• No results found

Realisering EU-NO2-normen in Nederland

N/A
N/A
Protected

Academic year: 2021

Share "Realisering EU-NO2-normen in Nederland"

Copied!
70
0
0

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

Hele tekst

(1)

5,90UDSSRUW 5HDOLVHULQJ(812QRUPHQLQ1HGHUODQG ,PSOHPHQWDWLHH(8GRFKWHUULFKWOLMQ )RONHUW5-0(HUHQV+&2GLMN0 9DQ%UHXJHO3%/9DQ%UHH 'LWRQGHU]RHNZHUGYHUULFKWLQRSGUDFKWHQWHQODVWHYDQKHWPLQLVWHULHYDQ9520LQKHW NDGHUYDQSURMHFW%HOHLGVDGYLVHULQJOXFKWQDWLRQDDOHQLQWHUQDWLRQDDO0 5,903RVWEXV%$%LOWKRYHQWHOHIRRQID[

(2)
(3)

5,90UDSSRUW SDJYDQ

$EVWUDFW

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

(4)
(5)

5,90UDSSRUW SDJYDQ

,QKRXG

6DPHQYDWWLQJ   ,QOHLGLQJ   *H]RQGKHLGVHIIHFWHQHQ(8QRUPVWHOOLQJ12   1RUPHQ12LQUHODWLHWRWJH]RQGKHLGVHIIHFWHQ   (8GRFKWHUULFKWOLMQHQ   %HVFKULMYLQJDDQSDNDDQYXOOHQGRQGHU]RHN   (HUGHUHVWXGLH&(   0HWKRGHHQEDVLVJHJHYHQV5,90   (PLVVLHVFHQDULR¶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±PHWRYHUVFKULMGLQJVDIVWDQGHQYROJHQV&(  %LMODJH$FKWHUJURQGFRQFHQWUDWLHV 

(6)

SDJYDQ 5,90UDSSRUW %LMODJH2YHUVFKULMGLQJVDIVWDQGHQ  %LMODJH$DQWDOZRQLQJHQLQRYHUVFKULMGLQJVJHELHG  %LMODJH/XFKWNZDOLWHLW(8VWHGHQLQ  %LMODJH12[HPLVVLHV(8LQ$,52,/,,  %LMODJH(PLVVLHSODIRQGV1(&*RWKHQEXUJ  %LMODJH9HUEDQGMDDUHQXXUJHPLGGHOGH12QRUP  %LMODJH9HU]HQGOLMVW 

(7)

5,90UDSSRUW SDJYDQ

6DPHQYDWWLQJ

$OJHPHHQ 'HHHUVWH(8GRFKWHUULFKWOLMQLVRSMXOLLQGH1HGHUODQGVHZHWJHYLQJ JHw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s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

(8)

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s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

(9)

5,90UDSSRUW SDJYDQ

 ,QOHLGLQJ

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wPSOHPHQWHHUG'H12QRUPLV—JP YRRUKHWMDDUJHPLGGHOGH9RRUNRUWGXUHQGHEORRWVWHOOLQJLVGHXXUJHPLGGHOGHQRUP —JP'H]HQRUPPDJPDDOSHUMDDURYHUVFKUHGHQZRUGHQ9RRUGH]HQRUPZRUGHQ JHHQRYHUVFKULMGLQJHQYHUZDFKWLQ9RRUZDWEHWUHIWGHKDDOEDDUKHLGYDQPHWQDPHGH MDDUJHPLGGHOGH12QRUPLQOLMNHQSUREOHPHQWHNXQQHQRQWVWDDQ 8LWHHQVWXGLHYDQ0HW]HWDO  HQ9DQ9HO]HHWDO  NRPWQDDUYRUHQGDWGH(8 MDDUJHPLGGHOGH12JUHQVZDDUGHPHWQDPHODQJVGUXNNHVQHOZHJHQLQVWHGHOLMNJHELHGQRJ ]DOZRUGHQRYHUVFKUHGHQLQ2PWHYROGRHQDDQGHJUHQVZDDUGH]DOYRRUPLOMDUGHQDDQ PDDWUHJHOHQPRHWHQZRUGHQJHQRPHQ/DQGHQDOVKHW9HUHQLJG.RQLQNULMN'XLWVODQG 2RVWHQULMNHQ%HOJLs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

(10)

SDJYDQ 5,90UDSSRUW

YHUVODJJHGDDQYDQGHRQGHU]RHNVPHWKRGH +RRIGVWXN GHKDDOEDDUKHLGYDQGH12

QRUPVWHOOLQJLQ1HGHUODQGHQGHNRVWHQYDQORNDOHDDQSDVVLQJHQ +RRIGVWXN GHVLWXDWLHLQ DQGHUHOLGVWDWHQ +RRIGVWXN HQDOVODDWVWHGHFRQFOXVLHVHQGLVFXVVLH +RRIGVWXN 

(11)

5,90UDSSRUW SDJYDQ

 *H]RQGKHLGVHIIHFWHQHQ(8QRUPVWHOOLQJ12

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µSRVLWLRQSDSHU¶XLWJHEUDFKW2SEDVLVYDQGH]HLQIRUPDWLHNRPWGH &RPPLVVLHYHUYROJHQVPHWHHQYRRUVWHOYRRUHHQULFKWOLMQ %LMKHWYDVWVWHOOHQYDQJUHQVZDDUGHQ]LMQGHPRJHOLMNHQDGHOLJHHIIHFWHQRSGHJH]RQGKHLG VOHFKWVppQYDQGHDIZHJLQJHQ,QGHHHUVWHGRFKWHUULFKWOLMQ]LMQQRUPHQJHVWHOGYRRURD 129RRUGH]HQRUPHQ]LMQGHDGYLHVZDDUGHQYDQGH:+2RYHUJHQRPHQ'HHHUVWH GRFKWHUULFKWOLMQEHYDWHHQHYDOXDWLHFODXVXOHZDDULQYDVWJHOHJGLVGDWRQGHUDQGHUHGHQRUPHQ YRRUVWLNVWRIGLR[LGHLQJHsYDOXHHUG]XOOHQZRUGHQYRRUKHWJHYDOHUQLHXZH ZHWHQVFKDSSHOLMNHLQIRUPDWLHEHVFKLNEDDUNRPWRYHUJH]RQGKHLGVHIIHFWHQHQKDDOEDDUKHLG YDQGHQRUPHQ ,QGLWKRRIGVWXNZRUGWLQJHJDDQRSJH]RQGKHLGVNXQGLJHHIIHFWHQYDQ12LQUHODWLHWRWGH QRUPXLWGHHHUVWHGRFKWHUULFKWOLMQ9HUGHUZRUGWNRUWEHVSURNHQKRHZDQQHHUHQZHONH (XURSHVHULFKWOLMQHQZRUGHQRSJHVWHOG

 1RUPHQ12



LQUHODWLHWRWJH]RQGKHLGVHIIHFWHQ

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—JPWHUEHVFKHUPLQJ WHJHQUHVSHFWLHYHOLMNDFXWHHQODQJHWHUPLMQHIIHFWHQ'H(8KHHIWGH]HDGYLHVZDDUGHQ RYHUJHQRPHQLQUHVSHFWLHYHOLMNXXUJHPLGGHOGHHQMDDUJHPLGGHOGHJUHQVZDDUGHQ(HQDDQWDO HSLGHPLRORJLVFKHWLMGVHULHDQDO\VHVRRNXLWJHYRHUGLQ1HGHUODQGHQYRRUQDPHOLMNJHULFKWRS PHW30JHDVVRFLHHUGHJH]RQGKHLGVHIIHFWHQWRQHQDDQGDWHIIHFWHQ]RDOVWRHJHQRPHQ YHUYURHJGH VWHUIWHHQ]LHNWHyy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PLQGH

(12)

SDJYDQ 5,90UDSSRUW

EORRWVWHOOLQJHIIHFWUHODWLH'LWEHWHNHQWGDWHIIHFWHQWRHQHPHQPHWKRJHUHMDDUJHPLGGHOGH FRQFHQWUDWLHV12PDDURRNGDWHIIHFWHQRSWUHGHQEHQHGHQGHMDDUJHPLGGHOGHJUHQVZDDUGH

YDQ12YDQ—JP'HMDDUJHPLGGHOGHFRQFHQWUDWLHLVGHUHVXOWDQWHYDQSHULRGHQPHW

YHUKRRJGHHQPHWYHUODDJGHFRQFHQWUDWLHV'HELMGUDJHYDQNRUWHURIODQJHUGXUHQGHSLHNHQLQ GHFRQFHQWUDWLHVDDQGHJH]RQGKHLGVULVLFR¶VLVPRHLOLMNDDQWHJHYHQ,QZHWHQVFKDSSHOLMNH ULVLFRHYDOXDWLHVYRRUVWRIIHQZRUGWELMGHKXLGLJHUHODWLHIµEHVFKHLGHQ¶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

 (8GRFKWHUULFKWOLMQHQ

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wPSOHPHQWHHUG 'HGHUGHGRFKWHUULFKWOLMQGLHKDQGHOWRYHUR]RQLVLQGHFHPEHUHQMDQXDULGRRU UHVSHFWLHYHOLMNGH5DDGYDQ0LQLVWHUVYDQGH(8HQKHW(XURSHHV3DUOHPHQWYDVWJHVWHOG1DDU YHUZDFKWLQJ]DOGHULFKWOLMQLQIHEUXDULZRUGHQJHSXEOLFHHUG'HULFKWOLMQGLHQWGDQ DQGHUKDOIMDDUODWHULQGHQDWLRQDOHZHWJHYLQJJHwPSOHPHQWHHUGWH]LMQ ,QGH]RPHUYDQ]DOGH(XURSHVH&RPPLVVLHQDDUYHUZDFKWLQJPHWHHQYRRUVWHOYRRU HHQYLHUGHGRFKWHUULFKWOLMQNRPHQ,QGH]HULFKWOLMQNRPHQGHYRRUVWHOOHQYRRU]ZDUHPHWDOHQ QLNNHOFDGPLXPDUVHHQHQNZLN HQ3RO\F\FOLVFKH$URPDWLVFKH.RROZDWHUVWRIIHQ 3$.¶V ZDDURQGHUEHQ]R D S\UHHQ 

(13)

5,90UDSSRUW SDJYDQ

(HUVWHGRFKWHUULFKWOLMQ

'HHHUVWHGRFKWHUULFKWOLMQVWHOWELQGHQGHQRUPHQYRRUGHFRQFHQWUDWLHVDDQ]ZDYHOGLR[LGH 62 ORRGVWLNVWRIGLR[LGH 12 HQILMQVWRI ]ZHYHQGHGHHOWMHV30 LQGHEXLWHQOXFKW

DOVPHGHGDWDZDDURSGH]HQRUPHQXLWHUOLMNJHUHDOLVHHUGGLHQHQWH]LMQ9RRUKHWJHYDOHU QLHXZHZHWHQVFKDSSHOLMNHLQ]LFKWHQNRPHQRYHUJH]RQGKHLGVHIIHFWHQHQGHKDDOEDDUKHLGYDQ GHQRUPVWHOOLQJEHYDWGHULFKWOLMQHHQHYDOXDWLHFODXVXOHZDDULQYDVWJHOHJGLVGDWRQGHUDQGHUH GHQRUPHQYRRUILMQVWRIHQVWLNVWRIGLR[LGHLQJHs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««HQ]LM]DO ERYHQGLHQGHMDDUJUHQVZDDUGHYRRUGHEHVFKHUPLQJYDQGHJH]RQGKHLGYDQGHPHQVYRRUVWLNVWRIGLR[LGH DQDO\VHUHQHQHHQYRRUVWHOLQGLHQHQWHUEHYHVWLJLQJRIWRWZLM]LJLQJYDQGLHJUHQVZDDUGH

9RRUJHVFKLHGHQLV(8ULFKWOLMQHQ

,QPLGGHOVKHHIWGH&RPPLVVLHYRRUDOOHLQGHNDGHUULFKWOLMQJHQRHPGHVWRIIHQKHW HHDLQJDQJJH]HW1DDIURQGLQJYDQGH]H]DNHQZLO]LMHHQQLHXZHPHHUJHwQWHJUHHUGH NRHUVLQVODDQRQGHUGHQDDP&$)( &OHDQ$LUIRU(XURSH ZDDULQGHGRFKWHUULFKWOLMQHQ ]XOOHQZRUGHQJHHYDOXHHUG0RPHQWHHO MXOL LVGHVWDQGYDQ]DNHQDOVYROJW  .DGHUULFKWOLMQDDQJHQRPHQ   (R, ([FKDQJHRI,QIRUPDWLRQ EHVFKLNNLQJDDQJHQRPHQ   (XURSHVHSXEOLFDWLHHGRFKWHUULFKWOLMQ 621212[30HQ/RRG   (XURSHVHSXEOLFDWLHHGRFKWHUULFKWOLMQ %HQ]HHQHQ&2   0HGHGHOLQJLQ]DNH&$)(SURJUDPPDYDQ(XURSHVH&RPPLVVLHDDQ 5DDGYDQPLQLVWHUVHQ(XURSHHV3DUOHPHQW PHL  ,PSOHPHQWDWLHVWGRFKWHUULFKWOLMQGPY1HGHUODQGVH$0Y% -XOL

 (XURSHVHSXEOLFDWLHHGRFKWHUULFKWOLMQ IHEUXDUL

(14)

SDJYDQ 5,90UDSSRUW

HYDOXDWLHYDQGHULFKWOLMQGRRUGH(XURSHVH&RPPLVVLHDQGHU]LMGVNXQQHQGHXLWNRPVWHQYDQ GHHYDOXDWLHLQZRUGHQJHEUXLNWELMEHVOXLWYRUPLQJRYHUGHXLWYRHULQJYDQGH RSJHVWHOGHSODQQHQ

(15)

5,90UDSSRUW SDJYDQ

 %HVFKULMYLQJDDQSDNDDQYXOOHQGRQGHU]RHN

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

 (HUGHUHVWXGLH&(

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

(16)

SDJYDQ 5,90UDSSRUW 712YHUVSUHLGLQJVPRGHO+LHUXLWEOHHNGDWYRRUKHWPHUHQGHHOYDQGHZHJHQGH RYHUVFKULMGLQJVDIVWDQGHQXLWGHEHLGHUHNHQPHWKRGHQJRHGWRW]HHUJRHGPHWHONDDURYHUHHQ NRPHQ 0HWEHKXOSYDQJHJHYHQVRYHUODQGJHEUXLNLVHHQLQVFKDWWLQJJHPDDNWYDQEHERXZGJHELHG ODQJVGHZHJYDNNHQ8LWGHDQDO\VHVNRPWQDDUYRUHQGDWZHJYDNNHQODQJV µEHERXZGHRPJHYLQJ¶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µEHERXZGHRPJHYLQJ¶RIPHHUWRHJHVSLWVWDOOHHQZRQLQJHQLQKHW JHGLQJ]LMQNRPHQRRNPLQGHUH[WUHHPGXUHVDQHULQJVYDULDQWHQLQGLVFXVVLH$IKDQNHOLMN YDQGHJHPDDNWHNHX]HQNXQQHQGHNRVWHQYRRUGH]HPHHUVHOHFWLHYHRSWLHVYDULsUHQYDQFD WRWPLOMDUGHXUR

 0HWKRGHHQEDVLVJHJHYHQV5,90

0HWEHKXOSYDQHPLVVLHVFHQDULR¶V09(& 5,90E HQQLHXZHVFHQDULR¶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¶Q ODJHURIKRJHULVGDQJHPLGGHOG'LWRPHHQLGHHWHNULMJHQYDQGHJHYRHOLJKHLGYDQKHW V\VWHHPPDDURRNLQOLMQPHWGHHLVHQYDQGH(XURSHVHULFKWOLMQGLHHUYDQXLWJDDWGDWYDQDI JHPLGGHOGRYHUHHQMDDUDDQGHQRUPGLHQWWHZRUGHQYROGDDQ]RQGHUGDDUELM RQGHUVFKHLGWHPDNHQLQJXQVWLJHRIRQJXQVWLJHMDUHQ 8LWGHEHUHNHQLQJHQ]LMQQLHXZHRYHUVFKULMGLQJVDIVWDQGHQEHSDDOG$DQGHKDQGYDQGH]H DIVWDQGHQLVPHWEHKXOSYDQ*,6KHWDDQWDOEHODVWHZRQLQJHQEHSDDOG=RNDQHHQEHHOG ZRUGHQJHNUHJHQYDQ RSJHORVWH NQHOSXQWHQPHWH[WUDEURQEHOHLG

(17)

5,90UDSSRUW SDJYDQ +LHURQGHUZRUGHQGHJHEUXLNWHEDVLVJHJHYHQVEHVSURNHQ

 (PLVVLHVFHQDULR¶VYRRU12

[

HPLVVLHV

(PLVVLHVFHQDULR¶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µHYDOXDWLHYHU]XULQJ GRHOVWHOOLQJHQ¶ 9520 +HWEHWUHIWVWLPXOHULQJVPDDWUHJHOHQYRRUVFKRQH ELQQHQYDDUWPRWRUHQRYHULJHPDDWUHJHOHQELMYHUNHHU DOOHFDWHJRULHsQ DDQVFKHUSLQJ%((6 HQ1HULQGHNOHLQHLQGXVWULH WRWDDOYHUPRJHQ0:WK HQYHUODJHQHPLVVLHSODIRQGVLQGH JURWHLQGXVWULH9HUGHUEHWUHIWKHWVFKRQHUHJDVJHVWRRNWHLQVWDOODWLHVLQGHVHFWRUKDQGHO GLHQVWHQHQRYHUKHLG +'2 /DQGERXZHQELMFRQVXPHQWHQ 7DEHO  7DEHO12[VFHQDULR¶VDDQYXOOHQGEHOHLG  12[UHFRQVWUXFWLH103HPLVVLHWDDNVWHOOLQJ (PLVVLH NWRQ %HVWDDQGEHOHLG(&09 LQFO(852YUDFKWZDJHQV  $I %LQQHQYDDUWVWLPXOHULQJVPDDWUHJHOHQVFKRQHPRWRUHQ FLUFDPLOMRHQ  9HUNHHURYHULJHPDDWUHJHOHQ  0DDWUHJHOHQLQGXVWULHQLHW12[HPLVVLHKDQGHOVHFWRUHQ DDQVFKHUSLQJHLVHQ%((6HQ1H5 HQ 12[HPLVVLHKDQGHOVHFWRUHQ SODIRQGODJHUGDQNWRQ  +GRHQERXZGLYHUVHWHFKQLVFKHPDDWUHJHOHQ  /DQGERXZGLYHUVHWHFKQLVFKHPDDWUHJHOHQ  &RQVXPHQWHQGLYHUVHWHFKQLVFKHPDDWUHJHOHQ  5HVWHHUWLQ  12[PD[LPDDOEHOHLG %HVWDDQGEHOHLG(&09 LQFO(852YUDFKWZDJHQV  $I 1RUPVWHOOLQJELQQHQYDDUW LGHP(XURYUDFKWZDJHQVYDQDI  UHWURILWVFKHSHQPHW ERXZMDDUYRRU  1RUPVWHOOLQJ]HHVFKHHSYDDUW LGHP(XURYUDFKWZDJHQVYDQDI  (XURSHUVRQHQHQEHVWHODXWR¶V  1RUPVWHOOLQJPRELHOHZHUNWXLJHQ LGHP(XURYUDFKWZDJHQVYDQDI  6&58/1EUDQGHUVVWDWLRQDLUHEURQQHQ   5HVWHHUWLQ 

(18)

SDJYDQ 5,90UDSSRUW 9RRULVXLWJDDQGHYDQGHEHVFKLNEDUHWHFKQLVFKHPDDWUHJHOHQRQGHU]RFKWZHONH HPLVVLHQLYHDXVLQYRRUVWHOEDDU]LMQ+LHUELMLVH[SOLFLHWUHNHQLQJJHKRXGHQPHWWH YRRU]LHQHEHVWXXUOLMNHREVWDNHOVHQGHQRJUHVWHUHQGHLQYRHULQJVWHUPLMQ7HFKQLVFKH PDDWUHJHOHQPHWHHQ]HHULQJULMSHQGHDDUG EUDQGVWRIFHOOHQJHGUDJVYHUDQGHULQJHQ LQQRYDWLHVPD[LPDOHLQ]HW6&58/1EUDQGHUV 6HOHFWLYH&DWDO\WLF5HGXFWLRQ8OWUD/RZ 12[ ]LMQQLHWPHHJHQRPHQ'HPDDWUHJHOHQEHWUHIIHQLQYRHULQJ6&5YRRUQLHXZH ELQQHQYDDUWPRWRUHQPHWUHWURILW(XURQRUPHQSHUVRQHQDXWR¶VEHVWHODXWR¶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µ¶HHQ OLQHDLUHLQWHUSRODWLHJHPDDNWYDQGHHPLVVLHV$OOHHQYRRUGHELQQHQVFKHHSYDDUWLVYDQZHJH HHQQRUPVWHOOLQJPHWUHWURILWDDQJHQRPHQGDWKHWHPLVVLHQLYHDXLQJHOLMNLVDDQKHW QLYHDX%LQQHQGHRQ]HNHUKHGHQZDDUPHHGHVFHQDULR¶VRPJHYHQ]LMQNDQGLWZRUGHQ EHVFKRXZGZRUGHQDOVHHQJURYHLQGLFDWLHYRRU 9ROJHQVVFKDWWLQJHQEHGUDJHQGHNRVWHQYRRUKHWUHDOLVHUHQYDQGH12[GRHOVWHOOLQJLQ ]R¶QPLOMRHQHXURSHUMDDU 9520  (PLVVLHVFHQDULR¶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¶VGRHW 9RRUODQGHQEXLWHQGH(8]LMQGHHPLVVLHSODIRQGVXLWKHW*RWKHQEXUJSURWRFROYRRUDOV UHIHUHQWLHJHEUXLNW

(19)

5,90UDSSRUW SDJYDQ 9RRUHQLVYRRUGH(8KHW*RWKHQEXUJVFHQDULRJHVFKDDOGPHWGHUHGXFWLHGLH 1HGHUODQGLQHQKHHIWWHQRS]LFKWHYDQ*RWKHQEXUJ'HJHGDFKWHKLHUDFKWHULVGDW GH(8RQJHYHHUKHW]HOIGHEHOHLGYRHUWDOV1HGHUODQGRPGDWYULMZHODOOHEHVFKRXZGH WHFKQLVFKHPDDWUHJHOHQHHQ(XURSHVHDDQSDNYHUJHQ 9RRUHQ]LMQGHQLHW(8ODQGHQHYHQHHQVDDQKHW*RWKHQEXUJVFHQDULR JHVFKDDOGPHWGHUHGXFWLHGLH1HGHUODQGLQHQKHHIWWHQRS]LFKWHYDQ*RWKHQEXUJ 'HJHGDFKWHKLHUELMLVGDWGHKXLGLJHEHODQJULMNVWHQLHW(8ODQGHQ 3ROHQ7VMHFKLs +RQJDULMHHWF ZDDUVFKLMQOLMNWRWGH(8WRHJHWUHGHQ]LMQHQ(XURSHHVPLOLHXEHOHLG]XOOHQ YRHUHQ 7DEHO2PVFKULMYLQJYDQGHGRRUJHUHNHQGHVFHQDULR¶V 9DULDQW 2PVFKULMYLQJ 1HGHUODQG (8 $QGHUHODQGHQ 09(& %HVWDDQGEHOHLG ]RDOV YHURQGHUVWHOGLQ 09 *RWKHQEXUJ *RWKHQEXUJ 1031(&

FRPPLVVLH 5HFRQVWUXFWLH103 1(&FRPPLVVLH *RWKHQEXUJ

1031(&

FRXQFLO 5HFRQVWUXFWLH103 1(&FRXQFLO *RWKHQEXUJ

103 ,QWHUSRODWLH 103 103 *RWKHQEXUJJHVFKDDOG DDQUHGXFWLH1/WRY *RWKHQEXUJ *RWKHQEXUJJHVFKDDOG DDQUHGXFWLH1/WRY *RWHQEXUJ 103 PD[LPDDO

H[WUDEHOHLG *RWKHQEXUJJHVFKDDOGDDQUHGXFWLH1/WRY

*RWKHQEXUJ *RWKHQEXUJJHVFKDDOG DDQUHGXFWLH1/WRY *RWKHQEXUJ

 (PLVVLHIDFWRUHQZHJYHUNHHU

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

(20)

SDJYDQ 5,90UDSSRUW

7DEHO(PLVVLHIDFWRUHQ12[ JUDPNP 6RRUW

YHUNHHU (&09 (&LQWHUSRODWLH (&09

 NPX NPX NPX NPX NPX NPX NPX NPX NPX 3HUVRQHQ          9UDFKW          103 103LQWHUSRODWLH 103PD[EHOHLG  NPX NPX NPX NPX NPX NPX NPX NPX NPX 3HUVRQHQ          9UDFKW       

 9HUNHHUVLQWHQVLWHLWHQHQZHJYDNNHQ

8LWHHQNRUWHDQDO\VHYDQGHYHUNHHUVLQWHQVLWHLWHQWHJHQKHWDDQWDOZRQLQJHQELQQHQPHWHU ODQJVGHVQHOZHJEOLMNWGDWPHWGH]HZHJYDNNHQ )LJXXUHQELMODJH GHEHODQJULMNVWH NQHOSXQWHQODQJVVQHOZHJHQLQ1HGHUODQGZRUGHQPHHJHQRPHQ 9RRUGHYHUNHHUVJHJHYHQVSHUZHJYDNLQHQ]LMQJHYHQVJHEUXLNWXLWKHW/06 9RRUHQ]LMQVFHQDULR¶VJHEUXLNWGLHGHPDUJHRPVSDQQHQYDQGHWHYHUZDFKWHQ JHPLGGHOGHZHHNGDJLQWHQVLWHLW'HPDUJHZRUGWRPVSDQQHQGRRUHHQUHIHUHQWLHVFHQDULR EHVWDDQGEHOHLG HQHHQVFHQDULRPHWYHUNHHUVYROXPHPDDWUHJHOHQ+HWLVQDPHOLMNQLHW RQDDQQHPHOLMNGDWLQHHQVFHQDULRPHWYHHOWHFKQLVFKHPDDWUHJHOHQYRRU12[RRN PDDWUHJHOHQ]XOOHQZRUGHQJHWURIIHQPHWEHWUHNNLQJWRWYHUNHHUVYROXPH'DDURP]LMQGH YROJHQGHVFHQDULR¶VJHVHOHFWHHUG $99  UHIHUHQWLH]RQGHU %25 %25YDULDQW UHIHUHQWLH 1993PL[ ,QKHW%25 %HUHLNEDDUKHLGV2IIHQVLHI5DQGVWDG VFHQDULR]LWWHQRDH[WUD RSHQEDDUYHUYRHUSURMHFWHQHQLVKHWVSLWVWDULHILQJHYRHUGRSKHWKRRIGZHJHQQHW'LWOHLGWWRW HHQODJHUHLQWHQVLWHLWGDQLQGHUHIHUHQWLHVLWXDWLHRQGDQNVGHXLWEUHLGLQJYDQGHFDSDFLWHLW YDQKHWZHJHQQHWLQ%25,Q1993 QDWLRQDDOYHUNHHUVHQYHUYRHUVSODQ PL[LVHHQJURRW DDQWDOEHOHLGVRSWLHV YHUGHUJDDQGRIH[WUD JHwPSOHPHQWHHUGWHQRS]LFKWHYDQGHUHIHUHQWLH EHWDDOVWURNHQYDULDELOLVDWLHYDVWHDXWRODVWHQFRQJHVWLHKHIILQJYHUJURWHQZHJFDSDFLWHLWHQ YHUEHWHULQJHQLQKHWRSHQEDDUYHUYRHU +LHUGRRUOLJWGHLQWHQVLWHLWODJHUGDQLQGHUHIHUHQWLH %LMODJH  'HUHIHUHQWLHYHUNHHUVLQWHQVLWHLWVFLMIHUVYDQ&(HQGH/06FLMIHUVKLHUZLMNHQRS ZHJYDNNHQDI $$$ 9ROJHQVGHOHYHUDQFLHU 5$1'(XURSH ]LMQGH VFHQDULR¶VYDQ&(HQGHKLHUJHEUXLNWHFLMIHUVYHUVFKLOOHQG'HLQWHQVLWHLWHQYDQ&(]LMQYRRU $HQ$HQ$KRJHU

(21)

5,90UDSSRUW SDJYDQ

 0RGHOOHQYRRUFRQFHQWUDWLHEHUHNHQLQJHQ

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

 %HSDOLQJEORRWVWHOOLQJZRRQJHELHG

0HWEHKXOSYDQKHW$&1 $GUHV&RRUGLQDWHQ1HGHUODQG EHVWDQGYDQHQZRQLQJJHYHQV YDQG%0DLOHU EURQ5,90&,0 LVKHWDDQWDOZRQLQJHQEHSDDOGGDW]LFKLQELQQHQKHW RYHUVFKULMGLQJVJHELHGLQYDQ&( 0HW]HWDO EHYLQGW+LHUELM]LMQ±LQ WHJHQVWHOOLQJWRW&(HYHQHHQVGHZRQLQJHQPHHJHWHOGELQQHQHHQVWUDDOYDQPWRWGH ZHJDV2RNLV±LQWHJHQVWHOOLQJWRW&(GHRYHUVFKULMGLQJVDIVWDQGSHUZHJ]LMGHEHSDDOGHQ QLHWDDQEHLGH]LMGHQJHOLMNJHKRXGHQ3HUZHJYDN]LMQGHYHUVFKLOOHQWXVVHQ&(HQ5,90 PHWKRGHLQHHQDDQWDOJHYDOOHQDDQ]LHQOLMN'HWRWDOHKRHYHHOKHLGZRQLQJHQOLJWYRRUEHLGH PHWKRGHQHFKWHULQGH]HOIGHRUGHYDQJURRWWH'HWRWDOHVFKDWWLQJYDQ5,90SDNWVOHFKWVLHWV ODJHUXLW  

(22)

SDJYDQ 5,90UDSSRUW

7DEHO+HUWHOOLQJPHWEHKXOSYDQ*,6YDQKHWDDQWDOZRQLQJHQELQQHQRYHUVFKULMGLQJVJHELHG YHUVFKLOOHQG SHUZHJ]LMGH YROJHQV0HW]HWDO  

:HJYDN 3URYLQFLH $DQWDOZRQLQJHQ

&( $DQWDOZRQLQJHQ5,90 $ =HVWLHQKRYHQ.OHLQSROGHUSOHLQ =XLG+ROODQG   $ *HX]HQYHOG+DDUOHP 1RRUG+ROODQG   $ 2VGRUS*HX]HQYHOG 1RRUG+ROODQG   $ 'RUGUHFKW¶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

(23)

5,90UDSSRUW SDJYDQ )LJXXU:RQLQJHQLQ5RWWHUGDP2YHUVFKLH $ EHODVWERYHQGHMDDUJHPLGGHOGH(8QRUP JHDUFHHUG LQ &RQFHQWUDWLHVYROJHQV0HW]HWDO  

 %HSDOLQJNRVWHQORNDOHDDQSDVVLQJNQHOSXQWHQ

,QGHVWXGLHYDQ&(LVXLWJHEUHLGJHNHNHQQDDUORNDOHPDDWUHJHOHQELMVQHOZHJHQRPGH NQHOSXQWHQLQOXFKWNZDOLWHLWRSWHORVVHQ+HWEHWUHIWPDDWUHJHOHQDOVWXQQHOEDNNHQOXLIHOV YHUNHHUVPDDWUHJHOHQHQWXQQHOV8LWGH]HDQDO\VH]LMQHHQDDQWDOYDULDQWHQRSJHVWHOGRPGH NQHOSXQWHQODQJVDOOHZHJYDNNHQELMZHJYDNNHQPHWEHERXZLQJHQZRQLQJHQRSWHORVVHQ 2PNRVWHQWHNXQQHQEHUHNHQHQLVKLHUWRHHHQJURYHJHPLGGHOGHVFKDWWLQJYDQGHNRVWHQSHU PDDWUHJHOSHUZHJYDNJHPDDNW 7DEHO 9RRUGHVORRSYDQHHQZRQLQJ]LMQGHNRVWHQYDQ HHQJHPLGGHOGHNRRSZRQLQJHQ e YHUPHHGHUGPHWGHVORRSNRVWHQ e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

(24)

SDJYDQ 5,90UDSSRUW 9RRUHHQLQGLFDWLHYDQNRVWHQHQNRVWHQUHGXFWLHELMH[WUDEHOHLG]LMQWZHH PDDWUHJHOHQSDNNHWWHQYDQ&(GRRUJHUHNHQG'H]HSDNNHWWHQ DOWHUQDWLHI(HQ* RPVSDQQHQ GHGRRU&(LQNDDUWJHEUDFKWHNRVWHQ PLOMDUGHXUR YRRURSORVVLQJYDQNQHOSXQWHQLQ ZRRQJHELHG+HWHHUVWHSDNNHWEHVWDDWXLWVORRSYDQDOOHZRQLQJHQELQQHQKHW RYHUVFKULMGLQJVJHELHG+HWWZHHGHSDNNHWEHVWDDWXLWRSORVVHQYDQKHWRYHUVFKULMGLQJVJHELHG LQGULHVWDSSHQ Π9RRUZHJYDNNHQPHWHHQRYHUVFKULMGLQJVDIVWDQGWRWPHWHUZRUGHQ YHUNHHUVPDDWUHJHOHQJHWURIIHQ Π/DQJVZHJKHOIWHQPHWHHQRYHUVFKULMGLQJVDIVWDQGYDQWRWPHWHUZRUGHQODQJVKHW GHHOYDQKHWZHJYDNZDDUZRQLQJHQVWDDQOXLIHOVJHSODDWVW2SGH]HZHJYDNNHQZRUGHQ ERYHQGLHQYHUNHHUVPDDWUHJHOHQJHWURIIHQ Π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

(25)

5,90UDSSRUW SDJYDQ

 /XFKWNZDOLWHLWYRRUVWLNVWRIGLR[LGHLQ1HGHUODQG

'H12QRUPLV—JPYRRUKHWMDDUJHPLGGHOGH9RRUNRUWGXUHQGHEORRWVWHOOLQJLVGH XXUJHPLGGHOGHQRUP—JP'H]HQRUPPDJPDDOSHUMDDURYHUVFKUHGHQZRUGHQ 1DDVWJUHQVZDDUGHQNHQWGHHGRFKWHUULFKWOLMQHQKHW%HVOXLWOXFKWNZDOLWHLWSODQGUHPSHOV (HQSODQGUHPSHOJHHIWHHQOXFKWNZDOLWHLWVQLYHDXDDQZDDUERYHQKHWPDNHQYDQSODQQHQ YHUSOLFKWLV'LHSODQQHQ]LMQHURSJHULFKWRPXLWHUOLMNLQDDQGHJUHQVZDDUGHQWH YROGRHQ+HWQLYHDXYDQGHSODQGUHPSHOVYRRU12LQOLJWERYHQGHJUHQVZDDUGHQ HQZRUGWMDDUOLMNVDDQJHVFKHUSW,QOLJWKHWQLYHDXYDQGHSODQGUHPSHOVGDQRS KHW]HOIGHQLYHDXDOVGHJUHQVZDDUGHQ ,QGLWKRRIGVWXNZRUGWDDQJHYHQZDWGHOXFKWNZDOLWHLWQXLV † 9HUYROJHQVZRUGW DDQJHJHYHQZDWGHYHUZDFKWHRQWZLNNHOLQJYDQGHOXFKWNZDOLWHLWLVYRRUUHIHUHQWLHHQH[WUD EHOHLGVFHQDULRYRRU † 'DDUQDZRUGWEHVSURNHQZDWGHELMGUDJHYDQ12[ EURQQHQLVLQ$PVWHUGDPHQ5RWWHUGDP † KRHGHNQHOSXQWHQODQJVVQHOZHJHQLQ VWHGHOLMNJHELHG]LFKRQWZLNNHOHQ † HQDOVODDWVWHZDWGHNRVWHQ]LMQYRRUKHWRSORVVHQ YDQUHVWHUHQGHNQHOSXQWHQ †  )LJXXU-DDUJHPLGGHOGHVWLNVWRIGLR[LGHFRQFHQWUDWLHVODQJVGUXNNHYHUNHHUVZHJHQ LQNP LQ1HGHUODQGLQ *URHQRQGHUGH(8QRUPYRRU —JP *HHORYHUVFKULMGLQJYDQGH(8QRUPYRRU

 /XFKWNZDOLWHLWYRRU12



LQ

'HMDDUJHPLGGHOGHFRQFHQWUDWLHJHPLGGHOGYRRU1HGHUODQGEHGURHJLQ—JP,Q )LJXXUZRUGWGHMDDUJHPLGGHOGHFRQFHQWUDWLHRYHU1HGHUODQGZHHUJHJHYHQ'HKRRJVWH FRQFHQWUDWLHVWUDGHQRSLQGH5DQGVWDGHQGHODDJVWHLQKHWQRRUGRRVWHQ2YHUVFKULMGLQJHQ YDQGH—JPWUDGHQRSLQGHVWDGVDFKWHUJURQGYDQ$PVWHUGDPHQ5RWWHUGDP 'RRUORNDOHHPLVVLHV YDQPHWQDPHYHUNHHU NDQHUHFKWHURSPHHUSOHNNHQHHQYHUKRRJGH FRQFHQWUDWLHRQWVWDDQ)LJXXUODDWHHQEHUHNHQLQJYRRU]LHQZDDULQKHWDDQWDO NLORPHWHUVZHJLVXLWJH]HWWHJHQGHEHUHNHQGHFRQFHQWUDWLH/DQJV]R¶QNLORPHWHUZHJ                      &RQFHQWUDWLH —JP :HJOHQJWH NP

(26)

SDJYDQ 5,90UDSSRUW ZRUGWHHQRYHUVFKULMGLQJYDQGH—JPQRUPEHUHNHQG,QGH]HRYHUVFKULMGLQJV]RQHVWDDQ ]R¶QZRQLQJHQZDDULQFDPHQVHQZRQHQ 'HWHYHUZDFKWHQFRQFHQWUDWLHVYRRU]XOOHQ±LQGLHQGHPHWHRURORJLVFKH RPVWDQGLJKHGHQYHUJHOLMNEDDU]LMQRQJHYHHURYHUHHQNRPHQPHWGHPHHVWUHFHQWH FRQFHQWUDWLHYHUGHOLQJ )LJXXU EHUHNHQGYRRU8LWGH]HJHJHYHQVEOLMNWGDWGH SODQGUHPSHOYRRUYDQ—JPRYHUVFKUHGHQZRUGWODQJVGUXNNHZHJHQPHWLQWRWDDO HHQZHJOHQJWHYDQNP+LHUODQJVVWDDQ]R¶QZRQLQJHQZDDUFDPHQVHQ ZRQHQ +LHUELMGLHQWWHZRUGHQRSJHPHUNWGDWHHQJXQVWLJPHWHRURORJLVFKMDDUZDV5HNHQLQJ KRXGHQGPHWPRJHOLMNRQJXQVWLJHPHWHRURORJLVFKHRPVWDQGLJKHGHQHQRQ]HNHUKHGHQLQGH ZHJOHQJWHEHUHNHQLQJHQ]DORYHUVFKULMGLQJYDQGHSODQGUHPSHOLQODQJVWRWNP ZHJNXQQHQSODDWVYLQGHQ 0HWEHKXOSYDQPHWLQJHQXLWKHW/0/LVHHQYHUEDQGJHOHJGWXVVHQHHQXXUJHPLGGHOGHGLH PDDOSHUMDDURYHUVFKUHGHQZRUGHQHQHHQELMEHKRUHQGHMDDUJHPLGGHOGHFRQFHQWUDWLH8LW GLWYHUEDQGEOLMNWGDWHHQMDDUJHPLGGHOGHYDQ—JPRQJHYHHURYHUHHQNRPW HYHQ VWUHQJLV PHWGHXXUJHPLGGHOGHQRUPYDQ—JPGLHPDDOSHUMDDURYHUVFKUHGHQPDJ ZRUGHQ %LMODJH (HQMDDUJHPLGGHOGHYDQ—JPKHHIWHHQRYHUHHQNRPVWLJH XXUZDDUGHYDQ—JPGLHPDDOSHUMDDURYHUVFKUHGHQZRUGWRIHHQ—JP XXUQRUPGLHFDPDDOSHUMDDURYHUVFKUHGHQZRUGW'LWEHWHNHQWGDWGHMDDUJHPLGGHOGH QRUPYRRU12VWUHQJHULVGDQGHXXUJHPLGGHOGHQRUP$OVKHWMDDUJHPLGGHOGHQLHW RYHUVFKUHGHQZRUGW]DOGHXXUJHPLGGHOGHZDDUGHRRNQLHWZRUGHQRYHUVFKUHGHQ +LHUERYHQEOHHNGDWHUPRPHQWHHOQRJRSEHSHUNWHVFKDDOFRQFHQWUDWLHVRSWUHGHQGLHERYHQ KHWMDDUJHPLGGHOGHYDQGHSODQGUHPSHOOLJJHQ ERYHQGH—JP 'LWEHWHNHQWGDW RYHUVFKULMGLQJYDQGHXXUJHPLGGHOGHQRUPQRJPRJHOLMNLV2YHUVFKULMGLQJYDQGH]HQRUPLV KHWPHHVWZDDUVFKLMQOLMNRSSODDWVHQZDDUGHGLUHFWH12HPLVVLHVUHODWLHIKRRJ]LMQ'LWNDQ ELMYRRUEHHOGRSWUHGHQLQJURWHVWHGHQRSSOHNNHQPHWYHHOODQJ]DDP GLHVHO YHUNHHUPHW NRXGHPRWRUHQ GXVQLHWELMVQHOZHJHQ  'HSODQGUHPSHOYRRUGHXXUJHPLGGHOGHZDDUGHZRUGWQLHWRYHUVFKUHGHQ9RRUZRUGHQ HUJHHQRYHUVFKULMGLQJHQYDQGHXXUJHPLGGHOGHQRUPYHUZDFKW

 $OJHPHHQEHHOGYDQGHRQWZLNNHOLQJ  YDQGH

OXFKWNZDOLWHLWYRRU12

 'HOXFKWNZDOLWHLWYRRU12YHUEHWHUWDDQ]LHQOLMNYDQGRRUHPLVVLHUHGXFWLHVLQ ELQQHQHQEXLWHQODQGLQKHWUHIHUHQWLHVFHQDULR09(&,Q09(&WUHHGW HFKWHUQRJRYHUVFKULMGLQJRSYDQGHMDDUJHPLGGHOGH(8QRUPLQGHVWHGHOLMNHDFKWHUJURQG YDQGHDJJORPHUDWLH5RWWHUGDPHQLQGHEXXUWYDQ1LMPHJHQ ]DQG]XLJLQVWDOODWLHVYRRU ]DQGZLQQLQJ   %LMNRXGHPRWRUHQLVGHIUDFWLH12 LQGH12[XLWVWRRWKRJHUGDQELMZDUPHPRWRUHQ

(27)

5,90UDSSRUW SDJYDQ

)LJXXU-DDUJHPLGGHOGH12FRQFHQWUDWLHRYHU1HGHUODQGYRRUHQGHYHUVFKLOOHQGHVFHQDULR¶V

(28)

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¶QKRJHUHQELMRSVFKDOLQJYDQHHQURRVWHUYDQ[NPQDDU[NPLVGLWHYHQHHQV

 'HEHUHNHQLQJHQKRXGHQHFKWHUJHHQUHNHQLQJPHWORFDOHYHUKRJLQJODQJVGUXNNH VQHO ZHJHQLQVWHGHOLMNJHELHG,QGHSDUDJUDDIZRUGWZHHUJHJHYHQKRHGHVLWXDWLH]LFK RSORFDDOQLYHDXODQJVGUXNNHVQHOZHJHQLQVWHGHOLMNJHELHGRQWZLNNHOW

 %LMGUDJH12

[

EURQQHQDDQGH VWHGHOLMNH FRQFHQWUDWLH

9RRUGHYHUVFKLOOHQGH12[EURQQHQLQ$PVWHUGDPHQ5RWWHUGDPLVEHUHNHQGZDWKHW UHODWLHYHDDQGHHODDQGHVWHGHOLMNHFRQFHQWUDWLHHQGHDFKWHUJURQGFRQFHQWUDWLH RSKHW SODWWHODQGEXLWHQGHVWDG EHGUDDJW+LHUWRH]LMQGHELMGUDJHQDDQGH12[FRQFHQWUDWLHRSHHQ SXQWLQGHVWDGHQEXLWHQGHVWDGEHUHNHQG'RRUGHEURQELMGUDJHQEXLWHQGHVWDGLQPLQGHULQJ WHEUHQJHQELMGHELMGUDJHQLQGHVWDGLVKHWVWHGHOLMNDDQGHHOEHSDDOG'LWLVJHGDDQYRRU UHIHUHQWLHVFHQDULR09(&HQGHVFHQDULR¶VPHWH[WUDEHOHLG103 103HQ103 7DEHO  'HYHUVFKLOOHQWXVVHQGHVWHGHOLMNHHQDFKWHUJURQGELMGUDJHYDQ$PVWHUGDPHQ5RWWHUGDP ]LMQYRRUDOOHVFHQDULR¶VNOHLQ,Q5RWWHUGDPLVZHOGHKDYHQHQLQ$PVWHUGDPGHOXFKWKDYHQ 6FKLSKRO]LFKWEDDULQHHQKRJHUHELMGUDJHDDQ]RZHOGHDFKWHUJURQGDOVGHVWHGHOLMNH FRQFHQWUDWLH'RRUGDWGHFRQFHQWUDWLHYDQGHODQGERXZEXLWHQVWHGHOLMNJHELHGKRJHUOLJWGDQ LQVWHGHOLMNJHELHGNULMJWGH]HVHFWRULQGHEHUHNHQLQJHQHHQµQHJDWLHYH¶ZDDUGHYRRUGH VWHGHOLMNHELMGUDJH ,QDOOHVFHQDULR¶VLVKHWZHJYHUNHHUGHEHODQJULMNVWH12[EURQLQVWHGHOLMNJHELHGPHWHHQ ELMGUDJHYDQ]R¶Q'HFDWHJRULHµRYHULJYHUNHHU¶EHVWDDWJURWHQGHHOVXLWPRELHOH ZHUNWXLJHQ ]RDOVJURQGYHU]HWPDFKLQHVNUDQHQKHLPDFKLQHVKHIWUXFNV $OKRHZHOGLWRQGHU ZHJYHUNHHUVWDDWLVGLWRIILFLHHOJHHQZHJYHUNHHU'HHPLVVLHVKLHUYDQ]LMQYHUERQGHQDDQGH EHYRONLQJVGLFKWKHLGHQWUHGHQGDDUGRRUYRRUDORSLQVWHGHOLMNJHELHG'RRUHHQIRUVHUHGXFWLH ELMZHJYHUNHHULQQHHPWKHWUHODWLHYHDDQGHHOYDQZHJYHUNHHUDDQGHVWHGHOLMNH FRQFHQWUDWLHDIULFKWLQJ+XLVKRXGHQVHQ+'2 +DQGHO'LHQVWHQHQ2YHUKHLG±PHW QDPHUXLPWHYHUZDUPLQJ ]LMQQDYHUNHHUGHEHODQJULMNVWHEURQYDQ12[LQVWHGHOLMNJHELHG

(29)

5,90UDSSRUW SDJYDQ +HWUHODWLHYHDDQGHHOKLHUYDQQHHPWLQGHVFHQDULR¶VPHWEHOHLGWRHYDQQDDUFDYDQ GHVWHGHOLMNHELMGUDJH'LWNRPWGRRUGDWGH]HHPLVVLHVQRJLHWVWRHQHPHQYDQWRW LQGH]HVFHQDULR¶V ELMODJH 6DPHQ]LMQKHWYHUNHHUHQKXLVKRXGHQVHQ+'2JRHGYRRUFD YDQGHVWHGHOLMNHHPLVVLHV ,QGHDFKWHUJURQGFRQFHQWUDWLHVLVKHWZHJYHUNHHUYRRUDOOHVFHQDULR¶VGHEHODQJULMNVWHEURQ  HQVDPHQPHWKHWEXLWHQODQG  ODQGERXZ  KXLVKRXGHQVHQ+'2 FD HQVFKHHSYDDUW  JRHGYRRUYDQGH12[HPLVVLHELMGUDJH,QGH VFHQDULR¶VPHWH[WUDEHOHLGLQ1HGHUODQGHQEXLWHQ1HGHUODQGQHHPWGHUHODWLHYH EXLWHQODQGELMGUDJHDDQGHDFKWHUJURQGFRQFHQWUDWLHYRRU$PVWHUGDPHQ5RWWHUGDPDI ]R¶Q  'RRUGHIRUVHUHGXFWLHVELMGHVFKHHSYDDUWQHHPWRRNGHUHODWLHYHELMGUDJHKLHUYDQDILQ GHDFKWHUJURQG'HUHODWLHYHELMGUDJHYDQ+'2HQKXLVKRXGHQV UXLPWHYHUZDUPLQJ QHHPW WRHULFKWLQJRPGDWGHHPLVVLHVOLFKWVWLMJHQ 7DEHO5HODWLHYHELMGUDJH12[EURQQHQDDQGHVWHGHOLMNHHQDFKWHUJURQGFRQFHQWUDWLHYRRU12[7XVVHQ KDDNMHVGHZDDUGHYDQGHMDDUJHPLGGHOGH12FRQFHQWUDWLHLQGHDFKWHUJURQGHQLQGHVWDG $FKWHUJURQG  PYHF 103 103 103 $¶GDP 5¶GDP $¶GDP 5¶GDP $¶GDP 5¶GDP $¶GDP 5¶GDP $¶GDP 5¶GDP &RQFHQWUDWLH12 —JP           3HUFHQWDJH  :HJYHUNHHUWRWDDO           /LFKWZHJYHUNHHU           =ZDDUZHJYHUNHHU           2YHULJYHUNHHU           %XLWHQODQG           /DQGERXZ           +XLVKRXGHQV+'2           6FKHHSYDDUW           ,QGXVWULH (QHUJLH           /XFKWYDDUW           2YHULJ           6WHGHOLMNHELMGUDJH  09(& 103 103 103 $¶GDP 5¶GDP $¶GDP 5¶GDP $¶GDP 5¶GDP $¶GDP 5¶GDP $¶GDP 5¶GDP &RQFHQWUDWLH12LQ GHVWDG —JP           3HUFHQWDJH  :HJYHUNHHUWRWDDO           /LFKWZHJYHUNHHU           =ZDDUZHJYHUNHHU           2YHULJYHUNHHU           +XLVKRXGHQV+'2           ,QGXVWULH (QHUJLH           6FKHHSYDDUW           /XFKWYDDUW           /DQGERXZ           2YHULJ           103FRPPLVVLHELMFRXQFLOOLJWGRRUKRJHUHHPLVVLHVLQKHWEXLWHQODQGGHFRQFHQWUDWLHKRJHU 9RRUQDPHOLMNPRELHOHZHUNWXLJHQ ,QFOXVLHIGHQLWULILFDWLHLQ ODQGERXZ ERGHPV

(30)

SDJYDQ 5,90UDSSRUW %LMGHXLWYRHULQJYDQ103LQQHHPWYRRUDOGHVWHGHOLMNHELMGUDJHDIWHQRS]LFKWHYDQ GHUHIHUHQWLH'DDUQDYHUWRRQWGHVWHGHOLMNHELMGUDJHHHQVWDELOLVDWLHLQ5RWWHUGDPHQHHQ OLFKWHWRHQDPHLQ$PVWHUGDPWRWHQPHW'H]HWRHQDPHNRPWGRRUGDWQDDVWIRUVH UHGXFWLHLQGHPHHVWVHFWRUHQGHHPLVVLHYDQKXLVKRXGHQVHQ+'2 UXLPWHYHUZDUPLQJ HQLQ PLQGHUHPDWHKHWYOLHJYHUNHHUQRJOLFKWWRHQHPHQYDQ103WRW103

 2QWZLNNHOLQJYDQGHNQHOSXQWHQELMVQHOZHJHQ

'HZHJYDNNHQGLH&(KDGJHVHOHFWHHUGRPGDWHUZRQLQJHQELQQHQKHW RYHUVFKULMGLQJVJHELHG MDDUJHPLGGHOGH!—JP VWRQGHQ]LMQLQGH]HSDUDJUDDIRSQLHXZ GRRUJHUHNHQGYRRUUHIHUHQWLHHQH[WUDEHOHLGVFHQDULR¶V 7DEHO (ULVQLHWJHUHNHQGPHW VFHQDULR103JHFRPELQHHUGPHWKHWFRXQFLOYRRUVWHORPGDWGLWQDJHQRHJKHW]HOIGH RSOHYHUWDOV103JHFRPELQHHUGPHWKHWFRPPLVVLHYRRUVWHO ]LH†  2YHUVFKULMGLQJVDIVWDQGHQ]LMQYDQDIHQWRWHQPHWPHWHUEHUHNHQG'HRQ]HNHUKHLG RSHHQLQGLYLGXHHOZHJYDNGRRUHHQPRJHOLMNWRHYDOOLJIRXWLVJURRW'HUHVXOWDWHQZRUGHQ GDDURP]RYHHOPRJHOLMNJHDJJUHJHHUGZHHUJHYHQ 7DEHO5HNHQVFKHPDVQHOZHJVFHQDULR¶V 1DDPVFHQDULR 9HUNHHUVLQWHQVLWHLW 12 [DFKWHUJURQG 9RHUWXLJHQHPLVVLHIDFWRU

UHI09(& 5HIHUHQWLH (& 09 (&09

UHIQPSQHF 5HIHUHQWLH 103FRPPLVVLH 103 ERUQPSQHF %RU 103FRPPLVVLH 103 QPS %RU1993  103 103 QPS 1993PL[ 103 103 ]LH† 'HRYHUVFKULMGLQJVDIVWDQGHQYRRU&(OLJJHQKRJHUGDQKHWUHIHUHQWLHVFHQDULR UHI09(& YRRUJHPLGGHOGHPHWHRURORJLVFKHRPVWDQGLJKHGHQ 7DEHO 'LWNRPW PHWQDPHGRRUGDW&(KRJHUHHPLVVLHIDFWRUHQKHHIWJHEUXLNW,QGHEHUHNHQLQJHQYDQ&(ULMGW KHWYHUNHHUQDPHOLMNJHPLGGHOGNPXKDUGHUGDQLQGH5,90EHUHNHQLQJHQ'H HPLVVLHIDFWRUHQYDQ&(]LMQGDDUGRRUKRJHUYRRUSHUVRQHQDXWR¶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

(31)

5,90UDSSRUW SDJYDQ

7DEHO2YHUVFKULMGLQJVDIVWDQG LQPHWHUV SHUZHJYDNYRRUYHUVFKLOOHQGHVFHQDULR¶V3HUZHJYDNLVGH KRRJVWHRYHUVFKULMGLQJVDIVWDQG YDQDIGHZHJDV ZHHUJHJHYHQYRRUHHQJHPLGGHOGHPHWHRURORJLVFKMDDU

&( UHI09HF UHIQPS

QHF ERUQPSQHF QPS QPS $       $       $±       $       $       $       $       $       $       $       $       $       $       $       $       $       $       $       $       $       $       $       $       $       $       )LJXXU*HPLGGHOGHRYHUVFKULMGLQJVDIVWDQGRYHUZHJYDNNHQ ZHJKHOIWHQ YRRUYHUVFKLOOHQGH VFHQDULR¶VHQPHWHRURORJLVFKHRPVWDQGLJKHGHQ *HPLGGHOGHRYHUVFKULMGLQJVDIVWDQGHQ ELMYHUVFKLOOHQGHPHWHRURORJLHHQVFHQDULRV          &( UH I09 UH I103 E RU10 3 1 03 1 03 0HWHRURORJLH * HP LGG HO GH  RY HU VF KU LMG LQJ VD IV WD QG  P RQJXQVWLJ JHPLGGHOG JXQVWLJ

(32)

SDJYDQ 5,90UDSSRUW 2QGHUPHWHRURORJLVFKRQJXQVWLJHRPVWDQGLJKHGHQOLJWGH12FRQFHQWUDWLH]R¶QKRJHU HQRQGHUJXQVWLJHRPVWDQGLJKHGHQ]R¶QODJHU)LJXXUHQELMODJHODWHQ]LHQGDW KLHUGRRUGHRYHUVFKULMGLQJVDIVWDQGHQIRUVYHUDQGHUHQWHQRS]LFKWHYDQJHPLGGHOGH PHWHRURORJLH'HYHUKRJLQJLQRQJXQVWLJHMDUHQLVJHPLGGHOGFDHHQIDFWRUYRRUYDULDQWHQ LQHQ,Q]LMQHUELMQDJHHQRYHUVFKULMGLQJHQRQGHUJHPLGGHOGH RPVWDQGLJKHGHQZDDUGRRUGHWRHQDPHWHQRS]LFKWHYDQKHWJHPLGGHOGHJURRWLV'HDIQDPH RQGHUJXQVWLJHRPVWDQGLJKHGHQLV]R¶QIDFWRULQ,QHQ]LMQHU UHVSHFWLHYHOLMNHQNHOHRIJHHQRYHUVFKULMGLQJHQPHHU 7DEHO$DQWDOZRQLQJHQELQQHQGHRYHUVFKULMGLQJVDIVWDQGLQGHYHUVFKLOOHQGHYDULDQWHQ

&( UHI09HF UHIQPSQHF ERUQPSQHF QPS QPS *HPLGGHOGH PHWHRURORJLH       2QJXQVWLJH PHWHRURORJLH  !      *XQVWLJH PHWHRURORJLH       ,QDDQWDOJHYDOOHQLVGHRYHUVFKULMGLQJVDIVWDQG!P+HWDDQWDOZRQLQJHQLVEHSDDOGRSP 7DEHOWRRQWKHWDDQWDOKXL]HQELQQHQGHRYHUVFKULMGLQJVDIVWDQGHQYRRUJHPLGGHOGH JXQVWLJHHQRQJXQVWLJHPHWHRURORJLVFKHRPVWDQGLJKHGHQ,QELMODJHLVSHUZHJYDNKHW DDQWDOZRQLQJHQZHHUJHJHYHQ )LJXXU$DQWDOOHQZRQLQJHQLQRYHUVFKULMGLQJVJHELHGHQLQYHUVFKLOOHQGHVFHQDULR¶VELMYHUVFKLOOHQGH PHWHRURORJLVFKHRPVWDQGLJKHGHQ ,QHHQJHPLGGHOGPHWHRURORJLVFKMDDUNDQKHWDDQWDOZRQLQJHQERYHQGHQRUPJHVFKDW ZRUGHQRSFDZRQLQJHQ ODQJVZHJYDNNHQ YRRUGHUHIHUHQWLHVLWXDWLHLQ UHI09(& 9DQGH]HZRQLQJHQVWDDWFDGHKHOIWLQGHDJJORPHUDWLH5RWWHUGDP ULQJ $$ HQGHDQGHUHKHOIWLQGHDJJORPHUDWLH$PVWHUGDP $ZHVW +HWDDQWDO ZRQLQJHQQHHPWHFKWHUIRUVDILQGHYDULDQWHQPHWH[WUDEHOHLG%LMKHWXLWYRHUHQYDQ103 !           &( U HI09  UHI10 3  ERU1 03  103 10 3 0HWHRURORJLH : RQL QJ HQ RQJXQVWLJ JHPLGGHOG JXQVWLJ

(33)

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¶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sIILFLsQWYDQ WXVVHQGHJHPLGGHOGHRYHUVFKULMGLQJVDIVWDQGRYHUZHJYDNNHQHQKHWWRWDOHDDQWDO ZRQLQJHQLQKHWRYHUVFKULMGLQJVJHELHG+HWYHUEDQGWXVVHQGHJHPLGGHOG RYHUVFKULMGLQJVDIVWDQGHQKHWDDQWDOZRQLQJHQEOLMNWJRHGPHWHHQWZHHGHJUDDGVSRO\QRRP WHNXQQHQZRUGHQEHQDGHUG(HQFRQFHQWUDWLHYHUKRJLQJGLHLQHHQPDDO]RJURWH RYHUVFKULMGLQJVDIVWDQGYHURRU]DDNWEHWHNHQWGXVPDDO]RYHHOZRQLQJHQLQKHW RYHUVFKULMGLQJVJHELHG(HQYHUODJLQJPHWGLHHHQIDFWRUGLHLQHHQPDDO]R NOHLQHRYHUVFKULMGLQJVDIVWDQGJHHIWEHWHNHQWPDDO]RZHLQLJZRQLQJHQELQQHQKHW RYHUVFKULMGLQJVJHELHG )LJXXU9HUEDQGWXVVHQJHPLGGHOGHRYHUVFKULMGLQJVDIVWDQGRYHUZHJYDNNHQHQKHWDDQWDOZRQLQJHQLQKHW RYHUVFKULMGLQJVJHELHG \ [[ 5                    *HPLGGHOGHRYHUVFKULMGLQJVDIVWDQG P $ DQW DO Z RQL QJH Q

(34)

SDJYDQ 5,90UDSSRUW

 .RVWHQDDQSDNUHVWHUHQGHNQHOSXQWHQ

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

PLOMDUGHXUR 5()09(& &( 5()1031(& %251031(& 103 103

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¶QPLOMRHQ 1D]LMQHURQGHUJHPLGGHOGHRPVWDQGLJKHGHQJHHQRYHUVFKULMGLQJHQLQZRRQJHELHGGXV RRNJHHQNRVWHQYRRUDDQSDVVLQJHQ 2QGHUPHWHRURORJLVFKHRQJXQVWLJHRPVWDQGLJKHGHQ]LMQGHDDQSDVVLQJVNRVWHQYRRUGH UHIHUHQWLHVLWXDWLHPHWPLOMDUGHXURHHQIDFWRUKRJHU%LM103OLJJHQGHNRVWHQ WRYJHPLGGHOGHRPVWDQGLJKHGHQPHWPLOMDUGHXUR]R¶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

(35)

5,90UDSSRUW SDJYDQ 2SGHWZHHZHJYDNNHQ$HQ$YRRUVFHQDULRUHI09(&ZDDURQGHU RQJXQVWLJHPHWHRURORJLVFKHRPVWDQGLJKHGHQGHDFKWHUJURQGERYHQGHQRUPLV]XOOHQ LQIUDVWUXFWXUHOHDDQSDVVLQJHQVOHFKWVHHQYHUODJLQJYDQGHFRQFHQWUDWLHEHZHUNVWHOOLJHQ9RRU RQGHUVFKULMGLQJYDQGHQRUPLVRQGHUGLHRPVWDQGLJKHGHQHPLVVLHUHGXFWLHEHOHLGRSJURWHUH VFKDDOQRGLJ]RDOVLQGHVFHQDULR¶VPHWH[WUDEHOHLG 9HUGHUOHYHUWKHWUHNHQHQPHWJHPLGGHOGHNRVWHQHHQH[WUDIRXWRSRPGDWGHEHNHNHQ VLWXDWLHVV\VWHPDWLVFK]RXGHQNXQQHQDIZLMNHQYDQKHWJHPLGGHOGH2RNNXQQHQHUDDQ YHUNHHUVPDDWUHJHOHQZHOGLUHFWHNRVWHQYHUERQGHQ]LMQ DOWHUQDWLHYHURXWHV  2SJHPHUNWPRHWGDQRRNZRUGHQGDWGHNRVWHQLQGLFDWLHI]LMQHQYDQZHJHGHRQ]HNHUKHGHQ LQRYHUVFKULMGLQJVEHUHNHQLQJHQIRUVNXQQHQDIZLMNHQ

(36)
(37)

5,90UDSSRUW SDJYDQ

 /XFKWNZDOLWHLWVWLNVWRIGLR[LGHLQDQGHUHOLGVWDWHQ

$QGHUH(8ODQGHQDOVKHW9HUHQLJG.RQLQNULMN'XLWVODQG%HOJLsHQ2RVWHQULMNKHEEHQ DDQJHJHYHQSUREOHPHQWHKHEEHQPHWKHWEHKDOHQYDQGH12JUHQVZDDUGHQ 900  ,Q'XLWVODQGEHVWDDWHUQRJJHHQLQ]LFKWLQGHRPYDQJYDQNQHOSXQWHQGLHRS]XOOHQWUHGHQ =RKHHIWPHQELMYRRUEHHOGLQ1RUGUKHLQ:HVWIDOHQ 5XKUJHELHG QRJQLHWJHNHNHQQDDU PRJHOLMNHQRUPRYHUVFKULMGLQJHQODQJVVQHOZHJHQ'H'XLWVHUVDFKWHQKHWQLHWPRJHOLMNUHHGV HHQJHGHWDLOOHHUGEHHOGYDQGHNRVWHQDDQWHJHYHQ'DW]DOYROJHQVKHQSDVPRJHOLMNZRUGHQ JDDQGHGHXLWYRHULQJYDQGHUHJHOJHYLQJPHWQDPHQDGHHHUVWHSODQYRUPLQJ ,QKHW9HUHQLJG.RQLQNULMNJHOGWQDWLRQDDODOVGRHOVWHOOLQJGDWLQUHHGVGH12QRUP YDQ—JPDOVMDDUJHPLGGHOGHJHKDDOGPRHWZRUGHQ LSY 9DQGHORNDOH RYHUKHGHQZRUGWYHUZDFKWHYHQWXHOHNQHOSXQWHQDDQWHSDNNHQ2YHULJHQVZRUGWZHO YHUZDFKWGDWGH]HQRUPPRHLOLMNWHKDOHQ]DO]LMQ LQLHGHUJHYDOLQ 2RNLQ ZRUGHQQRJSUREOHPHQYHUZDFKWLQJURWHVWHGHQDOV/RQGHQ

)LJXXU2YHUVFKULMGLQJHQMDDUJHPLGGHOGH12YDQ—JPLQGH(8 *HJHYHQV)UDQNULMNHQ/X[HPEXUJ

RQWEUHNHQYRRU,WDOLsRQWEUHHNWHQYRRU*ULHNHQODQGGDWD %URQ5,90$LUEDVH           %HOJLH 'HQHP DUNH Q 'XLWV ODQG )LQODQ G *ULHNH QODQG *URRW %ULWW

DQQLH ,HUODQG ,WDOLH

1HGHU ODQG 2RVWH QULMN 3RUWXJ DO 6SDQ MH =ZHGH Q $ DQ WD OR YH UV FK ULM GLQ JH Q   

Referenties

GERELATEERDE DOCUMENTEN

De komst van deze private boa’s als handhavers namens de (lokale) overheid zet enkele toch al wankelende uitgangs- punten verder onder druk, namelijk dat de politie het monopolie

Time interval between apparent cause and appearance of stricture disease Range 6 months - 66 years 3 months - 64 years 3 months - 18 years 21,44 20,29 7,02 Mean (years) Post

De techno-economische analyse van het conceptuele procesontwerp liet zien dat rendabele productie van duurzaam azijnzuur en ethanol vanuit fermentatief geproduceerd ethylacetaat niet

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

5,90UDSSRUW SDJYDQ 0HWLQJPRUELGLWHLW

maar ook boden zij aan diegenen, die zich tegen deze machthebbers verzetten , een zekere schuilplaats. Zo signaleerde Michel in Polen het bestaan van een unieke god

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

COMPETES wordt naast verschillende nationale analyses, zoals Flexnet (Sijm et al., 2017) en meer Europees gerichte analyses (bijv. Van Hout et al., 2017) ingezet voor de