWKRGH,,ZRUGHQGHHPLVVLHVXLWGHQDWXXUFHOOHQJHKDDOGHQVDPHQPHWDOOH1+

HPLVVLHV XLW GH ODQGERXZ RSWLPDDO KHUYHUGHHOG 'XV RRN GH HPLVVLHV XLW GH QLHW QDWXXUFHOOHQ

'HWRWDOHHPLVVLHSHUSURYLQFLHYRRU HQQDRSWLPDOLVDWLHLVJHOLMN:DWHUELMGH HQH FHO DI JDDWNRPWHUELMDQGHUHFHOOHQELM

 (PLVVLHPLQLPXPHQPD[LPXP

 0LQLPDOH1+



HPLVVLHSHUJULGFHOQDRSWLPDOLVDWLH

'H DPPRQLDNHPLVVLH NDQ ZRUGHQ YHUGHHOG LQ HHQ JURQGJHERQGHQ GHHO HQ HHQ QLHW JURQGJHERQGHQ GHHO $OV HU YDQXLW ZRUGW JHJDDQ GDW DOOHHQ GH QLHWJURQGJHERQGHQHPLVVLH ]RDOVGHLQWHQVLHYHYHHKRXGHULM LQSULQFLSH  ZRUGWYHUSODDWVWGDQEOLMIW GH JURQGJHERQGHQ RYHU2QGHUJURQGJHERQGHQHPLVVLHZRUGWYHUVWDDQ

œ 6WDORSVODJ HQZHLGHHPLVVLHYDQUXQGYHH H[FOXVLHIYOHHVNDOYHUHQ LQFOXVLHIVFKDSHQ HQJHLWHQ 

œ $OOHDDQZHQGLQJVHPLVVLHV œ $OOHNXQVWPHVWHPLVVLHV

9RRU LHGHUH SURYLQFLH LV DIKDQNHOLMN YDQ GH ODQGERXZVWUXFWXXU HHQ HPLVVLHPLQLPXP YDVWJHVWHOG =LH ELMODJH  YRRU GH RQGHUERXZLQJ YDQ GH]H HPLVVLHPLQLPD ,Q 7DEHO  ZRUGHQGHHPLVVLHPLQLPDSHUSURYLQFLHJHJHYHQ(U]LMQRRNEHUHNHQLQJHQJHPDDNWPHWHHQ YRRU DOOH SURYLQFLHV JHOLMN HPLVVLHPLQLPXP YDQ  PRO 1+ SHU KHFWDUH SHU MDDU 'H

ZDDUGH YDQ KHW HPLVVLHPLQLPXP JHOGW YRRU HHQ FHO GLH YROOHGLJ YRRU ODQGERXZ ZRUGW JHEUXLNW :DQQHHU GDW QLHW KHW JHYDO LV ZRUGW KHW HPLVVLHPLQLPXP PHW KHW SHUFHQWDJH ODQGERXZ LQ GH EHVFKRXZGH FHO YHUPHQLJYXOGLJG $OV GH HPLVVLH YRRU GH RSWLPDOLVDWLH EHQHGHQ KHW DOGXV EHUHNHQGH PLQLPXP OLJW GDQ JHOGW GH HPLVVLH YRRU RSWLPDOLVDWLH DOV PLQLPXP'HQDWXXUFHOOHQZRUGHQELMEHLGHRSWLPDOLVDWLHPHWKRGHQJHKHHOOHHJJHPDDNW7RW VORW GLHQW WH ZRUGHQ RSJHPHUNW GDW KHW HPLVVLHPLQLPXP DOOHHQ UHOHYDQW LV YRRU RSWLPDOLVDWLHPHWKRGH,, LPPHUVELMRSWLPDOLVDWLHPHWKRGH,EOLMYHQGHDPPRQLDNHPLVVLHVXLW GH QLHWQDWXXUJHELHGHQ RQJHPRHLG HQ NXQQHQ GDDUGRRU DOOHHQ PDDU JHOLMN EOLMYHQ RI WRHQHPHQ 

(24)

SDJYDQ 5,90UDSSRUW

7DEHO3HUSURYLQFLHJHGLIIHUHQWLHHUGHHPLVVLHPLQLPD

3URYLQFLH 0LQLPXP PRO1+KD 3URYLQFLH 0LQLPXP PRO1+KD

*URQLQJHQ  1RRUG+ROODQG  )U\VOkQ  =XLG+ROODQG  'UHQWKH  =HHODQG  2YHULMVVHO  1RRUG%UDEDQW  *HOGHUODQG  /LPEXUJ  8WUHFKW  )OHYRODQG   (HQPRO1+ LVHTXLYDOHQWPHWPRO1RIJUDP1(HQHPLVVLHRIGHSRVLWLHYDQNWRQ1+OHYHUWRQJHYHHU NPRO1

 0D[LPDOH1+



HPLVVLHSHUJULGFHOQDRSWLPDOLVDWLH

:DQQHHUJHHQPD[LPXPZRUGWJHVWHOGDDQGHHPLVVLHSHUFHOQDGHRSWLPDOLVDWLH]XOOHQGH HPLVVLHV ]LFK FRQFHQWUHUHQ LQ HHQ EHSHUNW DDQWDO FHOOHQ 'LW NDQ OHLGHQ WRW HHQ H[WUHPH FOXVWHULQJ YDQ HPLVVLHV PHW ZDDUGHQ YDQ FD  PRO 1+KD ,Q RYHUOHJ PHW ,32 LV

EHVORWHQRPYRRULHGHUHSURYLQFLHPHWHHQHPLVVLHPD[LPXPYDQPRO1+KDSHUMDDU

WH ZHUNHQ RP GLW HIIHFW WH YRRUNRPHQ 'H]H  PROKD NRPW RYHUHHQ PHW KHW  SHUFHQWLHO  ZDDUGHGLHGRRU YDQKHWDDQWDOZDDUQHPLQJHQ QLHW ZRUGW RYHUVFKUHGHQ YDQGHHPLVVLHYHUGHOLQJRS[NPVFKDDOYRRU'HZDDUGHYDQKHWHPLVVLHPD[LPXP JHOGWYRRUHHQFHOGLHYROOHGLJDOVODQGERXZNDQZRUGHQDDQJHPHUNW:DQQHHUGLWQLHWKHW JHYDO LV ZRUGW KHW HPLVVLHPD[LPXP PHW KHW SHUFHQWDJH ODQGERXZ LQ GH EHVFKRXZGH FHO YHUPHQLJYXOGLJG'DDUQDDVWJHOGWELMRSWLPDOLVDWLHPHWKRGH,GDWGHHPLVVLHLQHHQFHOYyyU RSWLPDOLVDWLHDOVPD[LPXPZRUGWJHKDQWHHUGDOVGH]HKRJHU LV GDQ  HHQ ³DEVROXXW´ PD[LPXP YDQ  ELM GH]H PHWKRGH ]RX YHUSODDWVLQJ YDQ HPLVVLHV EXLWHQ QDWXXUDUHDDO LPSOLFHUHQ KHWJHHQ VWULMGLJ LV PHW KHW XLWJDQJVSXQW  %LM KHW EHSDOHQ YDQ KHW PD[LPXP LV JHHQ UHNHQLQJ JHKRXGHQ PHW DQGHUH PRJHOLMNH EHSHUNLQJHQ VWDQN UXLPWHOLMNH RUGHQLQJVSODQQHQHWF 

9RRU1RRUG%UDEDQWHQ'UHQWKHLVHHQJHYRHOLJKHLGVDQDO\VHXLWJHYRHUGZDDUELMLVJHZHUNW PHW HPLVVLHPD[LPD YDQ   HQ  PRO 1+KD SHU MDDU LQ

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

(25)

5,90UDSSRUW SDJYDQ

EHUHLNW ZRUGW $OV YHHO HPLVVLH YHUSODDWVW NDQ ZRUGHQ ODDJ HPLVVLHPLQLPXP  ZRUGW KHW HPLVVLHPD[LPXP EHODQJULMNHU 'DDUPHH ZRUGW LPPHUV EHSDDOG KRH VWHUN GH HPLVVLH JHFOXVWHUGNDQZRUGHQ]RYHUPRJHOLMNYHUZLMGHUGYDQKHWQDWXXUDUHDDO *HYRHOLJKHLGVDQDO\VH1RRUG%UDEDQWYRRUHPLVVLHPLQLPDHQPD[LPD              (PLVVLHPD[LPXP>PRO1+KD@ 7RWDOHRYHUVFKULMGLQJ>0PRO1@      (PLVVLH PLQLPXP

)LJXXU(IIHFWYDQHPLVVLHPLQLPXPHQPD[LPXPRSGHWRWDOHRYHUVFKULMGLQJ YRRU 1RRUG%UDEDQW YRRU  RSWLPDOLVDWLHYROJHQV0HWKRGH,,DOOHODQGERXZ1+HPLVVLHV]LMQKLHUELMRSWLPDDOYHUGHHOG 

 5HVXOWDWHQYRRU

,Q7DEHOZRUGHQYRRU1HGHUODQGDOVJHKHHOGHYRRUQDDPVWHUHVXOWDWHQJHJHYHQYDQGH

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

YHUSODDWVHQ7HULOOXVWUDWLHDOVGHHPLVVLHVXLWKHWQDWXXUDUHDDODOOHHQZRUGHQYHUZLMGHUG FD  'HRSWLPDOLVDWLHV]LMQXLWJHYRHUGSHUSURYLQFLHZDDUELMLVRSJHOHJGGDWGHEHODVWLQJYDQDOOHDQGHUHSURYLQFLHV JHOLMNEOLMIWDDQGHVLWXDWLHYyyUGHRSWLPDOLVDWLH ]LHSDUDJUDDI 'HWRWDOHQHQNDDUWEHHOGHQYRRU1HGHUODQG ]LMQHHQVRPPDWLHYDQGHSURYLQFLHV+HWJH]DPHQOLMNHHIIHFWYDQGHRSWLPDOLVDWLHYDQDOOHSURYLQFLHVRSGH LQGLFDWRUHQYRRU1HGHUODQGLVRPUHNHQWHFKQLVFKHUHGHQHQ QRJ QLHWPRJHOLMN

(26)

SDJYDQ 5,90UDSSRUW

 NWRQ 7DEHO  HQ %LMODJH F  HQ QLHW ZRUGHQ WHUXJJHSODDWVW LV GH UHGXFWLH LQ GH RYHUVFKULMGLQJ  HQ KHW EHVFKHUPLQJVSHUFHQWDJH  (HQ DDQ]LHQOLMN GHHO YDQ GH ³QDWXXUFHOOHQ´ EHYDW JURWH GHOHQ QLHWQDWXXU ]LH RRN SDUDJUDDI   'RRU GH HPLVVLH XLW GH]H ³QDWXXUFHOOHQ´ ZHJ WH KDOHQ ZRUGW LPSOLFLHW HHQ JHELHG RP GH QDWXXU HPLVVLHYULM JHPDDNWYDULsUHQGYDQWRWPDIKDQNHOLMNYDQGHYHUGHOLQJYDQGHQDWXXULQHHQ[ NPFHO 7DEHO5HVXOWDWHQUXLPWHOLMNHRSWLPDOLVDWLHPHWJHGLIIHUHQWLHHUGHHPLVVLHPLQLPDYRRU1HGHUODQGLQ 9RRURSWLPDOLVDWLH 1DRSWLPDOLVDWLH YROJHQVPHWKRGH, 1DRSWLPDOLVDWLH YROJHQVPHWKRGH,, *HVRPPHHUGHRYHUVFKULMGLQJ 0PRO      *HPLGGHOGHRYHUVFKULMGLQJPRO1KD      %HVFKHUPLQJVJUDDG     9HUSODDWVWHKRHYHHOKHLGHPLVVLH NWRQ  

,Q ELMODJH  ZRUGW HHQ JHGHWDLOOHHUG RYHU]LFKW JHJHYHQ YDQ GH UHVXOWDWHQ YRRU ]RZHO RSWLPDOLVDWLHPHWKRGH , DOV ,, ,Q )LJXXU  WRW HQ PHW  ZRUGHQ YRRU 0HWKRGH , UHVSHFWLHYHOLMNGHUHODWLHYHYHUDQGHULQJYDQGHDPPRQLDNHPLVVLHGHDPPRQLDNHPLVVLHXLWGH ODQGERXZQDGHRSWLPDOLVDWLHHQGHWRWDOHGHSRVLWLHYDQVWLNVWRIHQGHRYHUVFKULMGLQJHQYDQ GHNULWLVFKHVWLNVWRIGHSRVLWLHYRRUHQQDRSWLPDOLVDWLHDIJHEHHOG

1DDVW GH ILJXUHQ VWDDQ ]RJHQDDPGH ³VWDWLVWLHNHQ´ 'H WHUPHQ ³PHDQ´ ³PHGLDQ´ ³3´ ³3´ ³PLQ´ HQ ³PD[´ VWDDQUHVSHFWLHYHOLMNYRRU JHPLGGHOGH ZDDUGH PHGLDDQ PLGGHOVWH ZDDUGH  KHW SHUFHQWLHO ZDDUGH GLH GRRU  YDQ GH ZDDUQHPLQJHQ QLHW ZRUGW RQGHUVFKUHGHQHHQ³JHPDWLJG´PLQLPXP KHWSHUFHQWLHO ZDDUGHGLHGRRUYDQGH ZDDUQHPLQJHQ QLHW ZRUGW RYHUVFKUHGHQ HHQ ³JHPDWLJG´ PD[LPXP  GH PLQLPXP HQ GH PD[LPXPZDDUGH ,Q GH ILJXUHQ PHW RYHUVFKULMGLQJHQ ILJXUHQ  HQ   VODDW GH VWDWLVWLHNDOOHHQRSGHFHOOHQPHWRYHUVFKULMGLQJ

(27)

5,90UDSSRUW SDJYDQ 0 1 100 200 500 % )LJXXU9HUDQGHULQJYDQGHDPPRQLDNHPLVVLHVXLWGHODQGERXZUHODWLHYHYHUDQGHULQJYDQGHHPLVVLHVQD RSWLPDOLVDWLHWHQRS]LFKWHYDQGHHPLVVLHVYyyURSWLPDOLVDWLHYROJHQVPHWKRGH, LQ  0 500 1000 1500 2000 2500 3000 mol/ha/y na optimalisatie in 2010

Emissie van ammoniak

0 500 1000 1500 2000 2500 3000 0 5 10 15 20 25 30 % 2040 mean 1540 median 65.3 P2 9200 P98 0.103 min 1.85e+04 max )LJXXU(PLVVLHYDQDPPRQLDNXLWGHODQGERXZQDRSWLPDOLVDWLHLQYROJHQVPHWKRGH,

(28)

SDJYDQ 5,90UDSSRUW 0 500 1000 1500 2000 2500 3000 mol/ha/y voor optimalisatie in 2010

Depositie totaal stikstof

0 500 1000 1500 2000 2500 3000 0 10 20 30 40 50 60 % 1326 mean 1300 median 654 P2 2130 P98 322 min 3770 max )LJXXU'HSRVLWLHWRWDDOVWLNVWRIYyyURSWLPDOLVDWLHLQLQ1HGHUODQG 0 500 1000 1500 2000 2500 3000 mol/ha/y na optimalisatie in 2010

Depositie totaal stikstof

0 500 1000 1500 2000 2500 3000 0 10 20 30 40 50 60 % 1325 mean 1280 median 639 P2 2370 P98 322 min 3970 max )LJXXU'HSRVLWLHWRWDDOVWLNVWRIQDRSWLPDOLVDWLHLQYROJHQVPHWKRGH,

(29)

5,90UDSSRUW SDJYDQ −500 0 500 1000 mol/ha/y voor optimalisatie in 2010

Overschrijding van de kritische depositie

−500 0 500 1000 0 10 20 30 40 50 60 70 % 423.7 mean 345 median 16.4 P2 1310 P98 0.0578 min 2160 max )LJXXU2YHUVFKULMGLQJYDQGHNULWLVFKHGHSRVLWLHLQYyyURSWLPDOLVDWLH −500 0 500 1000 mol/ha/y na optimalisatie in 2010

Overschrijding kritische depositie

−500 0 500 1000 0 10 20 30 40 50 60 70 80 % 341.1 mean 250 median 8.67 P2 1130 P98 0.132 min 2070 max )LJXXU2YHUVFKULMGLQJYDQGHNULWLVFKHGHSRVLWLHLQQDRSWLPDOLVDWLHYROJHQVPHWKRGH,

(30)

SDJYDQ 5,90UDSSRUW (U]LMQGXLGHOLMNHYHUVFKLOOHQWXVVHQGHSURYLQFLHVPHWQDPHGHSURYLQFLHVZDDULQODQGERXZ HQQDWXXUGLFKWELMHONDDUOLJJHQ =XLG2RVW)U\VOkQ'UHQWKH2YHULMVVHO*HOGHUODQG1RRUG %UDEDQW ODWHQUXZZHJHHQWZHHPDDO]RKRJHUHGXFWLHYDQGHWRWDOHRYHUVFKULMGLQJYDQGH NULWLVFKHGHSRVLWLH]LHQGDQGHNOHLSURYLQFLHVLQKHWZHVWHQYDQ1HGHUODQG 1RRUGHQ=XLG +ROODQG=HHODQG 

=RDOV DDQJHJHYHQ ]LMQ GH EHUHNHQGH UHGXFWLHV LQ GH RYHUVFKULMGLQJHQ DIKDQNHOLMN YDQ KHW DDQJHQRPHQHPLVVLHPLQLPXP LQZHONHPDWHNDQHHQ³ODQGERXZFHO´OHHJJHPDDNWZRUGHQ YDQHPLVVLH :DQQHHUHHQ HPLVVLHPLQLPXPYDQPROKDSHUMDDUDDQJHQRPHQZRUGW LQ SODDWV YDQ GH KRJHUH JHGLIIHUHQWLHHUGH HPLVVLHPLQLPD  GDQ QHHPW GH UHGXFWLH LQ GH RYHUVFKULMGLQJWRHYDQ 0HWKRGH,,%LMODJHD QDDU 0HWKRGH,,%LMODJHE 'H EHVFKHUPLQJVJUDDGJDDWGDDUELMYDQQDDU%HUHNHQLQJHQPHWHHQPLQLPXPYDQ PROKDYRRUDOOHSURYLQFLHV LHGHPRJHOLMNKHLGRP³HPLVVLHFHOOHQ´JHKHHOOHHJWHPDNHQ YDQDPPRQLDNHPLVVLHVGLGHODQGERXZNDQWRWDDOYHUSODDWVWZRUGHQ ODWHQHHQUHGXFWLH]LHQ LQGHJHVRPPHHUGHRYHUVFKULMGLQJYRRU1HGHUODQGDOVWRWDDOYDQUXZZHJ

'XLGHOLMN ZDDUQHHPEDDU LV GDW GH DPPRQLDNHPLVVLHV QD RSWLPDOLVDWLH PHHU JHFOXVWHUG ZRUGHQ'LWYLQGWSODDWVLQODQGERXZDUHDDOGDWYHUGHUYDQQDWXXUDIOLJW )LJXXU +HW HIIHFWYDQGHFOXVWHULQJLVRRNWH]LHQLQGHGHSRVLWLHSDWURQHQGLHELMGHHPLVVLHVEHUHNHQG ]LMQ )LJXUHQHQ 

2SJHPHUNWGLHQWWHZRUGHQGDWKHWHIIHFWYDQYHUSODDWVLQJRSGHGHSRVLWLHHQRYHUVFKULMGLQJ DIKDQNHOLMNLVYDQGHVFKDDOZDDURSGHEHUHNHQLQJHQ]LMQXLWJHYRHUG$DQJH]LHQLQGH[ NP ³KRNNHQ´ GH HPLVVLHV XLWJHVPHHUG YHURQGHUVWHOG ]LMQ NDQ DIKDQNHOLMN YDQ GH ORNDOH VLWXDWLH DIVWDQGYDQQDWXXUWRW HPLVVLHEURQQHQ GH GHSRVLWLH RS QDWXXULQ HHQ [ NP KRN YyyUGHRSWLPDOLVDWLHRYHURIRQGHUVFKDW ZRUGHQ $OV ZH ELMYRRUEHHOG YHURQGHUVWHOOHQ GDW VWDOOHQUHODWLHIGLFKWELMQDWXXUDUHDDOVWDDQGDQ]DOGHGHSRVLWLHRSKHWQDWXXUDUHDDOKRJHU]LMQ GDQGHGHSRVLWLHGLHEHUHNHQGLVRS[NPVFKDDO9RRUJHELHGHQZDDUGHODQGERXZYHUGHU YDQGHQDWXXUOLJWJHOGWKHWRPJHNHHUGH$DQJH]LHQJHHQJHGHWDLOOHHUGHLQIRUPDWLHRYHUGH ODQGERXZHPLVVLHV PHWQDPHGHVWDOORFDWLHV EHVFKLNEDDUZDVLVGLWQLHWYHUGHURQGHU]RFKW

 %LMGUDJHYDQSURYLQFLHVDDQGHGHSRVLWLH

,Q 7DEHO  ZRUGW HHQ RYHU]LFKW JHJHYHQ YDQ GH ELMGUDJH YDQ GH ³SURYLQFLHHLJHQ´ DPPRQLDNHPLVVLH DDQ GH VWLNVWRIGHSRVLWLH RS QDWXXUDUHDDO PHW HHQ RYHUVFKULMGLQJ YDQ GH NULWLVFKH ZDDUGH YRRU VWLNVWRIGHSRVLWLH 'H SURYLQFLHHLJHQ ELMGUDJH DDQ GH GHSRVLWLH NDQ ZRUGHQ JHwQWHUSUHWHHUG DOV GH ELMGUDJH DDQ GH RYHUVFKULMGLQJ YDQ GH NULWLVFKH ZDDUGH 'H DQDO\VHLVJHPDDNWPHWJHGLIIHUHQWLHHUGHHPLVVLHPLQLPDHQHHQHPLVVLHPD[LPXPYDQ PRO1+KDSHUMDDU

'H ELMGUDJH YDQ GH SURYLQFLHHLJHQ DPPRQLDNHPLVVLHV DDQ GH GHSRVLWLH YRRU GH ]DQGSURYLQFLHVOLJWJOREDDOWXVVHQGH9RRUGHDQGHUHSURYLQFLHVOLJWGDWEHQHGHQGH 1DGHRSWLPDOLVDWLHGDDOWGHELMGUDJHYRRUDOOHSURYLQFLHVPHW]R¶QSURFHQWSXQWHQ 9RRU GH ]DQGSURYLQFLHV LV GH GDOLQJ LHWV VWHUNHU GDQ YRRU GH DQGHUH SURYLQFLHV 'H YHUVFKLOOHQWXVVHQEHLGHRSWLPDOLVDWLHPHWKRGHQLVHQNHOHSURFHQWSXQWHQ'HELMGUDJHYDQGH SURYLQFLHHLJHQ DPPRQLDNHPLVVLHV DDQ GH GHSRVLWLH LV LQ 0HWKRGH ,, ODJHU RPGDW PHHU

(31)

5,90UDSSRUW SDJYDQ

HPLVVLH YHUGHU ZHJ YDQ QDWXXU YHUSODDWVW NDQ ZRUGHQ HQ GDDUPHH GH ELMGUDJH DDQ GH RYHUVFKULMGLQJHQODJHULV

7DEHO  %LMGUDJH YDQ GH SURYLQFLHHLJHQ DPPRQLDNHPLVVLH LQ SURFHQWHQ  DDQ GH VWLNVWRIGHSRVLWLH RS QDWXXUDUHDDO PHW HHQ RYHUVFKULMGLQJ YDQ GH NULWLVFKH ZDDUGH 5HVXOWDWHQ JHEDVHHUG RS RSWLPDOLVDWLHV PHW JHGLIIHUHQWLHHUGHHPLVVLHPLQLPDHQHHQHPLVVLHPD[LPXPYDQPRO1+KDSHUMDDU ]LHRRNELMODJHD  9RRURSWLPDOLVDWLH 1DRSWLPDOLVDWLH  PHWKRGH, PHWKRGH,, *URQLQJHQ    )U\VOkQ    'UHQWKH    2YHULMVVHO    *HOGHUODQG    8WUHFKW    1RRUG+ROODQG    =XLG+ROODQG    =HHODQG    1RRUG%UDEDQW    /LPEXUJ    )OHYRODQG   

(32)
(33)

5,90UDSSRUW SDJYDQ

 5XLPWHOLMN JHRSWLPDOLVHHUGH DPPRQLDNHPLVVLHV

YRRUSHUVSHFWLHYHQ

 ,QOHLGLQJ

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³YDUNHQVIODWV´ RIZRUGWYRRUHHQPHHUH[WHQVLHYHYHHKRXGHULM YRRU]LHQ" (HQ PHHU JHGHWDLOOHHUGH EHVFKRXZLQJ YDQ GH PRJHOLMNH VFHQDULR¶V KLHURS YLHO EXLWHQKHWWLMGVEHVWHNYDQGH]HVWXGLH

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

 9DULDQWHQ

(HQDDQWDOHPLVVLHYDULDQWHQLVGRRUJHUHNHQGZDDUELM œ GHQDWLRQDOHHPLVVLHSODIRQGVYRRUDPPRQLDNXLWGHODQGERXZ]LMQJHYDULHHUG  HQNWRQ  œ KHWHPLVVLHPLQLPXPHQ±PD[LPXPYRRUDPPRQLDNXLWGHODQGERXZ]LMQJHYDULHHUGHHQ PD[LPDOHYDULDQWZDDUELMKHWPLQLPXPJHOLMNDDQLVHQKHWPD[LPXPRQHLQGLJJURRW NDQ]LMQ JppQOLPLWHULQJRSGHKRHYHHOKHLGHPLVVLHXLWODQGERXZDUHDDO  HQHHQYDULDQW PHWHHQPLQLPXPYDQHQHHQPD[LPXPHPLVVLHVYDQPRO1+KDSHUMDDU

2SWLPDOLVDWLHV ]LMQ XLWJHYRHUG PHW DOOHHQ RSWLPDOLVDWLHPHWKRGH ,, DOOH DPPRQLDNHPLVVLHV ZRUGHQ YHUSODDWVW ZDDUELM HFKWHU JppQ HPLVVLHV ]LMQ WRHJHVWDDQ LQ FHOOHQ PHW QDWXXU ]LH SDUDJUDDI 

(34)

SDJYDQ 5,90UDSSRUW

 5HVXOWDWHQYRRU

'H YDULDQW ]RQGHU HPLVVLHPLQLPXP HQ PD[LPXP NDQ ZRUGHQ JH]LHQ DOV HHQ PD[LPDOH YDULDQW PHW EHWUHNNLQJ WRW GH ODQGERXZSUDNWLMN $OOH HPLVVLHV NXQQHQ XLW ODQGERXZDUHDDO YHUSODDWVWZRUGHQHQNXQQHQPD[LPDDOLQJHSODDWVWZRUGHQ'DDUQDDVWLV LQRYHUOHJPHW,32 HHQ YDULDQW JHIRUPXOHHUG ZDDULQ YHURQGHUVWHOG ZRUGW GDW GH ODQGERXZSUDNWLMN QLHW YHHO DIZLMNWYDQGLHYDQ ]LHKRRIGVWXN HFKWHUGHJURQGJHERQGHQHPLVVLHVZRUGHQODJHU YHURQGHUVWHOG%LMGH]HYDULDQWLVKHWHPLVVLHPLQLPXPYRRUDOOHSURYLQFLHVPRO1+KD

SHUMDDUHQKHWHPLVVLHPD[LPXPPRO1+KDSHUMDDU

,Q 7DEHO  ZRUGW GH EHVFKHUPLQJVJUDDG HQ GH JHVRPPHHUGH RYHUVFKULMGLQJ YDQ GH NULWLVFKHGHSRVLWLHJHSUHVHQWHHUGPHWGDDUELMKHWHIIHFWYDQGHUXLPWHOLMNHRSWLPDOLVDWLH=LH YRRUHHQXLWJHEUHLGHUHZHHUJDYHYDQGHUHVXOWDWHQELMODJHDWRWHQPHWO

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

+HWHIIHFWYDQ GH RSWLPDOLVDWLHYDQ GH DPPRQLDNHPLVVLHV LQGH³PD[LPDOH´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

(35)

5,90UDSSRUW SDJYDQ

YHUSODDWVLQJYDQHPLVVLHQDDUFHOOHQPHWHHQUHODWLHIJXQVWLJH YHUYHUZLMGHUGH OLJJLQJWHQ RS]LFKWHYDQQDWXXU

(HQ EHVFKHUPLQJVJUDDG YDQ  ZRUGW YRRU GH PHHVWH SURYLQFLHV EHUHLNW ELM HHQ DPPRQLDNHPLVVLHSODIRQG YDQ  NWRQ Qi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

=RDOVXLWHHQJH]HWLQSDUDJUDDIEHYDWGHKLHUJHEUXLNWHQDWXXUNDDUWNULWLVFKHZDDUGHQODJHU GDQPROKDSHUMDDU'H³QDWXXUFHOOHQ´PHWHHQNULWLVFKHZDDUGHODJHUGDQPROKD YRUPHQ FD  YDQ KHW QDWXXUEHVWDQG %LM HHQ HPLVVLHSODIRQG YDQ  NWRQ GUDDJW GH RYHUVFKULMGLQJYDQGHNULWLVFKHGHSRVLWLHYDQGH]HFHOOHQYyyUGHRSWLPDOLVDWLHYRRUELM DDQGHWRWDOHRYHUVFKULMGLQJ1DRSWLPDOLVDWLH PHWHHQ HPLVVLHPLQLPXP HQ PD[LPXP YDQ  HQ  PROKD LV GLW  %LM  NWRQ LV GLW UHVSHFWLHYHOLMN  HQ  YDQ GH RYHUVFKULMGLQJ 'H ELMGUDJH YDQ GH QDWXXUFHOOHQ DDQ GH WRWDOH RYHUVFKULMGLQJ HQ GH EHVFKHUPLQJVSHUFHQWDJHVLVGXVJURRWELMGHODJHUHHPLVVLHSODIRQGV

(HQ DDQWDO RSWLPDOLVDWLHV LV XLWJHYRHUG ZDDUELM HHQ PLQLPDOH NULWLVFKH ZDDUGH YDQ  PROKD SHU MDDU JHKDQWHHUG LV +HW QDWXXUDUHDDO PHW HHQ NULWLVFKH ZDDUGH ODJHU GDQ GH]H ZDDUGH JHWDOZRUGW RS PROKD SHUMDDU JH]HW %LM GH ODJHUH HPLVVLHQLYHDXVYDQ NWRQLVGHUHGXFWLHLQGHJHVRPPHHUGHRYHUVFKULMGLQJHQGRRUGHRSWLPDOLVDWLHHHQVWXNODJHU FD  UHVSHFWLHYHOLMN  SURFHQWSXQWHQ  GDQ GLH EHUHNHQG ELM GH RSWLPDOLVDWLHV ]RQGHU GH UHVWULFWLH RS GH NULWLVFKH ZDDUGH %LM KRJHUH HPLVVLHQLYHDXV LV GDW YHUVFKLO VOHFKWV HQNHOH SURFHQWSXQWHQ +HW HIIHFW LV YRRU KHW PHUHQGHHO WRH WH VFKULMYHQ DDQ KHW IHLW GDW GH RYHUVFKULMGLQJHQ PLQGHU JURRW ]LMQ RPGDW KHW VWXN RYHUVFKULMGLQJ WXVVHQ GH ODJH NULWLVFKH ZDDUGHHQPROKDQLHWPHHJHWHOGZRUGW=RDOVZHKLHUERYHQ]DJHQLVKHWDDQGHHOLQGH JHVRPPHHUGH RYHUVFKULMGLQJ YDQ KHW QDWXXUDUHDDO PHW HHQ NULWLVFKH ZDDUGH ODJHU GDQ  PROKDELMODJHHPLVVLHQLYHDXVJURRW(ULVSUDNWLVFKJHHQYHUVFKLOLQGHEHVFKHUPLQJVJUDGHQ YDQQDWXXUWXVVHQEHLGHW\SHQRSWLPDOLVDWLHV0HWDQGHUHZRRUGHQKHWQDWXXUDUHDDOPHWHHQ NULWLVFKHZDDUGHYDQPROKDSHUMDDURIODJHUEOLMIWRYHUVFKUHGHQ'HRSWLPDOLVDWLHPHWGH UHVWULFWLHRSGHNULWLVFKHZDDUGH]RXZHOHHQVPLQGHUHIIHFWLHINXQQHQ]LMQGDDUGHGULMYHQGH NUDFKWDFKWHUGHRSWLPDOLVDWLHVQDPHOLMNGHPDWHYDQRYHUVFKULMGLQJELMKHWQDWXXUDUHDDOPHW HHQNULWLVFKHZDDUGHRQGHUGHPROKDQXNOHLQHULV(UKRHIWPLQGHUDPPRQLDNHPLVVLH YHUSODDWVW WH ZRUGHQ RP HHQ]HOIGH PLQLPDOH  RYHUVFKULMGLQJ WH NULMJHQ 'LW HIIHFW LV QLHW YHUGHURQGHU]RFKW

(36)

SDJYDQ 5,90UDSSRUW

*HQHULHNHDPPRQLDNHPLVVLHUHGXFWLHVYHUVXVYHUSODDWVLQJYDQDPPRQLDNHPLVVLHV

,Q )LJXXU  ]LMQ GH JHVRPPHHUGH RYHUVFKULMGLQJ XLWJH]HW WHJHQ KHW DPPRQLDNHPLVVLHSODIRQGYyyUHQQDRSWLPDOLVDWLH0LGGHOVGH]HJUDILHNNDQKHWHIIHFWYDQ KHW YHUODJHQ YDQ KHW DPPRQLDNHPLVVLHSODIRQG PHW JHQHULHNH PDDWUHJHOHQ YHUVXV KHW YHUSODDWVHQYDQDPPRQLDNUHGXFWLHVPHWJHELHGVJHULFKWEHOHLGLQJHVFKDWZRUGHQ

'H JURRWVWH UHGXFWLH LQ GH RYHUVFKULMGLQJHQ ZRUGW EHUHLNW GRRU GH YHUODJLQJ YDQ KHW DPPRQLDNHPLVVLHSODIRQG+HWYHUSODDWVHQYDQDPPRQLDNHPLVVLHVNDQGDDURSHHQDDQ]LHQOLMN H[WUDUHGXFWLHJHYHQRINDQEHWHNHQHQGDWKHWHPLVVLHSODIRQGPLQGHUYHURPODDJKRHIW =R KRRUW ELM HHQ JHVRPPHHUGH RYHUVFKULMGLQJ YDQ ELMYRRUEHHOG PD[LPDDO  0PRO HHQ HPLVVLHQLYHDXGDWQLHWKRJHULVGDQFD NWRQELMDOOppQ JHQHULHN EHOHLG :RUGHQ RRN GH HPLVVLHVRSWLPDDOYHUSODDWVWGDQ]RXKHWHPLVVLHSODIRQGFDNWRQNXQQHQ]LMQ0HUNRS GDW LQ GDW JHYDO JHQHULHNH PDDWUHJHOHQ ]RUJHQ YRRU UXLP  YDQ GH UHGXFWLH LQ GH RYHUVFKULMGLQJWHQRS]LFKWHYDQKHWNWRQQLYHDXHQGHJHELHGVJHULFKWHPDDWUHJHOHQYRRU %LMODJHUHHPLVVLHSODIRQGVZRUGWGHELMGUDJHYDQGHJHELHGVJHULFKWHPDDWUHJHOHQDDQ GHWRWDOHRYHUVFKULMGLQJVUHGXFWLHNOHLQHU ELMNWRQFD 

,Q )LJXXU  ZRUGW GH]HOIGH UHODWLH DOV LQ )LJXXU  PDDU GDQ SHU SURYLQFLH ZHHUJHJHYHQ 5XLPWHOLMNHRSWLPDOLVDWLHYRRU                   WRWDOH1HGHUODQGVH1+HPLVVLHXLWGHODQGERXZ NWRQSHUMDDU JH VR P P HH UG H RY HU VF KU LMG LQ J 0 P RO 1  9RRURSWLPDOLVDWLH 1DRSWLPDOLVDWLH )LJXXU5HODWLHWXVVHQHIIHFWLYLWHLWYDQRSWLPDOHYHUSODDWVLQJYDQDPPRQLDNHPLVVLHVHQKHWHPLVVLHSODIRQG RSWLPDOLVDWLHPHWHHQHPLVVLHPLQLPXPYDQPRO1+KDSHUMDDUHQHHQHPLVVLHPD[LPXPYDQPRO 1+KDSHUMDDU

(37)

5,90UDSSRUW SDJYDQ *HVRPPHHUGHRYHUVFKULMGLQJYDQGHNULWLVFKHGHSRVLWLHYRRU                    WRWDOH1HGHUODQGVH1+HPLVVLHXLWGHODQGERXZ JH VR PPH HU GH RY HUV FK ULM GLQJY DQGH N ULWLV FK H GH SRV LWLH  0PRO1SHUM DDU

*URQLQJHQ )U\VODQ 'UHQWKH 2YHULMVVHO

*HOGHUODQG 8WUHFKW 1RRUG+ROODQG =XLG+ROODQG

=HHODQG 1RRUG%UDEDQW /LPEXUJ )OHYRODQG

)LJXXU7RWDOHRYHUVFKULMGLQJQDRSWLPDOLVDWLHYDQGHNULWLVFKHGHSRVLWLHLQ0PRO1SHUMDDUYRRUGH SURYLQFLHVLQUHODWLHWRWKHWHPLVVLHSODIRQG LQNWRQQHQRSGH;DV =LHYRRUGHWRWDOHRYHUVFKULMGLQJYRRU RSWLPDOLVDWLHELMODJH

(38)

SDJYDQ 5,90UDSSRUW

Referenties

GERELATEERDE DOCUMENTEN

De meeste jongens zeggen één of enkele goede vrienden te hebben, maar zij brengen ook veel tijd door met groepen jongeren op straat, die zij naar eigen zeggen vaak minder goed of

Tegenwoordig wordt de energietransitie gezien als een van de belangrijkste opgaven binnen de nationale ruimtelijke ordening (IenM 2017a; Verdaas 2017; Kuiper 2016; Rli

Verplaatsing leidt ertoe dat een deel van de in Nederland geboekte milieuwinst in het buiten- land teniet wordt gedaan (‘weglek’). Naast het bovenstaand aangegeven deel van 6-19%

9 Omdat de OZB-component afhangt van de investeringskosten gelden voor de najaarsronde SDE++ 2020 la- gere totale vaste operationele kosten (de totaalbedragen zijn 0,2 à 0,3 €/kWp

$QDORRJDDQGHVLWXDWLHYRRUSULRULWDLUHVWRIIHQ>@NDQZRUGHQJHVWHOGGDWGHEDVLVLQIRUPDWLH YRRU GH 0', ZRUGW JHYRUPG GRRU GH HPLVVLH YDQ UDGLRDFWLHYH VWRIIHQ

YHUJHOHNHQRDYRRUGHJDODQWKDPLQHRSEUHQJVW%RYHQGLHQZHUGGHEUXLQLQJGLHZRUGW YHURRU]DDNW GRRU VFKDGH DDQ GH EROOHQ WLMGHQV GH RRJVW EHVWXGHHUG DOV IDFWRU LQ

To exploit the Venice Effect, numerous others exhibiting at the biennale, among them Tabaimo (James Cohan Gallery), Jennifer Allora & Guillermo Calzadilla (Lisson Gallery)

WRHQDPH LQ GH KRHYHHOKHLG ZDWHU GLH RYHUGHNLHXZHQJHSRPSWPRHWZRUGHQ YRRU YROGRHQGH ]XXUVWRIDDQYRHU LQ 2+2 YLVVHQ YRRU VWHUN YHUVFKLOOHQGH FRQGLWLHV