El caso de los negocios para la economía verde: rendimiento sostenible de la inversión.

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    Anokxei`himikp~

    Pfg~ `lnymikp riinp~ pfi sg~glk ak` gk~ghfp~ lc makw zilzei+ Pfi zybegnapglk fa~ `raxk fiasgew lk pfi ri~iarnf narrgi` lyp bw

    Nlrkg~ Sak @ir Eyhp% gk`izik`ikp nlk~yepakp% gk fg~ zazir ^y~pagkabei Ripyrk lk Gksi~pmikp Lzzlrpykgpw &RGL'4 Pfi By~gki~~

    Na~i clr pfi Hriik Inlklmw+ Gp xa~ `racpi` bw @asi Okghfp ak` Elyg~i Awegkh &Pxl Plmlrrlx~' xgpf nlkprgbypglk~ crlm Dicc

    Irgo~lk &^y~pagkAbgegpw'% Nfrg~ Nlyepir &Helbi^nak' ak` Ieg~a Plk a% Harrippi Nearo% Oapgi Pyno ak` Eyoa~ Fanf &YKIZ'+ Risgix~

    ak` nlmmikp~ xiri rinigsi` crlm4 Zaye Flfkik% ^y~pagkabgegpw ^prapihgi~% Am~pir`am+ Gk a``gpglk nlmmikp~ xiri zrlsg`i`

    bw YKIZ ~pacc4 wesgi Eimmip% Mlgra LBrgik-Maelki% Arab Flbaeeaf% pisik plki% Bikdamgk gmmlk~% Nariik Abb% ^picakl~

    Clpgly% Elxrg Rii~% @dafiitaf ybrappw% Neay`ga A~~makk% Dami~ Elmav% Magpi Ae`awa% Fieika Riw `i A~~g~% A`rgaka Tanarga~

    ak` Nyrp Harrghak+

    Cyrpfirmlri% ~zingae pfako~ hl pl pfi cleelxgkh zir~lk~ clr zrlsg`gkh a``gpglkae gkclrmapglk gk ri~iarnfgkh pfi By~gki~~ Na~i

    clr pfi Hriik Inlklmw gk pfi clrm lc gkpirsgix~4 Dgm Casa &Cgsi Xgk`~ Gkpirkapglkae ak` YKIZ,^IPAN Egci Nwnei Gkgpgapgsi'%Marniel Si~zleg Paoaloa &YKIZ-^BN ak` Bratgegak ^y~pagkabei Nlk~prynpglk Nlyknge' ak` Hyw Flhhi &Helbae ^y~pagkabgegpw%

    Elyg~ @riwcy~ Nlmml`gpgi~ ak` y~pagkabei Rgni Zeapclrm'+

    Gk a``gpglk YKIZ xlye` egoi pl pfako pfi cleelxgkh nlmzakgi~ pfap zrlsg`i` gkclrmapglk clr pfg~ zybegnapglk4 Akhel Amirgnak%

    Ayrinlk% Asgsa% Bano~birh% BA^C% Ieglk Ri~lyrni~ Hrlyz% Iqygpw Bako% Ci`irangk Kanglkae i Nacipirl~ i Nlelmbga% CIM^A%

    Hryzl Bgmbl% Makahim% MAZCRI% Mlhaeaoxika% Kapyra% Ki~pei% Zrlnpir # Hambei% ZYMA% Ragkclri~p Aeegakni% ioim Hrlyz%

    ^frii Nimikp% ^gimik~% ^lmzl Dazak Gk~yrakni% Ykgeisir% Silega% Xllexlrpf~% Virlv+ Pfigr gkzyp xa~ a saeyabei zarp lc pfi

    ri~iarnf pfap xikp gkpl pfi `isielzmikp lc pfi By~gki~~ Na~i clr pfi Hriik Inlklmw+ Pfi ri~iarnf zazir ak` nlmzeipi na~i

    ~py`gi~ ari asageabei lk pfi YKIZ xib~gpi4 xxx+ykiz+lrh+

    Xi hrapicyeew anoklxei`hi pfi ~yzzlrp lc Ykgeisir gk pfi zybegnapglk zrl`ynpglk ak` pfi Criknf Mgkg~prw lc Inlelhw ak` ^y~pagkabei

    @isielzmikp clr pfigr lk-hlgkh ~yzzlrp pl YKIZ~ zrgsapi ~inplr anpgsgpgi~+

    Nlzwrghfp Ykgpi` Kapglk~ Iksgrlkmikp Zrlhrammi% 2:12

    Pfg~ zybegnapglk maw bi rizrl`yni` gk xflei lr gk zarp ak` gk akw clrm clr i`ynapglkae lr klk-zrlp zyrzl~i~ xgpflyp ~zingae

    zirmg~~glk crlm pfi nlzwrghfp fle`ir% zrlsg`i` anoklxei`himikp lc pfi ~lyrni g~ ma`i+ YKIZ xlye` azzringapi rinigsgkh a

    nlzw lc akw zybegnapglk pfap y~i~ pfg~ zybegnapglk a~ a ~lyrni+ Kl y~i lc pfg~ zybegnapglk maw bi ma`i clr ri~aei lr clr akw lpfir

    nlmmirngae zyrzl~i xfap~lisir xgpflyp zrglr zirmg~~glk crlm pfi Ykgpi` Kapglk~ Iksgrlkmikp Zrlhrammi+

    Ngpapgk

    YKIZ% 2:12% Pfi By~gki~~ Na~i clr pfi Hriik Inlklmw+ y~pagkabei Ripyrk lk Gksi~pmikp+

    @g~neagmir

    Pfi `i~ghkapglk~ imzelwi` ak` pfi zri~ikpapglk~ lc pfi mapirgae lc pfg~ zybegnapglk `l klp gmzew pfi ivzri~~glk lc akw lzgkglkxfap~lisir lk pfi zarp lc pfi Ykgpi` Kapglk~ Iksgrlkmikp Zrlhrammi &YKIZ' nlknirkgkh pfi eihae ~papy~ lc akw nlykprw%

    pirrgplrw% ngpw lr aria lc gp~ aypflrgpgi~% lr nlknirkgkh `iegmgpapglk lc gp~ crlkpgir~ lr blyk`argi~+ Mlrilsir% pfi sgix~ ivzri~~i` `l

    klp kini~~argew rizri~ikp pfi `ing~glk lr pfi ~papi` zlegnw lc YKIZ% klr `li~ ngpgkh lc pra`i kami~ lr nlmmirngae zrlni~~i~

    nlk~pgpypi ik`lr~imikp+

    Gk ri~iarnfgkh pfi By~gki~~ Na~i clr pfi Hriik Inlklmw% nlmzakgi~ crlm aee lsir

    pfi xlre` xiri a~oi` pl zrlsg`i gkzyp~ pl geey~prapi pfi kakngae% ~lngae ak`

    iksgrlkmikpae bikip~ lc a ~y~pagkabgegpw ba~i` by~gki~~ ml`ie+ Pfi

    ivamzei~ fghfeghfpi` gk pfg~ zybegnapglk ak` lk YKIZ~ xib~gpi l

    klp gmzew ik`lr~imikp lr ~yzzlrp% gk cyee lr gk zarp% lc nlmzakgi~

    lr pfi gkclrmapglk zrlsg`i`+

    G^BK kymbir4 786-72-6:8->26:-1

    Dlb kymbir4 @PG,199>,ZA

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    Pabei c

    Nkpikp~

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    Crixr`b YKIZ

    Gk a xlre` xfiri ri~lyrni~ ari hapfiri` gk lki nlykprw% zrlni~~i` gk aklpfir% pfik ~le` a~ zrl`ynp~ makycanpyri`

    gk wip aklpfir% pfiri nak bi kl lybp pfap zrlpinpgkh lyr zeakip% ak` pfi ri~lyrni~ gp zrlsg`i~% g~ gmzirapgsi+ Xi egsi

    gk a xlre` klx ~l gkpirnlkkinpi` pfap a rlyhfp lr ll` gk lki zarp lc pfi helbi nak ~llk nfaeeikhi ~yzzew nfagk~

    lr mlsi nlmml`gpw maroip~ gk aklpfir xgpf zrlclyk` gmzegnapglk~ clr pfi zllr ak` pfi syekirabei+

    Gp pfy~ maoi~ ~ik~i pfap a~ xi ~xgpnf pl a mlri ri~lyrni icngikp ak` Hriik Inlklmw lki gk xfgnf inlklmgn

    hrlxpf% ~lngae iqygpw ak` fymak isielzmikp hl fak`-gk-fak` xgpf iksgrlkmikpae ~inyrgpw by~gki~~ ak` gk`y~prw

    xgee bi a oiw `rgsgkh clrni+ Zilzei% zeakip% zrlp g~ pfi makpra aeria`w a`lzpi` bw makw nlmzakgi~ gk pfi zyr~ygp

    lc nlrzlrapi ~y~pagkabgegpw% byp gc xi ari pl pryew prak~clrm pfi inlklmgn zara`ghm pfik gp kii`~ pl bi a`lzpi` bw

    makw% makw mlri+ Crlm nlrkir ~plri~% pl mi`gym-~gti` ikpirzrg~i~ ak` gkpirkapglkae nlkhelmirapi~% pfiri kii`~

    pl bi ak yk`ir~pak`gkh pfap kapyri zrlsg`i~ y~ xgpf saeyabei ri~lyrni~ ak` ~irsgni~ pfap my~p bi annlykpi` clr%

    ak` pfap gp g~ lkew bw ~acihyar`gkh pfi~i ri~lyrni~ ak` ~irsgni~ pfap xi gmzrlsi lyr lxk egsiegfll`~ ak` pfl~i lc

    cypyri hikirapglk~+

    Pfg~ rizlrp neiarew ~flx~ pfap by~gki~~ nakklp acclr` pl ghklri pfi bikip~ pfap ~xgpnfgkh pl a Hriik Inlklmw xgee

    brgkh+ Nlmzieegkh inlklmgn ak` ~ngikpgn `apa `imlk~prapi pfi a`sakpahi~ clr pfi kakngae blpplm egki% ak` a

    xg`i-rakhgkh nleeinpglk lc na~i ~py`gi~ hgsi~ riae-xlre` ivamzei~ lc pfi Hriik Inlklmw gk anpglk+

    Clr makw by~gki~~i~ pfi bikip~ lc a Hriik Inlklmw xgee klp bi kix~% clr pfiw fasi aeria`w ma`i pfi ~xgpnf lr

    ari gk prak~gpglk+ ZYMA xgpf gp~ Iksgrlkmikpae Zrlp ak` El~~ Annlykp g~ abei pl qyakpgcw pfi inlklmgn rg~o &109

    mgeeglk gk 2:1:' crlm iksgrlkmikpae gmzanp aelkh pfi ~yzzew nfagk? Oikwa~ Iqygpw Bako fa~ dlgki` xgpf zarpkir~pl zrlsg`i elak~ pl carmir~ ikabegkh anni~~ pl xapir-icngikp grrghapglk pinfklelhw ap a elx gkpiri~p rapi ak` fa~

    gknria~i` pfi bako~ zrlp bw aeml~p >: zir nikp gk a wiar? pfi Nlelmbgak Nlccii Hrlxir~ Ci`irapglk ik~yri~ a

    ~y~pagkabei gknlmi clr mlri pfak 28%::: nlccii hrlxir~ xgpf gp~ Ragkclri~p Aeegakni nirpgi` nlccii? ak` Ykgeisir

    fa~ eayknfi` a ^y~pagkabei Egsgkh Zeak xfgnf g~ ~ip pl gkpihrapi ~y~pagkabgegpw a~ pfi oiw `rgsir gkpl gp~ by~gki~~

    ml`ie+ Clr pfi~i ikpirzrg~i~% aee brasi iklyhf ak` gkklsapgsi iklyhf pl bi iarew eia`ir~% pfi Hriik Inlklmw g~

    mlri pfak a pfilrw? clr pfim% gp g~ a zranpgni aeria`w riazgkh rixar ~ clr pfim% pfigr ny~plmir~ ak` nlmmykgpgi~+

    Pfi Ykgpi` Kapglk~ Nlkcirikni lk ^y~pagkabei @isielzmikp% Rgl/2:% zrlsg`i~ ak ykzrini`ikpi` lzzlrpykgpw pl

    ~naei-yz ak` annieirapi pfi~i icclrp~+ A~ hlsirkmikp~ hapfir pl nlk~g`ir pfi Hriik Inlklmw gk pfi nlkpivp lc

    ~y~pagkabei isielzmikp ak` zlsirpw aeeisgapglk% ak` pfi ogk` lc cramixlro~ pfiw kii` pl zyp gk zeani pl zrlpinp pfi

    cypyri% xi gksgpi by~gki~~ pl ~piz yz ak` ~flx pfi rlei gp nak zeaw gk hikirapgkh `inikp dlb~% gk `isielzgkh ikirhwicngikp pinfklelhgi~ ak` gk`y~prgae zrlni~~i~% gk hriikgkh gp~ ~yzzew nfagk~ ak` gk gkpihrapgkh iksgrlkmikpae%

    ~lngae ak` hlsirkakni zrgkngzei~ pfrlyhflyp pfigr eik`gkh% gksi~pmikp ak` gk~yrakni `ing~glk-maogkh+

    By~gki~~ fa~ elkh biik a eia`ir+ Gp~ abgegpw pl imbrani g`ia~% pl gkklsapi% pl nlknizpyaegti ak` `isielz ~leypglk~

    gk pfi clrm lc kix zrl`ynp~ ak` ~irsgni~ g~ ~lmipfgkh pfap xi xgee kii` pl imyeapi ap aee eisie~ lc ~lngipw gc xi ari

    pl anfgisi a Hriik Inlklmw prak~clrmapglk+

    1

    Anfgm ^pigkir

    YK Yk`ir-^inriparw Hikirae ak` Ivinypgsi @grinplr

    Ykgpi` Kapglk~ Iksgrlkmikp Zrlhrammi

    g^plnozflpl

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    Pik wiar~ ahl YKIZ ak` ^y~pagkAbgegpw nleeablrapi` lk a ri~iarnf rizlrp pgpei` Bygi` Pia~yi Ynligh pfi

    by~gi~~ na~i cl nlzlapi ~y~pagabggp+ Gk pfi pgmi ~gkni pfi rizlrp~ rieia~i% pfi isg`ikni pfap ~y~pagkabgegpw

    g~ hll` clr by~gki~~ fa~ annymyeapi`+ Xfgei pfi pria~yri g~ kl elkhir byrgi`% gp rimagk~% pl a earhi `ihrii%

    ykneagmi`+

    Lsir pfi 29 wiar~ pfap Helbi^nak ak` ^y~pagkAbgegpw fasi xlroi` lk nlrzlrapi ~y~pagkabgegpw% xi fasi xgpki~~i`

    pgmi ak` ahagk pfi myepgzei xaw~ pfap ~y~pagkabgegpw iegsir~ by~gki~~ saeyi pl nlmzakgi~ pfap a`lzp gp a~ a ~prapihgn

    zrgkngzei+ Pfiri g~ kl `lybp gk lyr mgk`~4 pfiri g~ a neiar by~gki~~ na~i clr ak inlklmw pfap ri~yep~ gk gmzrlsi`

    fymak xiee-bigkh ak` ~lngae iqygpw% xfgei ~ghkgnakpew ri`yngkh iksgrlkmikpae rg~o~ ak` inlelhgnae ~narngpgi~ a

    Hriik Inlklmw+ Gk canp% pfi elkh-pirm zrl~zirgpw lc by~gki~~i~ g~ pgi` `grinpew pl lyr abgegpw a~ a ~lngipw pl maoi

    pfi prak~gpglk+

    Gp xlkp bi ia~w+ Pfi ~yrsiw pfap xi nlk`ynpi` clr pfg~ zrldinp g`ikpgi~ riae ak` ~ghkgnakp barrgir~ pl pfi

    prak~gpglk% pfi ml~p zrlmgkikp lc xfgnf g~ pfi ~flrp-pirm pfgkogkh xfgnf zirsa`i~ by~gki~~i~% hlsirkmikp~ ak`

    nlk~ymir~+ Pfi ~leypglk~ ari kigpfir ~gmzei klr qygno+ Pfi By~gi~~ Na~i cl pfi Hii Inllm% flxisir%

    maoi~ a nlmzieegkh na~i clr ble`ir% ca~pir ak` mlri ~yb~pakpgsi nfakhi a prak~gpglk pl a Hriik Inlklmw pfap g~

    ak i~~ikpgae nlk`gpglk lc cypyri by~gki~~ ~ynni~~+

    Dicc Irgo~k^ikglr Sgni Zri~g`ikp% ^y~pagkAbgegpw

    Nfrg~ Nyepir

    Zri~g`ikp% Helbi^nak

    Crixr`b y~pagkAbgegp ak` Hebi^nak

    2

    g^plnozflpl

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    Gk 2:11 YKIZ zrl`yni` a rizlrp pgpei` Plxa`~ a Hii Inllm+ Gp `i~nrgbi` ak inlklmw

    pfap ri~yep~ gk gmzrlsi` fymak xiee-bigkh a~ xiee a~ ~lngae iqygpw% xfgei ~ghkgnakpew ri`yngkh

    iksgrlkmikpae rg~o~ ak` inlelhgnae ~narngpgi~+2 Pfi rizlrp zrlzl~i` a isielzmikp zapfxaw

    clr zlegnw maoir~ pl prak~gpglk pl a Hriik Inlklmw pfap g~ elx narblk% ri~lyrni icngikp

    ak` ~lngaeew gkney~gsi% ak` xfl~i hrlxpf gk gknlmi ak` imzelwmikp g~ `rgsik bw zybegn

    ak` zrgsapi gksi~pmikp~ pfap ri`yni narblk img~~glk~ ak` zleeypglk% ikfakni ikirhw ak`

    ri~lyrni icngiknw% zrisikp pfi el~~ lc bgl`gsir~gpw ak` inl~w~pim ~irsgni~ ak` nlkprgbypi pl

    zlsirpw aeeisgapglk+ Gp imlk~prapi~ pfap a Hriik Inlklmw xgee ~pgmyeapi kix maroip~% nriapi

    mlri dlb~% hikirapi fghfir rapi~ lc H@Z hrlxpf gk pfi mi`gym pirm% gmzrlsi ripyrk~ lk

    gksi~pmikp~% ak` ri`yni gk`gsg`yae ak` nleeinpgsi rg~o% aee xfge~p ~prikhpfikgkh iksgrlkmikpae%

    ~lngae ak` fymak nazgpae+>

    Pfi By~gi~~ Na~i cl a Hii Inllm% nlmzeimikp~ ak` ivpik`~ pfi 2:11 rizlrp+ Xrgppik

    clr a nlrzlrapi ay`gikni% gp geeymgkapi~ ak` neargi~ pfi by~gki~~ bikip~ pl nlmzakgi~ pfap

    zrl-anpgsiew zarpgngzapi gk zirfaz~ isik eia` pfi prak~gpglk+ Kymirly~ ivamzei~ ak`

    nlmzieegkh imzgrgnae `apa `imlk~prapi flx by~gki~~ ~prapihgi~ pfap riinp pfi apprgbypi~

    lc a ri~lyrni icngikp ak` hriik inlklmw nak zl~gpgsiew gmzanp pfi kakngae miprgn~ lc

    nlmzakgi~ lc aee ~gti~+

    Pfi~i ivamzei~ crlm blpf isielzi` ak` isielzgkh nlykprgi~% `imlk~prapi flx gkpihrapgkh

    ~y~pagkabgegpw gkpl nlri by~gki~~ anpgsgpgi~ nak hikirapi a zl~gpgsi ripyrk lk gksi~pmikp+Ripyrk~ pfap hl biwlk` pfi kakngae nlmzlkikp ak` nlkprgbypi pl pfi ~lngl-inlklmgn

    ak` iksgrlkmikpae cramixlro nlk`gpglk~ kini~~arw clr by~gki~~ pl hrlx ak` lzirapi

    ~ynni~~cyeew+

    Ak ivpik~gsi bl`w lc ri~iarnf fa~ biik nlk`ynpi` pl nriapi pfg~ by~gki~~ na~i zybegnapglk+

    ^lyrni~ gkney`i YKIZ~ xg`ir Hriik Inlklmw Gkgpgapgsi xlro% YKIZ~ zarpkir lrhakgtapglk~%

    ak` pfi xg`ir by~gki~~ nlmmykgpw+ Kymirly~ na~i ~py`gi~ gkney`i` gk pfg~ rizlrp riinp

    a kix Hriik By~gki~~ Na~i Ml`ie pl `imlk~prapi flx anpglk~ paoik bw nlmzakgi~ pl

    gmzrlsi pfigr iksgrlkmikpae gmzanp~ ri~yep gk gmzrlsimikp~ pl eia`gkh gk`gnaplr~ lc kakngae

    ~ynni~~% xfgnf ri~yep gk gmzrlsimikp~ pl ~gv oiw kakngae miprgn~40

    Hikirae Mlplr~

    ~asi` mlri pfak Y^$

    >: mgeeglk gk 3 wiar~

    pfrlyhf pfigr ri~lyrni

    zrl`ynpgsgpw zrlhrammi%

    pfiw ae~l ri`yni` xa~pi

    sleymi bw 0: zir nikp+1

    Gk pfi lcc~flri

    xgk` ~inplr aelki%

    imzelwmikp gk Iyrlzi

    g~ zrldinpi` pl hrlx pl

    19:%::: bw 2:2: ak` pl

    lsir 2::%::: bw 2:>:+

    Hryzl Bgmbl

    gk Mivgnl ~asi`

    azzrlvgmapiew Y^$

    8::%::: ak` >>6%0::m> lc xapir gk > wiar~

    pfrlyhf gp~ xapir

    ri`ynpglk zrlhrammi+

    Maroip~ clr

    bgl`gsir~gpw lcc~ip~ ari

    zri`gnpi` pl hrlx pl

    Y^$ 1: bgeeglk bw 2:2:+

    Helbae risikyi~ clr

    nlmzakgi~ gkslesi` gk

    pfi rikixabei ikirhwmaroip~ ari zrldinpi`

    pl rg~i pl mlri pfak

    Y^$ >:: bgeeglk

    akkyaeew bw 2:2:+

    Isg`ikni ~flx~ pfap

    imzelwii ikhahimikp

    nak `iegsir ~ghkgnakp

    zrl`ynpgsgpw hagk~+

    1 Xlre` By~gki~~ Nlyknge clr ^y~pagkabei @isielzmikp &XBN^@' &2::6'+ ^y~pagabi Nl~ymzpgl Canp~ a` Pi`~ Clm a By~gi~~ Zi~zinpgi+ Hikisa4XBN^@+ Asageabei ap4 fppz4,,xxx+xbn~`+lrh,zahi~,i`lnymikp,i`lnymikp`ipage~+a~zv Gbg`+ ^ii ae~l4 Lrhakgtapglk clr Inlklmgn Nllzirapglk ak` @isielzmikp &LIN@' &2:11'+ Plxa`~ Hii Hlxpf+ A ^ymma cl Zlgn Mai~+ Zarg~4 LIN@+0 Pfi~i miprgn~ ari nlmbgki` gkpl pfrii lsiraee kakngae `rgsir~ gk pfi Hriik By~gki~~ Na~i Ml`ie4 ~aei~ hrlxpf ak` `yrapglk? ri`yni` nazgpae ivzik`gpyri ak`gmzrlsi` zrlp marhgk? ak` zricirabei pavapglk ak` ri`yni` nl~p lc nazgpae+

    Canp~ ak`Cghyri~4

    Ivinypgsi

    ^ymmar

    aei~ hrlxpf

    @yrapglk lc ~aei~

    Nazgpae ivzik`gpyri

    Zrlp marhgk

    Pav rapi~

    Nl~p lc nazgpae

    3 oiw

    kakngae

    miprgn~

    fyppir~plno

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    A~ pfg~ rizlrp maoi~ isg ikp% pfi bikip~ pl by~gki~~ lc a`lzpgkh hriikir ak` ri~lyrni icngikp

    zranpgni~ ari lbsgly~% ak` pfi nlk~iqyikni~ pl by~gki~~ lc inl~w~pim nleeaz~i ari `g~a~prly~+

    ^l% xfw ari ~y~pagkabgegpw ~prapihgi~ klp mlri xg`iew a`lzpi`< ^ghkgnakp barrgir~ rimagk%

    ml~p klpabew pfi `iiz-~iapi` kakngae ~flrp-pirmg~m pfap ivg~p~ gk by~gki~~i~% maroip~ ak`

    hlsirkmikp~+ Gk a``gpglk% makw zlegngi~% ~yb~g`gi~ ak` gknikpgsi~ lcciri` bw hlsirkmikp~ ak`

    maroip~ rixar` lr iknlyrahi bifasglyr~ ak` `ing~glk~ pfap gknria~i% rapfir pfak `inria~i%

    iksgrlkmikpae gmzanp~+ Flxisir% a~ zri~~yri lk inl~w~pim~ ak` kapyrae ri~lyrni~ gknria~i~%

    nfakhi~ gk zybegn zlegnw% ny~plmir zricirikni~% ak` pinfklelhw xgee rgsi pfi maroip clr gmzrlsi`

    iksgrlkmikpae zirclrmakni+ By~gki~~i~ xgpf pfi clri~ghfp pl hip gk crlkp lc pfi~i nfakhi~ xgee

    hagk a nlmzipgpgsi a`sakpahi+ Gp g~ i~pgmapi` pfap pfi akkyae kakngkh imak` riqygri` pl nriapi

    pfi Hriik Inlklmw g~ gk pfi Y^$ 1-2+9 prgeeglk rakhi+9 Pfg~ eisie lc gksi~pmikp rizri~ikp~ ak

    iklrmly~ lzzlrpykgpw clr pfi zrgsapi ~inplr pl zrlsg`i pfi gkcra~prynpyri% iqygzmikp% hll`~ ak`

    ~irsgni~ pfap xgee `rgsi pfi prak~gpglk+ Xgpf pfg~ gk mgk`% gksi~plr~ ari gknria~gkhew nlk~g`irgkh

    iksgrlkmikpae zirclrmakni a~ a zrlvw clr makahimikp qyaegpw+

    Pfi prak~gpglk pl a Hriik Inlklmw g~ klp ak ia~w zapf+ Gp g~ nfaranpirgti` bw ~piz nfakhi~ gk

    ri~lyrni icngiknw ak` a ~fgcp gk imzfa~g~ crlm ~farifle`ir saeyi pl ~paoifle`ir saeyi+ ^lmi

    nlmzakgi~% ak` zirfaz~ xflei gk`y~prgi~% xgee klp ~yrsgsi pfi prak~gpglk+ ^ynni~~ lsir pfi elkh-

    pirm xgee riqygri kix ~ogee~% `gsir~i nleeablrapglk~% nlkpgkyly~ gkklsapglk% gksi~pmikp~ xgpf

    yknirpagk ripyrk~% ak` a nfakhi gk xfap pfi maroip saeyi~+ Nlmzakgi~% egoi hlsirkmikp~% xgee

    kii` pl nfll~i xg~iew gc pfiw ari pl nazgpaegti lk pfi lzzlrpykgpgi~ gp brgkh~+

    @inlyzegkh iksgrlkmikpae gmzanp ikabei~ nlmzakgi~ pl zl~gpglk pfim~iesi~ clr ~y~pagkabei by~gki~~ hrlxpf+ Pfi

    Hriik By~gki~~ Na~i Ml`ie g`ikpgi~ anpglk~ nlmzakgi~ nak paoi pl `rgsi eia`gkh gk`gnaplr~ lc zirclrmakni ak`

    gmzrlsi kakngae saeyi `rgsir~+3

    Hriik Inlklmw bikip~ pl by~gki~~ gkney`i4

    Mlri ri~gegikp ~yzzew nfagk~

    Kix gksi~pmikp lzzlrpykgpgi~

    Gknria~i` nlk~ymir `imak` clr ~y~pagkabei hll`~ ak` ~irsgni~

    ^aei~ hrlxpf ak` `yrapglk lc ~aei~

    Pragkgkh ak` dlb nriapglk

    Ri`yni` izik`iknw lk kapyrae ri~lyrni~

    Mgpghapglk ahagk~p pfi kihapgsi kakngae rg~o crlm iksgrlkmikpae gmzanp

    9 YKIZ &2:11'+ Plxa`~ a Hii Inllm4 Zapfxa~ pl ^y~pagabi @iilzmip a` Zlip Ia`gnapgl+ Asageabei ap4 fppz4,,xxx+ykiz+lrh,hriikinlklmw+3 Zeia~i ricir pl zahi 1: clr pfi Hriik By~gki~~ Na~i Ml`ie+

    G a xl` lc

    nl~pagi` i~lyni~

    Ygii ~ii~ pfi l

    xa pl `lybi pfi

    ~gti lc ly by~gi~~

    g~ pl `inlyzi ly

    hlxpf clm ly

    iglmipa gmzanp+

    Xi na `l pfg~ b

    magh ~y~pagabi

    ggh pfi `gi lc

    iipfgh xi l+

    YkGeIsIr

    Pfi By~gki~~ Na~i cr pfi Hriik Inkm ap a heakni4

    0

    fyppir~plno

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    Pfi hapfirgkh lc eia`ir~ crlm hlsirkmikp% by~gki~~ ak` ngsge ~lngipw ap pfi Rgl/2: Ykgpi` Kapglk~ Nlkcirikni lk

    ^y~pagkabei @isielzmikp zri~ikp~ a fg~plrgn lzzlrpykgpw pl annieirapi pfi prak~gpglk pl a Hriik Inlklmw+ Zl~gpgsi

    by~gki~~ ikhahimikp gk pfi nlkcirikni g~ nrgpgnae+ Gk`ii`% xfgei zybegn zlegnw g~ ak i~~ikpgae gkhri`gikp gk maogkh

    pfi Hriik Inlklmw a riaegpw% gp g~ pfi anpglk~ lc pfi zrgsapi ~inplr pfap xgee yepgmapiew `ipirmgki xfipfir ak` flx

    qygnoew gp lnnyr~+

    By~gki~~ anpgk~4

    Ifani i~ggini a` by~gi~~ hlxpf b a`lzpgh apiapgi ayapgl pinfgyi~4 Pra`gpglkae mlkiparw

    saeyapglk pinfkgqyi~ cage pl nazpyri pfi saeyi lc ~yzzegi~ crlm kapyri+ Aepirkapgsi pinfkgqyi~ mlri a`iqyapiew

    saeyi fymak% ~lngae ak` kapyrae nazgpae+

    @gi zlgn nfahi4 Nlmzakgi~ nak ae~l `rgsi zlegnw nfakhi clr maroip-ba~i` rihyeapglk~ lc iksgrlkmikpae

    ba`~ ak` nyp~ gk zybegn cyk`gkh gk ~inplr~ pfap izeipi kapyrae nazgpae+ Pfg~ nak nriapi lzzlrpykgpgi~ clr ri~zlk~gbei

    by~gki~~ gksi~pgkh gk pfi pinfklelhw gkklsapglk~ ak` ikprizrikiyr~fgz pfap pfi~i kix maroip~ riqygri+

    Mlsi crlm ~farifle`ir pl ~paoifle`ir saeyi nlk~g`irgkh pfi xg`ir lzirapgkh cramixlro4By~gki~~i~ ari anfgisgkh

    nlmzipgpgsi a`sakpahi bw ellogkh ap pfigr nlmzakw a~ zarp lc a xg`ir kipxlro lc ~paoifle`ir~ ak` ikhahgkh pfim

    pl maoi bippir gkclrmi` `ing~glk~+

    I~yi imzlii ihahimip a` ifani i~lyni zl`ynpggp4 Nriapgkh gknikpgsi~ ak` minfakg~m~ plimbi` ~y~pagkabgegpw xgpfgk nlmzakw nyepyri gk aee lzirapglk~ xgee riaz mlri ~lngipae bikip~ ak` ri~lyrni icngikp

    lypnlmi~+

    I~pabeg~f ~y~pagkabgegpw a~ a zirmakikp gpim lk pfi Blar` ahik`a ak` nlmmykgnapi gp~ saeyi pl gksi~plr~ ak`

    nl~ymi~4 Bw zeangkh ~y~pagkabgegpw ap pfi nlri lc hlsirkakni% eia`gkh nlmzakgi~ ari zeakkgkh clr pfi gmzegnapglk~

    lc pfi prak~gpglk pl a Hriik Inlklmw+ Maogkh pfi egko bipxiik ~y~pagkabgegpw ak` kakngae rizlrpgkh xgee ikabei pfi

    saeyi pl bi bippir nlmmykgnapi` pl gksi~plr~ ak` nlk~ymir~

    A~ nlmzakgi~ akpgngzapi ak` `rgsi pfi prak~gpglk pl a Hriik Inlklmw% pfi by~gki~~ na~i xgee hrlx+ ^l pfi qyi~pglk

    g~4 xfw xagp9 zir nikp lc ieinprgngpw

    y~i% mlri pfak 2: zir nikp lc NL2 img~~glk~ ak` lsir a qyarpir lc zrgmarw ri~lyrni ivpranpglk%

    `grinpew gmzanpgkh inlklmgn hrlxpf% pfi iksgrlkmikp ak` fymak fiaepf+7 Bw gmzeimikpgkh

    ~y~pagkabgegpw mia~yri~ pfi makycanpyrgkh ~inplr nak bll~p inlklmgn ak` iksgrlkmikpae

    zirclrmakni+ Gmzrlsgkh rinlsirw ak` rinwnegkh% pfi a`lzpglk lc nel~i`-nwnei makycanpyrgkh ak`

    ivpik`gkh pfi egci~zak lc makycanpyri` hll`~ nak fiez pl `inlyzei pfg~ ~inplr~ hrlxpf crlm gp~

    iksgrlkmikpae gmzanp+ Ivamzei~ lc pfg~ ari hgsik pfrlyhflyp pfi rizlrp+

    Rimakycanpyrgkh lzirapglk~ xlre`xg`i aeria`w ~asi 1:+8 mgeeglk barrie~ lc lge ianf wiar+

    ^y~pagkabei zrl`ynpglk zranpgni~ nak ri`yni img~~glk~ ak` gkpihrapi bw-zrl`ynp~ gkpl pfi

    zrl`ynpglk saeyi nfagk+ A~ ~ynf% ripyrk lk gksi~pmikp nak bi ~yb~pakpgae ak` zawbano zirgl`~

    ri`yni`+ Pfiri ari ae~l zl~gpgsi gmzegnapglk~ clr dlb~ pfrlyhf lzzlrpykgpgi~ gk ~inlk`arw

    zrl`ynpglk+

    Nl~ymi `ima`

    Makw nlmzakgi~ ~ii ~y~pagkabgegpw a~ a oiw `rgsir lc gkklsapglk ak` kix ~aei~ lzzlrpykgpgi~+

    Gknria~gkhew xiee-gkclrmi` nlk~ymir~ ari rag~gkh pfigr ivzinpapglk~ lc pfi zrgsapi ak` zybegn

    ~inplr~+ Nlk~ymir `imak` clr ~y~pagkabei zrl`ynp~ g~ hrlxgkh% ak` pfiri g~ mynf ykpazzi`

    eapikp `imak` pfap nak bi ykelnoi` bw nlmzakgi~ xgpf a neiar sg~glk lc a mlri ~y~pagkabei

    cypyri+ Eia`gkh nlmzakgi~ ari y~gkh ~y~pagkabgegpw a~ a ~prapihgn `rgsir% gkclrmgkh ~prynpyrae

    nfakhi~% ak` hlsirkakni ak` gksi~pmikp ing~glk~+ Flxisir% pfi madlrgpw lc by~gki~~i~ riqygrimlri zir~ya~glk+

    Nrgpgnae nfgni~

    Nrgpgnae nflgni~ kii` pl bi ma`i klx% pl inlyzei inlklmgn hrlxpf crlm iksgrlkmikpae gmzanp

    ak` ri~lyrni y~i% pl zrizari clr pfi inlklmgn riaegpw lc plmlrrlx% ak` pl ikabei by~gki~~ pl

    ~igti pfi ~naei lc pfi lzzlrpykgpw+ Pl nriapi ri~gegikp ~w~pim~% ~yb~pakpgae gkklsapglk g~ riqygri`+

    A mlri ri~lyrni icngikp ak` Hriik Inlklmw zrlsg`i~ pfi cramixlro clr a ~prlkhir ak` mlri

    ~y~pagkabei by~gki~~ azzrlanf% ap pfi fiarp lc xfgnf egi~ pfi kini~~gpw pl ik~yri ~y~pagki`

    kakngae hrlxpf lsir pfi elkh-pirm+

    A Hriik Inlklmw riqygri~ ~piz nfakhi~ gk ri~lyrni icngiknw% gksi~pmikp gk neiak pinfklelhgi~%

    pfi `isielzmikp lc aepirkapgsi zrl`ynp~% ~irsgni~ ak` mapirgae~% ak` pfi abgegpw pl lbpagk saeyi

    crlm ykaslg`abei xa~pi+ Cghyi 2 ~flx~ pfi oiw mapirgae g~~yi~ ak` ~ymmarw gmzegnapglk~

    clr a kymbir lc ~ieinpi` ~inplr~+ Pfl~i ap pfi clricrlkp lc pfg~ isleypglk ari `isielzgkh kix

    hlsirkakni ml`ie~% ikfakngkh makahimikp zrlni~~i~% ak` `isielzgkh mia~yrimikp ak`

    rizlrpgkh plle~ pfap nak mlri a`iqyapiew annlykp clr pfi nlmzeivgpgi~ lc ~y~pagkabgegpw+

    7 YKIZ &2:11'+ Plxa`~ a Hii Inllm4 Zapfxa~ pl ^y~pagabi @iilzmip a` Zlip Ia`gnapgl% z+ 201-263+ Asageabei ap4 fppz4,,xxx+ykiz+lrh,hriikinlklmw+

    8

    B i`yngh

    iglmipa

    gmzanp~% lziapgl~

    a` ~yzzgi~ na

    i`yni ivzl~yi

    pl g~gh nl~p~

    a~ hlimip~~pihpfi pavi~ pl

    `g~nlyahi cypfi

    `amahi pl apyi+

    Y`i~pa`gh pfi~i

    gmzgnapgl~ na

    fiz pl mgpghapi g~

    g pfi ~yzz nfag

    a` a~l zlpipga

    nfai gi~pmip~

    pl bippi maahi

    pfi~i nfaihi~+

    Pfg~ g py na

    fiz ZYMA `iilz

    a mli i~ggip

    by~gi~~ ml`i+

    ZYMA

    fyppir~plno

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    ^inpr Mapirgae G~~yi~Gmzegnapgk~ cr prak~gpgk

    p Hriik Inkm

    Byge`gkh ak` nk~prynpgk

    Fly~gkh? gk`y~prgae ak`gkcra~prynpyri nlk~prynpglk

    Ikirhw y~i ak` img~~glk~ Mapirgae~ y~i Xa~pi Xapir Fiaepf ak` ~acipw

    Ri~lyrni icngiknw ^y~pagkabei gkklsapglk Egci-nwnei makahimikp

    C` ak` Bisirahi

    Ahrgnyepyrae zrl`ynpglk?zrlni~~gkh? cll` zrl`ynpglk?`g~prgbypglk? ripage? ak` napirgkh

    Lsir~fgkh Gknria~gkh miap nlk~ymzpglk Iksgrlkmikpae ihra`apglk Fiaepf Ri~lyrni ak` ikirhw y~i Xapir Xa~pi Xlroir rghfp~

    Ribyge` lsir~fi` ak` `izeipi`~f ~plno~

    A`lzp ri~lyrni-nlk~irsgkhzranpgni~

    Clny~ lk fiaepf ak` xiee-bigkh Gmzrlsi ~yzzew nfagk nlk`gpglk~

    Prak~zrp

    Agr? rage? ~fgzzgkh? rla`sifgnei~

    Iksgrlkmikpae `ihra`apglk ak`eak` y~i

    Aepirkapgsi cyie~

    Rla` ~acipw Img~~glk~

    @isielz eghfpir sifgnei~ Gknria~i imzfa~g~ lk nleeinpgsi

    ak` gkpirml`ae prasie

    Gknria~i y~i lc pinfklelhw plri`yni gmzanp~

    Pyrg~m

    El`hgkh? rinriapglk?ri~payrakp~ ak` bar~? isikp~?plyrg~m ~irsgni~? nyepyri? plyr~ak` ivnyr~glk~

    Iksgrlkmikpae ihra`apglk ^lngl-inlklmgn `isielzmikp Firgpahi ak` nyepyri Xapir ak` ri~lyrni y~i Xa~pi Fymak rghfp~

    Nleeinpgsiew makahi ri~lyrni~bipxiik zrgsapi ak` zybegn

    zarpkir~

    Gmzrlsi` saeyapglk lc firgpahi ak`nyepyri

    Ivpranpgsi~

    Mgkgkh lc mgkirae~ ak` mipae~?lge ak` ha~

    Iksgrlkmikpae ihra`apglk Ikirhw ak` xapir y~i Fymak rghfp~

    Fl~p nlmmykgpw bikip~gkney`gkh imzelwmikp% risikyi~

    ak` pavi~

    Fiaepf ak` ~acipw

    Zrizari clr a ~fgcp gk pfi zrgngkh~prynpyri lc ri~lyrni~

    Gknria~i ikirhw icngikngi~

    Egci-nwnei ri~lyrni makahimikp

    Ypgegpgi~

    Xapir ak` xa~pi makahimikp?ikirhw zrl`ynpglk ak`

    `g~prgbypglk

    Img~~glk~ Kyneiar zlxir Xapir y~i Xa~pi `g~zl~ae

    Makahi `imak` Gknria~i icngikngi~ @isielz rikixabei pinfklelhgi~ ap

    aee ~naei~

    A ~fgcp gk pfi zrgngkh ~prynpyri lcri~lyrni~

    Xa~pi pl ri~lyrni riy~i%rinwnegkh ak` ikirhw rinlsirw crlm

    xa~pi

    6

    ^LYrNI4 Pxl Plmlrrlx~ &2:12'+ Elk`lk+

    fyppir~plno

    Cghyri 2+ Mapirgae g~~yi~ ak` gmzegnapglk~ bw ~ieinpi` ~inplr~+

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    1: XBN^@ &2:1:'+ Pfi Hii rani G~ L _lkegki]+ Asageabei ap4fppz4,,xxx+xbn~`+lrh,Zahi~,I@lnymikp,I@lnymikp@ipage~+a~zv

  • 7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.

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    Eisirahgkh Bikip~

    pfryhf pfi Hriik

    Inkm

    >

    Cghyri >+ Hriik By~gki~~ Na~i Ml`ie

    Pfiri g~ a nlmzieegkh na~i clr pfi prak~gpglk plxar`~ a ri~lyrni icngikp ak` Hriik Inlklmw+ @inlyzegkh g~ hll`

    clr by~gki~~4 rapfir clny~ lkew lk nl~p% ak iqyaeew zirpgkikp qyi~pglk g~% pl xfap ivpikp `l pfi~i anpglk~ fasi a

    zl~gpgsi gmzanp bielx% imlk~prapi~ pfi nlrrieapglk bipxiik pfi hriikgkh

    lc by~gki~~ ak` kakngae saeyi nriapglk ak` lccir~ a cramixlro pl ~yzzlrp pfg~ zrlni~~+ Gp fghfeghfp~ anpglk~ pfap

    gmzrlsi by~gki~~ ri~gegikni% `iegsir ikfakni` kakngae zirclrmakni% ak`% ap pfi ~ami pgmi% ~yzzlrp brla`ir

    iksgrlkmikpae ak` ~lngl-inlklmgn hlae~+

    Pfi ml`ie ~yhhi~p~ a ngrnyear nfagk lc nay~i ak` iccinp+ Gp fa~ pfrii nlmzlkikp~4

    1 Paogkh anpgk

    2 Eia`gkh gk`gnapr~

    > Cgkakngae saeyi rgsir~

    1:

    ^LYrNI4 YKIZ% @PGI &2:12'+ Zarg~+

    Eia`gkh Gk`gnapr~

    Egnikni pl lzirapi

    Rg~o zrlei

    ^inyrgkh gksi~pmikp

    Zrl`ynpgsgpw &gkney`gkh fymaknazgpae'

    Appranpgkh ny~plmir~

    Brak` saeyi ak` rizypapglk

    Paogkh Anpgk

    I`ynapglk ak` pragkgkh

    Inl-gkklsapglk

    @i~ghk clr ~y~pagkabgegpw

    Rg~o makahimikp

    Ri~lyrni icngiknw

    Neiak pinfklelhgi~

    ^yzzew nfagk makahimikp

    ^y~pagkabei hll`~ ak` ~irsgni~

    Ikhahimikp ak` rizlrpgkh

    Cgkakngae Saeyi @rgsir~

    ^aei~ hrlxpf ak` yrapglk

    Ri`yni` nazgpae ivzik`gpyri ak`

    gmzrlsi` zrlp marhgk

    Zricirabei pavapglk ak` ri`yni`

    nl~p lc nazgpae

    g^plnozflpl

  • 7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.

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    Azzegkh pfi m`ie

    ^lngipw fa~ ~l car cagei` pl prak~eapi pfi neiar manrl-inlklmgn na~i clr ~y~pagkabei isielzmikp pl a by~gki~~ na~i

    ap ikpirzrg~i eisie+ Pfi isg`ikni pfrlyhflyp pfg~ rizlrp zrlsg`i~ ivamzei~ lc flx pfi ml`ie g~ bigkh azzegi` anrl~~

    a rakhi lc ~inplr~% hilhrazfgi~ ak` ~naei~ lc ikpirzrg~i+ Pflyhf pfi by~gki~~ na~i g~ ~lyk` clr aee ~gti~ lc by~gki~~%

    gp maw bi y~icye pl nlk~g`ir gp anrl~~ pfi saeyi nfagk ak` ap sargly~ ~naei~+

    Pfi ml`ie fghfeghfp~ a sgrpyae ngrnei `rgsik bw pfi kii` clr ~aei~ hrlxpf ak` `yrapglk? gmzrlsi` zrlp marhgk ak`

    ri`yni` nazgpae ivzik`gpyri? ak` zricirabei pav ak` ri`yni` nl~p lc nazgpae+ Aee lc pfi~i nak bi ikfakni` bw paogkh

    ~y~pagkabei anpglk~ pfap gmzrlsi pfi eia`gkh gk`gnaplr~ lc by~gki~~ ~ynni~~+ Pfi cleelxgkh pfrii ~inpglk~ zrlsg`i

    ~lmi ivamzei~% geey~prapgkh pfi zapfxaw~ pfap a kymbir lc nlmzakgi~ ari paogkh pl `isielz by~gki~~ saeyi ak` plfiez ik~yri elkh-pirm ri~gegikni+ Pfi ~prikhpf lc pfi Hriik Inlklmw nlknizp g~ pfap pfiri ari gkkymirabei lzpglk~

    clr by~gki~~ pl y~i kakngae saeyi pl `rgsi gmzrlsimikp~ gk eia`gkh gk`gnaplr~ pfrlyhf a brla` rakhi lc ~y~pagkabei

    anpglk~+12 Pl a~~g~p pfi ria`ir gk yk`ir~pak`gkh pfi~i zapfxaw~% ^y~pagkabei Anpgk~ ari fghfeghfpi` gk hriik%

    Eia`gkh Gk`gnapr~ gk beyi ak` Cgkakngae Saeyi @rgsir~ari fghfeghfpi` gkri`+

    ^inpglk >a ivamgki~ flx anpglk aria~ nak nlkprgbypi pl ^aei~ Hrxpf ak` @yrapgk xgpf a kymbir lc na~i ~py`gi~+

    ^inpglk >b a``ri~~i~ flx Ri`yngkh Nazgpae Ivzik`gpyriak` Gknria~gkh Zrlp Marhgk~ nak lx crlm paogkh

    anpglk~+ ^inpglk >n nlk~g`ir~ zapfxaw~ pfap eia` pl Zricirabei Pavapgk ak` Ri`yni` N~p c Nazgpae+

    >a+ ^aei~ Hrxpf ak` @yrapgk

    A~ maroip ak` rihyeaplrw `imak` clr ~y~pagkabgegpw hrlx~% pfi by~gki~~ pfap maoi~ iccinpgsi y~i lc plle~ ~ynf a~

    `i~ghk cr ~y~pagkabgegpak` pfi `iegsirw lc mlri ~y~pagkabei h`~ ak` ~irsgni~ xgee bi gk a zl~gpglk pl bll~p

    gp~ abgegpw pl gkklsapi ak` pl appranp mri ny~pmir~% xfgnf gk pyrk xgee ~flx zl~gpgsi ri~yep~ pfrlyhf ~aei~ hrxpf

    ak` yrapgk+

    Appranpgkh mri ny~pmir~

    Nlk~ymir gkpiri~p gk ~y~pagkabei zrl`ynp~ g~ zrlhri~~gkh crlm iarew ciar~ ablyp a~~ymi` fghfir nl~p pl a prik` gk

    xfgnf zl~gpgsi iksgrlkmikpae ak` ~lngae ieimikp~ ari ak gkfirikp zarp lc zrl`ynp qyaegpw+ Rinikp ~yrsiw ri~yep~1>

    ~yhhi~p pfap gk cypyri by~gki~~-pl-by~gki~~ &B2B' ak` by~gki~~-pl-nlk~ymir &B2N' ny~plmir~ ak` lpfir ~paoifle`ir~

    xgee ivzinp aee zrl`ynp~ pl bi iksgrlkmikpaeew ak` ~lngaeew ri~zlk~gbei+ @imak` fa~ hikiraeew biik ri~gegikp xgpf

    makw ny~plmir~ xgeegkh pl zaw a zrimgym clr ~y~pagkabgegpw nri`ikpgae~ anrl~~ ml~p napihlrgi~+

    12 Pfi~i anpglk~ nak gkney`i pfi rakhi lc ~y~pagkabgegpw plle~ ak` azzrlanfi~ pfap nak a~~g~p gk a~~i~~mikp% mia~yrimikp% gmzeimikpapglk ak` nlmmykgnapglk+1> Zrgnixapirfly~iNllzir~ &ZxN' &2:11'+ ^y~pagabi Hlxpf+ 10pf Aya Hlba NIL ^yi+ Asageabei ap4 fppz4,,xxx+zxn+nl+yo,nil-~yrsiw,xfap~-lk-pfi-mgk`-lc-nlmmykgnapglk~-nil~+dfpme+ ii ae~l4 OZMH &2:11'+ Gpiapgla yi lc Nlzlapi ri~zl~gbggp rizlpgh 2:11+ Am~pir`am4 OZMH+

    11

    g^plnozflpl

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    Appranpgkh mlri ny~plmir~ `izik`~ lk pfi iccinpgsi zrlmlpglk lc pfi bikip~ lc ~y~pagkabei

    nlk~ymzpglk% xfgnf nak gkney`i410

    a+ in-gkksapgk ak` `i~ghk cr ~y~pagkabgegppl `iegsir mavgmym ~lngipae saeyi ap

    mgkgmym iksgrlkmikpae nl~p

    b+ nflgni gkyikngkh pfrlyhf maroipgkh nlmmykgnapglk~ ak` axariki~~-rag~gkh

    namzaghk~

    n+ nflgni i`gpgkh bw rimlsgkh yk~y~pagkabei lzpglk~ crlm pfi maroip zeani+

    Clr ivamzei% zrl`ynp ~irsgni ml`ie~ ikabei a mlsi biwlk` by~gki~~-a~-y~yae azzrlanfi~

    pfap iknlyrahi pfi qygno `g~zl~ae lc zrl`ynp~ lr razg` lb~lei~nikni ak` gp~ rieapi` xa~pi lc

    ri~lyrni~+ By~gki~~ clr ^lngae Ri~zlk~gbgegpw &B^R' arhyi~ pfap ~y~pagkabei nlk~ymzpglk nak

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    kii` pl ripfgko flx inlklmgn hrlxpf g~ zyr~yi` ak` by~gki~~ ml`ie~ azzegi`+ Pfi rilrgikpapglk

    lc nlk~ymir nflgni~ ak` egci~pwei~ xgee zeaw a nryngae rlei+13

    Gkclrmapglk anrl~~ aee maroip~ ak` ~inplr~ g~ klp aexaw~ asageabei% byp ml~p ~yrsiw~ ak` `apa

    gk`gnapi ~aei~ hrxpf+ Clr ivamzei% madlr maroip~ clr lrhakgn cll` ak` bisirahi~ fasi

    ivzak`i` bw 1:-2: zir nikp gk pfi za~p `ina`i+18 Xfik `lki annyrapiew ak` xiee% pl rlby~p

    ~pak`ar`~% eabie~ ak` nirpgnapglk nak gmzrlsi anni~~ pl mlri riegabei gkclrmapglk ak` fiez plgkclrm nlk~ymir~ ak` bll~p pfi yzpaoi lc mlri ~y~pagkabei h`~ ak` ~irsgni~+

    10 XBN^@ &2:11'+A g~gl cl ~y~pagabi nl~ymzpgl - Glapgl% nlablapgl% a` pfi maahimip lc nflgni+ Hikisa4 XBN^@+19 By~gki~~ clr lngae Ri~zlk~gbgegpw &B^R' &2:1:'+ Pfi kix Clpgi g ^y~pagabggp - Pfi By~gi~~ Lzzlpygp g Pangh ^y~pagabi Nl~ymzpgl+ ^akCrakng~nl4 B^R+ ^ii ae~l4 Xlre` Inlklmgn Clrym &XIC' ak` Annikpyri &2:12'+ Mlri xgpf Ei~~4 naegkh y~pagkabei Nlk~yepapglk ak` Ri~lyrni Icngiknw+Hikisa4 XIC+13 YKIZ &2:11'+ Zagh pfi xa cl ^y~pagabi Nl~ymzpgl a` Zl`ynpgl4 Pfi Maainf Zlni~~ Zlhi~~ rizlp+ Asageabei ap4 fppz4,,xxx+ykiz+cr,~nz,marraoinf+18 Ba~i` lk pfi `apa crlm ^aflpa% A+ &2::7'+ Pfi Helbae Maroip clr Lrhakgn Cll` # @rgko+ Gk4 Xgeeir% F+ ak` Ogenfir% E+ &i`~+' Pfi Xl` lc Lhagn Ahgnypyi4^papg~pgn~ a` Imihgh Pi`~ 2::7+ CGBE-GCLAM Rizlrp16 Zlrpir% M+ ak` Oramir% M+ &2:11'+ Nriapgkh ^fari` Saeyi+ Faa` By~gi~~ rigix &Dakyarw-Cibryarw'% z+ 9>-38+

    12

    g^plnozflpl

    Hikirae Ieinprgn

    ~ax ~aei~ lc gp~

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    xgpf pfi nlmzakw

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    pfi rapi lc pfi plpae

    nlmzakw risikyi~

    lsir pfi si wiar~

    pl 2:19+16

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    By~gki~~i~ ari gk pfi zl~gpglk pl zrlanpgsiew nriapi ak` ~fazi nlk~ymir `imak` ak` bll~p rieapi` ~aei~+ Clr

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    pl mgpghapi pfi rg~o~ lc elx ragkcaee% xfgnf prghhir~ gk~yrakni zawmikp~+ Pfi nlmzakw gkgpgapi` a pragkgkh ak`

    i`ynapglk zrlhrammi clr gp~ nlk~ymir ba~i% xfgnf% gk pyrk% fa~ lziki` kix maroip~ clr gp~ zrl`ynp+

    1>

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    YK

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  • 7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.

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    Zrdinp Ivamzei4 ^lmzl Dazak gkprl`yni` a Xiapfir Gk`iv Gk~yrakni gk klrpfia~p Pfageak` gk 2:1:+ Pfg~

    zrl`ynp fiez~ rgni carmir~ ri`yni inlklmgn `amahi nay~i` bw `rlyhfp+ Mgk`cye pfap pfi rihglk g~ ~flrp lcxapir ri~lyrni~ ak` pfap gp~ carmir~ lcpik ~pryhhei pl zaw bano elak~% ^lmzl Dazak `isielzi` pfi gk~yrakni

    zrl`ynp xgpf Pfageak`~ Bako clr Ahrgnyepyri ak` Ahrgnyepyrae Nllzirapgsi~ &BAAN'+ Gc nymyeapgsi ragkcaee `apa

    zybeg~fi` bw pfi Pfag Mipilrlelhgnae @izarpmikp caee bielx a `ipirmgki` saeyi% carmir~ rinigsi gk~yrakni

    zawmikp~ iqygsaeikp lc yz pl 0: zir nikp lc pfigr gk~yri` elak+ Bw y~gkh ragkcaee `apa a~ a prghhir% pfi pra`gpglkae

    kii` lc anpyae `amahi gksi~pghapglk g~ klp kini~~arw+ Pfg~ ikabei` gp pl zrlsg`i gk~yrakni nlsirahi ap ak

    acclr`abei zrgni ak` ae~l eia`~ pl gmmi`gapi nlmzik~apglk clr pfi el~~ lc zrlp lr ivzik~i~ clr zrisikpgkh

    risikyi `inria~i+ Pfi gk~yrakni g~ zag` sga pfi BAAN a~ zlegnwfle`ir pl pfi carmir~ a~ gk~yri` zarpgi~+

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    rieapi` pl negmapi nfakhi ak` iksgrlkmikpae ~pri~~i~ xfgei ~y~pagkgkh pfigr egsiegfll`+ Pfg~ fa~ ikabei` pfi

    nlmzakw pl appranp ny~pmir~ak` gknria~i pfigr brak` saeyi+

    Cgkakngae Saeyi @rgsir~4^aei~ Hrxpf ak` @yrapgk c ^aei~+^lmzl Dazak Gk~yrakni Pfageak` &^DGP' fa~

    ivzak`i` ~aei~ lc pfi zrl`ynp pl si zrlsgkni~ rinigsgkh 3%18> azzegnakp~ gk 2:11+ Gk 2:12% clyr zrlsgkni~ xgee

    bi a``i` xfgnf brgkh~ pfi plpae ~aei~ aria pl kgki zrlsgkni~+ Pfi gk~yrakni zrlhrammi lc ^DGP ak` BAAN g~

    binlmgkh xg`i~zria` amlkh carmir~ ak` pfi zrldinp fa~ ae~l ikabei` ^lmzl Dazak pl ikpir kix maroip~

    abrla`+ yzzlrp crlm pfi Pfag hlsirkmikp fa~ ikabei` ak gknria~i gk pfi gk~paeeapglk lc ~inyri xiapfir ~papglk~

    xfgnf xa~ iccinpgsi clr ^DGP pl eayknf pfi xiapfir gk`iv gk~yrakni+ Pfg~ xgee maoi gp ia~gir clr ^lmzl Dazak

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    Na~i4 ^mz DazakGk~yrakni Gkn+

    Zybegn zrgsapi zarpkir~fgz~ nak zrsg`i pfi ikabegkh nk`gpgk~ ak` fiez

    makahi rg~o gk pfi prak~gpgk p a Hriik Inkm+

    ^INPlR4

    Gk~yrakni

    FIA@qYARPIR^4

    Dazak

    AKKYAE ^AEI^4

    Y^$ 19%112 mgeeglk

    KYMBIR lC

    IMZElwII^4

    16%8:6

    HIlHRAZFGNAE ZRI^IKNI4

    130 ngpgi~ gk 26 nlykprgi~

    10

    Ivamzei c4 I`ynapgk ak` Pragkgkh% Rg~o Makahimikp% ^y~pagkabei H`~ ak` ^irsgni~+

    YK

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    Kix maroip~

    Nlk~g`irabei kix maroip lzzlrpykgpgi~ egi gk `isielzgkh ~y~pagkabei by~gki~~ ml`ie~ pfap fiez

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    ivamzei% ivzinp~ 8: zir nikp lc gp~ by~gki~~ pl nlmi crlm A~ga xgpfgk 1: wiar~+

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    17 Gkpirkapglkae Cgkakni Nlrzlrapglk &GCN' &2:11'+ Gny~gi By~gi~~ Ml`i~ Hyg`i pl pfi Gny~gi By~gi~~ Ml`i~ g GCN~ Zlpclgl4 Ngip Na~i py`gi~+Xa~fgkhplk% @N4 GCN+2: Bg~flz% D+ &i`+' &2:11'+ Pfi Inllmgn~ lc Inl~~pim~ a` Bgl`gi~gp g By~gi~~ a` Ipizg~i+ Elk`lk4 Iarpf~nak+

    19

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    g^plnozflpl

  • 7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.

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    ^INPlR4

    @gsir~gi`Gk`y~prgae~

    AKKYAE ^AEI^4

    Y^$ 76 bgeeglk &2:11'

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    IMZElwII^4

    >3:%:::

    HIlHRAZFGNAE ZRI^IKNI4

    172 nlykprgi~

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    pfryhf pfi gknria~i` izemikp c kix neiak pinfkehgi~+

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    gk pfi Ykgpi` Ogkh`lm+ Pfi plpae nazangpw lc 18> MX g~ iqygsaeikp pl pfap hikirapi` bw a

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    gksi~pmikp ak` appranpgkh ny~pmir~+

    Iksgrkmikpae,^ngae Saeyi4 Gknria~gkh pfi ~naei lc rikixabei ikirhw y~i g~ i~~ikpgae pl

    mgpghapi pfi kihapgsi gmzanp~ lk inl~w~pim~ ak` fymak fiaepf nay~i` bw pfi zrl`ynpglk

    ak` y~i lc cl~~ge cyie~+ Gk a``gpglk pl pfi zl~gpgsi iksgrlkmikpae iccinp~% pfi ivzak~glk lc

    rikixabei~ ae~l fa~ a zl~gpgsi gmzanp lk inlklmgn hrlxpf ak` dlb nriapglk+ Gk pfi lcc~flrixgk` ~inplr aelki% imzelwmikp gk Iyrlzi g~ zrldinpi` pl hrlx pl 19:%::: bw 2:2: ak` pl

    xiee lsir 2::%::: bw 2:>:+

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    pfi ivzak~glk lc gp~ xgk` by~gki~~+

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    pl bi i~pabeg~fi` pl zrlsg`i ~pabgegpw pl gksi~plr~% ak` akw zlpikpgae nlkgnp xgpf lpfir y~ir~

    lc pfi ~ami margki aria~ kii`~ pl bi a``ri~~i`+

    21 Ivpranp crlm pfi Rikixabei Ikirhw nfazpir lc pfi Hriik Inlklmw Rizlrp% YKIZ 2:11+

    ZRlCGEI

    13

    Ivamzei c4 In-Gkksapgk% Neiak Pinfkeh% ^y~pagkabei H`~ ak` ^irsgni~+

    Hriik Inkm

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    ak` gknria~i`

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    ~yzzegir~+21

    ^gimik~

  • 7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.

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    Na~i4 ASGSA YO

    Zrdinp Ivamzei4 ASGSA eayknfi` gp~ gk~yrakni zrl`ynp clr Elx-Narblk ak` Iksgrlkmikpae Hll`~ ak`

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    rinwnegkh+ A~ pfi ~inplr g~ hrlxgkh razg`ew% ~l ari pfi maroip lzzlrpykgpgi~ clr pagelri` ~leypglk~ pl pfigr ~zingn

    rg~o~+ Bw zrlsg`gkh a ~y~pagkabei zrl`ynp pl nlmzegakp nlmzakgi~% Asgsa g~ ikabegkh ~y~pagkabei nlmzakgi~ pl

    gmzrlsi pfigr rg~o zrlei xfgei pazzgkh gk lk a hrlxpf lzzlrpykgpw+

    Iksgrkmikpae,^ngae Saeyi4 ^y~pagkabei gk~yrakni g~ ak gmzlrpakp ikabegkh minfakg~m clr nlmzakgi~

    pl maoi pfi prak~gpglk pl a ri~lyrni icngikp% Hriik Inlklmw+ ASGSA~ anpgsgpgi~ gk pfi ENIH^ ~inplr fasi

    iksgrlkmikpae ak` ~lngae saeyi gk pfi mi`gym pl elkh-pirm xgpf pfi zrlsg~glk lc a`azpi` gk~yrakni ~leypglk~

    ikabegkh nlmzakgi~ pl xlro clr a zl~gpgsi iksgrlkmikpae gmzanp+

    Cgkakngae Saeyi @rgsir~4^aei~ Hrxpf ak` @yrapgk c ^aei~+ Gk sgix lc pfi ~prlkh hrlxpf zlpikpgae lc pfi

    ENIH^ ~inplr% ASGSA i~pgmapi~ rieapi` inlklmgn bikip~ `yrgkh pfi r~p si wiar~ ap YO 9 mgeeglk Hrl~~

    Xrgppik Zrimgym bw 2:19 &Kix By~gki~~ lkew'+ ^yzzlrpi` bw hlsirkmikp `ing~glk~ ak` kakngae gknikpgsi~%

    pfg~ ~inplr g~ ivzinpi` pl gknria~i bw YO 09 bgeeglk bw 2:19+

    Nfaeeikhi~4 Gk`y~prw nlk`gpglk~ ak` hrlxpf zlpikpgae canplr~ nfakhi razg`ew a~ pfi maroip g~ `rgsik amlkh~p

    lpfir pfgkh~ bw ~pak`ar` inlklmgn nlk`gpglk~ ak` hlsirkmikpae clrni~+ Ae~l% pfi egmgpi` ivzirgikni lc

    gk~yrakni nlmzakgi~ gk pfg~ ie` zrlsg`i~ nfaeeikhi~ zarpgnyearew gk ikpirgkh ak imirhgkh maroip+

    Gk~yrakni ~eypgk~ cr ~y~pagkabei h`~ ak` ~irsgni~ rizri~ikp

    a kix maroip zzrpykgp pfap fa~ pfi zpikpgae p gknikpgsgti

    hriik by~gki~~i~ ak` iccinpgsi rg~o makahimikp+

    ^INPlR4

    Cgkakngae^irsgni~

    FIA@qYARPIR^4

    YO

    AKKYAE AEI^4

    Y^$ 1+1>: bgeeglk

    KYMBIR lC

    IMZElwII^4

    18%9::

    HIlHRAZFGNAE ZRI^IKNI4

    Zarp lc Asgsa Hrlyz% xlre` 3pf earhi~pgk~yrakni hrlyz &26 nlykprgi~'

    ZRlCGEI

    ^w~pim~ ak` egci-nwnei pfgkogkh ae~l `rgsi kix maroip `isielzmikp ~ynf a~ pfi imirhikni lc sirpgnae gkpihrapglk aelkh

    ~yzzew nfagk~+ Pl pfg~ ik`% a kymbir lc makycanpyrgkh rm~ ari mlsgkh gkpl zrldinp `isielzmikp% ripagegkh% gk~paeeapglk%

    zrl`ynp paoi-bano ak` acpir-~aei~ ~irsgni~+

    Pfi Nlelbgak Nlccii Hrlxir~ Ci`irapglk na~i ~py`w lkzahi 17 geey~prapi~ flx nleeablrapglk aelkh pfi saeyi nfagk

    ba~i` arlyk` inlelhgnae zri~irsapglk% nlkpgkygpw lc ~yzzew ak` hyarakpii` zrgni~ fa~ ~inyri` maroip anni~~ clr mlri

    pfak 28%::: nlccii hrlxir~ ak` ~ghkgnakpew gknria~i` pfigr risikyi~+ Pfi na~i ~py`w lc pfi ^IoIm Hrlyz crlm Ihwzp

    ivzeagk~ pfi `isielzmikp lc a ~w~pim~-ba~i` nlmmirngae ml`ie xfgnf hikirapi~ risikyi hrlxpf crlm nlmzl~pgkh%

    sirgi` narblk img~~glk ri`ynpglk~% ~lge zr`ynpgsgpgmzrlsimikp~ ak` lrhakgn cll` zrl`ynpglk+ Blpf lc pfi na~i

    ~py`gi~ geey~prapi zlpikpgae lc zl~gpgsi gmzanp~ ap elnae eisie pl gmzrlsi egsgkh nlk`gpglk~ pfrlyhf ieimikp~ ~ynf a~ ~ogee~

    ikfaknimikp ak` dlb nriapglk+

    18

    Ivamzei c4 Rg~o Makahimikp% ^y~pagkabei H`~ ak` ^irsgni~+

    g^plnozflpl

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    Zrdinp Ivamzei4^IOIM eayknfi` a nlmmirngae nlmzl~p zrldinp gk 2::8% lzirapi` dlgkpew bw pfi ^IOIM

    nlmzakw EGBRA ak` lge # Mlri Gkpirkapglkae BS+ Azzewgkh gkpihrapi` ~yzze nfagk makahimikp% pfg~ zrldinp

    gmzrlsi~ pfi nlmzakw~ ri~lyrni icngiknw ak` hikirapi~ a``gpglkae risikyi~ bw prak~clrmgkh xa~pi zrl`ynp~

    crlm ^IOIM~ ahrgnyepyrae anpgsgpgi~ gkpl nlmzl~p% a fghf-saeyi ak` ~y~pagkabei h`+ Pfi nlmzl~p g~ igpfir

    y~i` clr ^IOIM~ lxk ahrgnyepyrae zrl`ynpglk lr ~le` pl carmir~ &i+h+ gk 2:1:% 80 zir nikp lc pfi nlmzl~p xa~

    y~i` gkpirkaeew% xfiria~ gk 2:11% 62 zir nikp xa~ ~le` pl carmir~'+ Pl`aw% ^IOIM-EGBRA ryk~ pxl nlmzl~p

    ~gpi~% xfgnf ari lzirapgkh ap kiar cyee nazangpw+

    Iksgrkmikpae,^ngae Saeyi4 ^IOIM~ nlmmirngae nlmzl~p zrldinp ~pgmyeapi~ a``gpglkae imzelwmikp

    lzzlrpykgpgi~ yz ak` lxk pfi saeyi nfagk+ Gp nriapi~ kix dlb~ ap pfi nlmzl~pgkh cangegpgi~ ak` zrlsg`i~ arabei

    eak` pl fyk`ri`~ lc carmir~ gk Ihwzp pfrlyhf eak` rineamapglk zrldinp~ gk `rlyhfp-zrlki ak` `i~irp aria~+

    Zr`ynpgsgpak` ~y~pagkabgegpw lc carmgkh g~ ikfakni` bw byge`gkh yz kyprgikp ak` narblk-rgnf ~lge~+ Ae~l%bipxiik 2::8 ak` 2:11% mlri pfak >::%::: plkki~ lc NL2 iqygsaeikp~ xiri ~asi` pfrlyhf elx img~~glk

    nlmzl~pgkh% nlkprgbypgkh pl gkpirkapglkae negmapi nfakhi mgpghapglk icclrp~+

    Cgkakngae Saeyi @rgsir~4 ^aei~ Hrxpf ak` @yrapgk c ^aei~+ ^gkni pfi ~parp lc pfi nlmzl~p zrldinp gk

    2::8% ~aei~ fasi gknria~i` nlk~g`irabew crlm IHZ 866%0:: pl mlri pfak IHZ 1:+9 mgeeglk &2:1:'+ Gk 2:1:% pfi

    nlmzl~p zrldinp annlykpi` clr 9>+7 zir nikp lc ^IOIM-EGBRA~ plpae ~aei~+ Gk a``gpglk% PYIS22 g~~yi` 6:%:::

    sirgi` img~~glk ri`ynpglk &SIR' nri`gp~ pl ^IOIM-EGBRA &gk 2:1:'% zrlsg`gkh ivpra gknlmi pl pfi nlmzakw+

    @yrapglk lc ~aei~ ak` ~aei~ hrlxpf g~ cyrpfir zrlmlpi` pfrlyhf pfi nlmzl~p zrldinp bw byge`gkh yz kyprgikp ak`

    narblk-rgnf ~lge~ ak` bw azzewgkh lrhakgn ak` bgl`wkamgn ahrgnyepyrae zrl`ynpglk mipfl`~% pfiribw gknria~gkh

    ahrgnyepyrae zrl`ynpgsgpw ak` ~y~pagkabgegpw lc pfi carmgkh by~gki~~+

    Nfaeeikhi~4 Nfakhgkh zrl`ynir ak` nlk~ymir zirnizpglk~ pfap nlmzl~p g~ klp a xa~pi makahimikp ~w~pim

    byp a zrlni~~ pl hikirapi a fghf-saeyi zrl`ynp zrlsi` pl bi a nfaeeikhi clr ^IOIM-EGBRA~ zrldinp+ Ae~l%

    a~ nlmzl~p g~ pwzgnaeew zirnigsi` a~ a xa~pi zrl`ynp xgpf kl flmlhikly~ qyaegpw% a nfaeeikhi fa~ biik pl

    gkprl`yni pfi nlknizp lc qyaegpw gk pfi nlmzl~p maroip+

    22 PS-Klr` Nirp Hirmakw% g~ a YKCNNN annri`gpi` @LI &@i~ghkapi` Lzirapglkae Ikpgpw' ak` pfi nri`gp~ hikirapi` ari rihg~piri` ap MaroGp rihg~prw+

    Na~i4 ^IOIM Hryz

    ^INPlR4

    Cll` ak`

    pivpgei~

    FIA@qYARPIR^4

    Ihwzp

    AKKYAE AEI^4

    Y^$ 0: mgeeglk

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    KYMBIR lC

    IMZElwII^4

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    16

    Ivamzei lc4 ^yzzew Nfagk Makahimikp% Ri~lyrni Icngiknw% ^y~pagkabei Hll`~ ak` ^irsgni~+

    A``gkh saeyi p a ri~yrni ~priam kp ke zrpinp~ pfi

    iksgrkmikp% gp ae~ nriapi~ kix imzemikp zzrpykgpgi~

    ak` hikirapi~ risikyi~ crm kix maroip~+

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    Na~i4 Ci`irangk Kangkae `iNacipir~ &CKN'% Nembga

    ^y~pagkabei ~yzzew nfagk~ aeelx MI~ pl riaz pfi bikip~ lc

    pfi Hriik Inkm prak~gpgk+

    Zrdinp Ivamzei4 Gk 2::7% Ci`irangk Kanglkae i Nacipirl~ &CKN' plhipfir xgpf Ki~zri~~l isielzi` a kix

    Hrak` Nry Rl~abawa `i Nlelmbga crlm nlccii hrlxk gk Nayna ak` Kargl zrlsgkni~+ Nyrrikpew 28%>12 nlccii

    carmir~ ari ikhahi` gk pfi Ki~zri~~l AAA y~pagkabei Qyaegpw zrlhrammi+ Pfg~ nllzirapglk isielz~ fghf-

    qyaegpw nlccii~ gk a ~y~pagkabei xaw% zri~irsgkh mlri pfak 27%::: finpari~ lc carmi` eak`+ gkni pfi eayknf lc

    Rl~abawa `i Nlelmbga gk 2::7 ablyp 2%9:: carm~ fasi biik nirpgi` bw Ragkclri~p Aeegakni gk Nlelmbga+

    ^lmi 9%::: inlelhgnae xip zrlni~~gkh cangegpgi~% 2%8:: ~ixahi ~w~pim~% 6%::: ~izpgn pako~ ak` 3%9:: xa~pi

    priapmikp ykgp~ fasi biik bygep+ A``gpglkaeew% gmzrlsi` `rwgkh ~w~pim~ clr nlccii biak~ clr ~maee zrl`ynir~

    y~gkh ~lear ikirhw fasi biik gk~paeei`+ Pfi nllzirapgsi ~w~pim lzpgmgti~ zr`ynpgsgpak` brak` saeyi+

    Iksgrkmikpae,^ngae Saeyi4Bw brgkhgkh pfim gkpl pfi helbae ~yzze nfagk% CKN g~ ~inyrgkh a ~y~pagkabei

    gknlmi clr mlri pfak 28%::: nlccii ~maeefle`ir~ ak` pfigr camgegi~+ Pfi zrldinp~ ae~l gkney`i nazangpw byge`gkh

    pfrlyhf iksgrkmikpae i`ynapgk zrhrammi~ clr pfi hrlxir~ ak` pfigr nlmmykgpgi~+ Pragkgkh ae~l gkney`i~a brla` rakhi lc iksgrlkmikpae ~pak`ar`~% gkney`gkh xapir ak` ~lge nlk~irsapglk% zeakpgkh ~fa`i prii~ ak`

    xge`egci zri~irsapglk+ Wlykh carmir~ ari ae~l iknlyrahi` pl azzew bi~p zranpgni~ clr eak` nlk~irsapglk ak`

    ~y~pagkabei zrl`ynpglk pinfkgqyi~+

    Cgkakngae Saeyi @rgsir~4 ^aei~ Hrxpf ak` @yrapgk c ^aei~

    Ki~zri~~l fa~ gknria~i` gp~ ~aei~ lc naz~yei~ bw mlri pfak 90 zir nikp &130 mgeeglk naz~yei~ ~le`

    bw pfi ik` lc 2:11'+ Gk 2:11% Rl~abawa `i Nlelmbga annlykpi` clr 12 zir nikp &bw saeyi' lc aee

    Nlelmbgak nlccii zyrnfa~i` bw Ki~zri~~l+

    Pfako~ pl CKN~ `lmi~pgn bywgkh ~prynpyri% zrimgym~ zag` pl nlccii hrlxir~ clr fghf-qyaegpw nlccii

    ~ynf a~ Rl~abawa `i Nlelmbga ari lk asirahi 2: zir nikp ablsi nlksikpglkae nlccii ba~i

    zrgni~+

    Carm zr`ynpgsgpfa~ biik gknria~i` pfrlyhf pfi azzegnapglk lc pinfkgnae ~yzzlrp zrlhrammi~% pfi

    ml`irkgtapglk lc gkcra~prynpyri% ak` a~~g~pakni crlm 62 CKN ahrlklmg~p~+

    ^INPlR4

    Ahrgnyepyri - nlccii

    zrl`ynpglk

    FIA@qYARPIR^4

    Nlelmbga

    ZRlCGEI

    17

    Ivamzei c4 I`ynapgk ak` Pragkgkh% ^yzze Nfagk Makahimikp% ^y~pagkabei H`~ ak` ^irsgni~+

    CKN

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    Pfi Gkpihrapi` Myepg-Prlzfgn Aqyanyepyri &GMPA' azzrlanf imzelwi` bw Nfgka~ Tfakhtg`al

    Cg~firw Hrlyz lccir~ ak aepirkapgsi pl mlklnyepyri mipfl`~% zrlsg`gkh a mlri baeakni`

    inl~w~pim pfap paoi~ gkpl annlykp elnae nlk`gpglk~% lzirapglkae egmgp~ ak` iksgrlkmikpae

    qyaegpw+ Pfg~ ikabei` pfi nlmzakw pl ~ii risikyi hrlx akkyaeew bw 0: zir nikp bipxiik 2::9

    ak` 2:1:% nlmzari` pl pfi gk`y~prw asirahi lc 1> zir nikp+ Gp~ asirahi IBGP@A marhgk xa~ >1

    zir nikp+20

    Byge`gkh brak` saeyi

    By~gki~~i~ pfap anpgsiew zrlmlpi mlri ~y~pagkabei h`~ ak` ~irsgni~% banoi` yz bw

    nlk~g~pikpew rinlhkgti` ~pak`ar`~ ak` eabie~% xgee bikip crlm ikfakni` brak` saeyi ak`rizypapgk+ Pfg~ ikabei~ pfim pl ~y~pagk hrxpf c ~aei~ xgpf elkhir `yrapgk% riinpgkh

    hriapir elwaepw amlkh ivg~pgkh ny~plmir~ ak` nlkpgkyae gmzrlsimikp gk rianfgkh kix ny~plmir

    ba~i~+29

    Ykgeisir% clr ivamzei% xgpf gp~ ^y~pagkabei Egsgkh Zeak g~ anpgsiew zrlmlpgkh mlri ~y~pagkabei

    h`~ ak` ~irsgni~ xgpf pgmi blyk` zybegn parhip~ ak` zrlhri~~ rizlrp~+ Pfg~ anpglk fa~ a

    fghf zlpikpgae clr gknria~gkh gp~ brak` saeyi &~ii na~i ~py`w lk pfi kivp zahi'+

    2> YKIZ &2:11'+ Gksi~pgkh gk Kapyrae Nazgpae4 Ahrgnyepyri+ Gk4 Plxa`~ a Hii Inllm4 Zapfxa~ pl ^y~pagabi @iilzmip a` Zlip Ia`gnapgl+ Asageabeiap4 fppz4,,xxx+ykiz+lrh,hriikinlklmw+20 XIC &2:11'+ Ri`ikgkh pfi Cypyri lc Hrlxpf4 Pfi Kix ^y~pagkabgegpw Nfamzglk~+ Hikisa4 XIC+29 ^y~pagkAbgegpw ak` YKIZ &2::1'+ Bygi` Pia~yi4 Ynligh pfi By~gi~~ Na~i cl Nlzlapi y~pagabi @iilzmip+ Elk`lk4 ^y~pagkAbgegpw+

    2:

    Hriik Inkm

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    nak fazzik

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    ryrae aria~+2>

    g^plnozflpl

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    Na~i4 Ykgeisir ^y~pagkabei Egsgkh Zeak

    Gkpihrapgkh ~y~pagkabgegp gkp by~gki~~ m`ie~ ri~zk`~ p gknria~gkh

    nlk~ymir imak`% iknlyrahi~ gkklsapglk ak` rgsi~ nl~p icngikngi~+

    Zrdinp Ivamzei4 Ykgeisir g~ xlrogkh pl `inlyzei hrlxpf crlm iksgrlkmikpae gmzanp gk lr`ir pl `lybei pfi ~gti

    lc gp~ by~gki~~ ak` gknria~i pfi zl~gpgsi ~lngae bikip~ lc gp~ zrl`ynp~+ Pfi Ykgeisir ^y~pagkabei Egsgkh Zeak ~ip~lyp ablyp 3: pgmi-blyk`% zybegnew-rizlrpi` parhip~ `i~ghki` pl ri`yni nl~p~% ~yzzlrp ny~plmir~ ak` hrlx gp~

    brak`~% lzikgkh yz kix maroip~ gk a ~y~pagkabei xaw+ Parhip~ gkney`i faesgkh pfi iksgrlkmikpae cllpzrgkp lc

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    gksi~pmikp~ gk R#@ ak` `isielzmikp lc ~y~pagkabei zr`ynp~ ak` ri~lyrni icngikp canplrgi~+ Gk 2:11% 1::

    zir nikp lc pfi ieinprgngpw zyrnfa~i` clr Ykgeisir ~gpi~ gk Iyrlzi ak` Naka`a nami crlm rikixabei ~lyrni~+

    Iksgrkmikpae,^ngae Saeyi4Pfi saeyi lc pfi zeak egi~ gk gp~ zlpikpgae pl ri`yni Ykgeisir~ iksgrlkmikpae gmzanp

    anrl~~ pfi xflei saeyi nfagk &g+i+ crlm ~lyrngkh lc rax mapirgae~ pl zrl`ynp g~prgbypglk ak` g~zl~ae lc xa~pi'+

    ^lngl-inlklmgn bikip~ gkney`i ikhahgkh ap eia~p 9::%::: ~maeefle`ir~ ak` 89%::: ~maee-~naei g~prgbyplr~ gk

    Ykgeisir~ ~yzzew kipxlro bw 2:2:% pfiribw byge`gkh inlklmgn ri~gegikni aelkh pfi ~yzzew nfagk ak` ikabegkh

    ^MI~ pl bikip crlm pfi hrlxpf lc pfi by~gki~~+

    Cgkakngae Saeyi @rgsir~4 aei~ Hrxpf ak` @yrapgk+ Annlr`gkh pl Ykgeisir pfi by~gki~~ na~i clr pfg~ ~prapihw

    g~ nlmzieegkh+ Gkpihrapgkh ~y~pagkabgegpw gkpl gp~ brak`~ xgee iknlyrahi gkklsapglk% `rgsi nl~p icngikngi~% ak`

    nriapi a nlmzipgpgsi a`sakpahi a~ ripageir~ ak` nlk~ymir~ gknria~gkhew imak` ~y~pagkabei lzpglk~+ Pfrlyhf

    pfi anpglk aria~% Ykgeisir xgee yepgmapiew ri`yni gp~ lzirapglkae ivzik`gpyri pfrlyhf iccinpgsi makahimikp

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    makw lc gp~ Iyrlziak canplrgi~ xfgnf fa~ ei` pl ~asgkh~ lc mlri pfak 1: mgeeglk a wiar &bw pfi ik` lc 2:11'+

    Ykgeisir fa~ klpi` pfap riclrmyeapgkh zrl`ynp~ lr nriapgkh gkklsapgsi kix zrl`ynp~ a`azpi` pl a xlre` lc mlri

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    Ykgeisir~ Lki Rgk~i zrl`ynp~ ari klx y~i` gk 12+9 mgeeglk fly~ifle`~ xlre`xg`i% a 3: zir nikp gknria~i lk

    2:1:+ A`azpgkh gp~ zrl`ynp zlrpclegl pl p a cypyri lc e gmgpi` ri~lyrni~ xgee `rgsi hrlxpf gk kix maroip~+

    ^INPlR4Nlk~ymir

    Hll`~

    FIA@qYARPIR^4YO # Kipfireak`~

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    17: nlykprgi~ZRlCGEI

    21

    Ivamzei lc4 @i~ghk clr ^y~pagkabgegpw% Ri~lyrni Icngiknw% ^yzzew Nfagk Makahimikp%

    Rg~o Makahimikp% ^y~pagkabei H`~ ak` ^irsgni~% Ikhahimikp ak` Rizrpgkh+

    Ykgeisir

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    Gmzrlsi`brak`

    rizypapglk

    Gknria~i`nlmzipgpgsia`sakpahi

    Anni~~pl kix

    maroip~

    Gknria~i`marhgk~

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    ml`ie~

    ak`zrlni~~i~

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    ~irsgni

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    makahi`

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    mapirgae~

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    nlmzegakni

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    22

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    28 YKIZ &2:11' @inlyzgh apya i~lyni y~i clm iglmipa gmzanp~ a` inllmgn hlxpf% A rizlrp lc pfi Gkpirkapglkae Ri~lyrni Zakie% Asageabei ap4fppz4,,xxx+ykiz+lrh,zybegnapglk~,+26 XBN^@ &2::6'+ ^y~pagabi Nl~ymzpgl Canp~ a` Pi`~ Clm a By~gi~~ Zi~zinpgi+ Hikisa4 XBN^@+ Asageabei ap4 fppz4,,xxx+xbn~`+lrh,zahi~,i`lnymikp,i lnymikp`ipage~+a~zv

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    Pfg~ na~i ~py`w lc pfi Gk`gak nlmzakw ^frii Niikp`imlk~prapi~ flx xa~pi fiap rinlsirw eia`~ pl nlk~g`irabei

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    20

    >: Ykgpi` Kapglk~ &2:11'+ Camixl Nlipgl l Ngmapi Nfahi+ @yrbak4 YKCNNN+

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    29

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    23

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    c pfi inkmgn rg~o crm iksgrkmikpae gmzanp aekh

    ~yzze nfagk~% pfiricri ri`yngkh zpikpgae e~~i~% ak`

    ~prikhpfikgkh zirapgkh marhgk~+

    ^INPlR4^zlrp #Egci~pwei

    FIA@qYARPIR^4Hirmakw

    AKKYAE AEI^4IYR > bgeeglk&2:11'

    KYMBIR lCIMZElwII^4

    1:%6>3&2:11'

    HIlHRAZFGNAEZRI^IKNI4

    @g~prgbypglk gk mlri

    pfak 12: nlykprgi~ZRlCGEI

    28

    Ivamzei lc4 Ri~lyrni Icngiknw% Rg~o Makahimikp% ^yzzew Nfagk

    Makahimikp% ^y~pagkabei H`~ ak` ^irsgni~+

    Aeak MnHgee% Zarpkir%

    Zrgnixapirfly~iNllzir~

    g^plnozflpl

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    >2 Narblk @g~nel~yri Zrldinp &2:1:'+ Nabl @g~nl~yi Zldinp 2:1: Hlba 9:: rizlp+ YO4 ZxN+>> YKIZ &2:11'+ Plxa`~ a Hii Inllm4 Zapfxa~ pl ^y~pagabi @iilzmip a` Zlip Ia`gnapgl+ Asageabei ap4 fppz4,,xxx+ykiz+lrh,hriikinlklmw+>0 ZxN ak` XIC &2::6'+ Xlgh Plxa`~ Xii~~4 Pfi By~gi~~ rapglai+ Asageabei ap4 fppz4,,xxx+zxn+nlm,hv,ik,fiaepfnari,xlrogkh-plxar`~-xieeki~~-by~gki~~-rapglkaei+dfpme+>9 By~gki~~ gk pfi Nlmmykgpw &BGPN' &2:11'+ Pfi by~gi~~ na~i cl bigh a i~zl~gbi by~gi~~+ YO4 BGPN+

    Zr`ynpgsgp &gkney`gkh fymak nazgpae'

    A rinlhkgti` nfaeeikhi xfik a~~i~~gkh ~y~pagkabei ripyrk lk gksi~pmikp g~ bigkh abei pl

    yk`ir~pak` ak` `imlk~prapi pfi egko~ bipxiik hriapir nari clr fymak ak` ~lngae nazgpae

    ak` iksgrlkmikpae ri~zlk~gbgegpw+ ^wknfrlkly~ a`lzpglk lc fghfir iksgrlkmikpae ~pak`ar`~

    xgpf gmzrlsi` fymak ri~lyrni makahimikp nak bi anfgisi` pfrlyhf imzelwii ikhahimikp

    zrlhrammi~ xgpf ak gkfirikp egko pl ~y~pagkabgegpw zirclrmakni% gk a``gpglk pl rixar` ak`

    gknikpgsi ~nfimi~+

    Xfik ~y~pagkabgegpw icclrp~ ari gmzeimikpi` iccinpgsiew% by~gki~~i~ nak ivzinp pl gmzrlsi pfigr

    appranpgsiki~~ pl rinrygp kix ak` plz paeikp% pl ripagk imzelwii~ ak` pl ikfakni imzelwii ak`

    ~yzzegir zr`ynpgsgp+ Pfi~i rgsi elkhir-pirm bikip~ ~ynf a~ ny~plmir appranpglk% gmzrlsi`rizypapglk% a bll~p gk lzirapgkh marhgk% a~ xiee a~ lzpgmgti` nazgpae ivzik`gpyri+

    Isg`ikni ~yhhi~p~ pfap isik ~ybpeir xiee-bigkh nfakhi~ nak `iegsir ~ghkgnakp zr`ynpgsgp

    hagk~+ Pfiri ari nlk~g`irabei bikip~ pl gksi~pgkh gk agr qyaegpw% eghfpgkh ak` fiaepf+ Pfi Hriik

    Inlklmw Rizlrp ~flx~ ri~yep~ crlm a ~irgi~ lc ~py`gi~ lk pfi iccinp~ lc bippir iksgrlkmikpae

    nlk`gpglk~ xgpfgk xlrozeani~+ Pfi a`sakpahi~ lc hriik lr ~y~pagkabei byge`gkh~ ivpik`

    biwlk` iksgrlkmikpae hagk~% pl gkney`i hriapir imzelwii zrl`ynpgsgpw ak` xro yaegp% gk

    a``gpglk pl gmzrlsi` zybegn fiaepf a~ a ri~yep lc ri`yni` agr ak` klg~i zleeypglk+>> Pfi~i

    gk`gnapi ~ghkgnakp zr`ynpgsgp~asgkh~4

    Gk`llr agr qyaegpw4 3-7 zir nikp zr`ynpgsgphagk Kapyrae sikpgeapglk4 >-16 zir nikp zr`ynpgsgphagk

    Elnae pfirmae nlkprle4 >+9->8 zir nikp zr`ynpgsgphagk

    @aweghfpgkh4 >-0: zir nikp zr`ynpgsgpak` ~aei~ hagk

    A kymbir lc ~py`gi~>0 nlkney`i pfap by~gki~~ nak gmzrlsi xieeki~~% zrisikp nfrlkgn g~ia~i~

    ak` ri`yni` fiaepfnari nl~p~ xfgei riazgkh pfi yae bikip~ lc gmzrlsi` kakngae ri~yep~ ak`

    fighfpiki` imzelwii hll`xgee+

    26

    Pi~nl% pfi YOfia`qyarpiri`

    ~yzirmaroip hrlyz% clr

    gk~pakni% gknikpgsgti~

    gp~ ~ikglr makahir~ pl

    gmzrlsi iksgrlkmikpae%

    ~lngae ak` hlsirkakni

    &I^H' zirclrmaknixgpf pfi zrlsg~glk lc

    ~nae blky~i~ ba~i`lk zirclrmakni

    ahagk~p negmapi nfakhi

    rieapi` OZG~+>2

    Xllexlrpf~% pfi

    ^lypf Acrgnak

    ~yzirmaroip

    hrlyz% riaegti`

    pfap nlksikpglkae

    carmgkh mipfl`~

    xiri yk~y~pagkabei

    ak` `izeipgkh pfi~lge~ nazangpw plzrl`yni qyaegpw crygp

    ak` sihipabei~+

    Gp~ Carmgkh clrpfi Cypyri &CCC'zrlhrammi isielzi`

    ~ogee~ ak` nazangpw

    xgpfgk gp~ carmgkh

    ~yzzew nfagk pl

    anfgisi zi~pgng`i%

    cirpgegtir% ikirhw ak`

    xapir ri`ynpglk~xfge~p gknria~gkh

    nlmzl~p y~i% ~lge-

    ripagki` narblk ak`

    cri~f zrl`yni ~aei~+

    Ivzak`gkh CCC pl gp~ikpgri cri~f zrl`yni

    by~gki~~% pfi nlmzakw

    g~ ae~l nflgni i`gpgkh

    clr gp~ ny~plmir~+

    Pfrlyhf a ^y~pagkabgegpw Cramixlro ak` Ipfgnae Ml`ie Canplrgi~% mar~ # ^ziknirfa~

    xlroi` xgpf canplrgi~ pl gmzrlsi zrlni~~ icngiknw a~ a miak~ pl gknria~i xahi~% ri`yni

    xlrogkh flyr~ ak` zrlpinp pfi qyaegpw lc zrl`ynp~+ Zrl`ynpgsgpw gk gp~ Bakhea`i~fg Ipfgnae

    Ml`ie Canplrgi~ gknria~i` bw 02 zir nikp? ~pacc pyrklsir rlzzi` crlm 1: zir nikp pl 2+9 zir

    nikp? ak` ab~ikpiig~m crlm 1: zir nikp pl 1+9 zir nikp+>9

    fyppir~plno

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    >3 Nlkcirikni Blar`4 Narrlee% A+B+ ak` ^fabaka O+M+ &2:11'+ Pfi by~gi~~ na~i cl nlzlapi ~lnga i~zl~gbggp+ @grinplr Klpi~+ Kix Wlro4 Pfi NlkcirikniBlar` Gkn+>8 GCN &2::8'+ ^paifl`i Ihahimip4 A Hll` Zanpgni Fa`bll cl Nlmzagi~ @lgh By~gi~~ g Imihgh Maip~+ Xa~fgkhplk @N4 GCN+>6 RIK21 &2:11'+ riixabi~ 2:11 Hlba ^papy~ rizlp+ Zarg~% I~nfblrk4 RIK21 inripargap ak` HGT+

    >n+ Zricirabei Pavapgk ak` Ri`yni` N~p c Nazgpae

    Rihyeaplr~ ak` nazgpae zrlsg`ir~ ari rag~gkh pfigr ivzinpapglk~ lc by~gki~~+ Clr ivamzei% g~nel~yri

    ak` rizlrpgkh riqygrimikp~ ahagk~p iksgrlkmikpae ak` ~lngae miprgn~ g~ ivzak`gkh gk ~nlzi ak`

    ~lzfg~pgnapglk+ Clr nlmzakgi~ pragegkh bifgk` gk pfi rani pl a mlri ri~lyrni icngikp ak` Hriik

    Inlklmw% pfi~i riqygrimikp~ gmzew hriapir byr`ik ak` nl~p% byp clr pfi eia`ir~% xfl paoi iarew

    anpglk% pfi rixar`~ ari ~ghkgnakp% cangegpapi` bw kix zricirabei pav rihgmi~ ak` ri`yni` n~p c

    nazgpae+

    Egnikni p zirapiIarew a`azpir~ ellogkh pl makahi pfigr ~prapihgn ak` lzirapglkae rg~o~ ak` lzzlrpykgpgi~ ari

    gmzeimikpgkh zrlni`yri~ clr ~w~pimapgn ~paoifle`ir ikhahimikp+ Byge`gkh pry~p gk pfg~ xaw nak

    fiez ~inyri a egnikni pl lzirapi% xfgnf gk iccinp g~ hrakpi` bw ~paoifle`ir~ ~ynf a~ rihyeaplr~%

    zlegpgngak~% elnae nlmmykgpgi~% pfi hikirae zybegn% pfi mi`ga ak` ngsge ~lngipw+ Pfi Nlkcirikni

    Blar`%>3 amlkh~p lpfir~% clyk` pfap iccinpgsi nlmmykgpw rieapglk~ nak ae~l `inria~i pfi kymbir

    ak` ivpikp lc elnae rihyeapglk~ gmzl~i` yzlk pfi nlmzakw binay~i lc gp~ pry~pi` rizypapglk+

    27

    Pfi makgea Xapir Nlzakwlc pfi Zfgegzzgki~ eayknfi` a Xaeo pfi Egki zrlhrammi gk

    xfgnf aee nlmzakw ~pacc sg~gpi` pfigr ny~plmir~% gkney`gkh ri~g`ikp~ lc gkclrmae ~ippeimikp~%

    pl nlk~yep xgpf pfim lk ~irsgni `iegsirw+ Pfg~ ei` pl nfakhi~ xfgnf ri~yepi` gk a rg~i crlm 23

    zir nikp pl 79 zir nikp lc ny~plmir~ rinigsgkh 20 flyr xapir asageabgegpw% ak` xapir el~~i~

    crlm pfi ~w~pim xiri ri`yni` crlm 3> zir nikp pl >9+9 zir nikp+>8

    g^plnozflpl

    B i`yngh

    iglmipa

    gmzanp~% lziapgl~

    a` ~yzzgi~ na

    i`yni ivzl~yi

    pl g~gh nl~p~

    a~ hlimip~~pihpfi pavi~ pl

    `g~nlyahi cypfi

    `amahi pl apyi+

    Y`i~pa`gh

    pfi~i gmzgnapgl~

    na fiz pl mgpghapi

    g~ g pfi ~yzz

    nfag a` a~l

    zlpipga nfai

    gi~pmip~ pl

    bippi maahi

    pfi~i nfaihi~+

    Pfg~ g py na

    fiz ZYMA `iilz

    a mli i~ggip

    by~gi~~ ml`i+

    ZYMA

    Pav rapi~

    Zlegnw maoir~ fasi a oiw rlei gk gmzrlsgkh pav rihgmi~ ~l pfap pfiw rinlhkgti ak` axar` ~y~pagkabei

    gkklsapglk~ ak` iknlyrahi sirgabei gmzrlsimikp~ gk lzirapgkh nlk`gpglk~+ Nlmzakgi~ fasi mlri

    eisirahi xfiri zrisgly~ew ivpirkaegti` gmzanp~ ari ri`yni`+ Gk Hyapimaea% clr ivamzei% pav briao~ari zrlsg`i` lk iqygzmikp clr zrldinp `isielzir~ pl ~yzzlrp a hlae lc 3: zir nikp lc ieinprgngpw

    bigkh hikirapi` crlm fw`rl ak` hilpfirmae bw 2:22+ Ak` pfi plxk lc Naei`lk% gk Lkpargl% Naka`a%

    lccir~ zrlzirpw `isielzmikp cii `g~nlykp~ lc si zir nikp gc zrldinp~ gkney`i rikixabei+ >6

    Rapfir pfak fghfir ivzinpapglk~ ak` riqygrimikp~ eia`gkh pl a rani pl pfi blpplm xgpf nlmzakgi~

    iigkh pl dyrg~`gnpglk~ xgpf pfi elxi~p ikclrnimikp lc rihyeapglk% pfi by~gki~~ na~i risgix ~yhhi~p~

    a rani pl pfi plz+ Elnapglk~ xgpf fghfir iksgrlkmikpae ~pak`ar`~ ari aeria`w binlmgkh mlri

    `wkamgn ak` appranpgsi clr gksi~pmikp ak` pav ~yb~g`gi~ gk caslyr lc iksgrlkmikpaeew zricirabei

    hll`~ ak` ~irsgni~+

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    Arhikpgka% Biehgym% Begsga% Nembga% Crakni% Hriini% Grieak`% Gpae% Egpfyakga%

    ^esikga% ypf Acrgna% zagk% xi`ik% YO% Y^A4 Cyie pav ivimzpglk~ gk caslyr lc bglcyie~

    Bratge% Bie Frgtkpi4 Pav nri`gp~ clr ri~g`ikpgae ~lear zlxir

    Nfgka4 ^yb~g`gi~ clr zyrnfa~i lc hriik nar~ ak` kakngkh clr nlk~prynpglk% gk si ngpgi~% lc

    pfi gkcra~prynpyri clr nfarhgkh nar~ xgpf ieinprgn zlxir

    Gk`ga4 Narblk pav lk nlae zrl`ynpglk% ak` zrlzirpw pav nri`gp lc 1: zir nikp clr ~lear flp

    xapir gk kix ri~g`ikpgae byge`gkh~ gk Kahzyr

    Y^A% Bye`ir% Nera`4 Ribapi lc ~aei~ ak` y~i pavi~ clr ~lear zlxir

    Y^A% Kix wro% Kix wro4 Zrlzirpw pav abapimikp clr ~lear ZS

    Tambga4 Pav ri`ynpglk~ gk mgkgkh aria~ pl ~pgmyeapi gksi~pmikp gk zlxir nazangpw%

    i~zingaeew rikixabei~

    Cgap% pfi Gpaegak nar

    makycanpyrir% clr

    ivamzei% maroip~

    gp~iec a~ fasgkh pfi

    elxi~p NL2 img~~glk~

    anrl~~ gp~ ml`ie

    rakhi lc akw narmakycanpyrir gk

    Iyrlzi% azziaegkh

    pl pfl~i xg~fgkh pl

    mgkgmgti pav ak`

    xg`ir nl~p~+ Ceiip ak`

    gk`gsg`yae ny~plmir~

    ari abei pl prano pfigr

    `rgsgkh icngiknw

    pfrlyhf gp~ Inl4@gi

    gkklsapglk+ @rgsgkh

    zappirk~ ak` ~pwei~ari ayplmapgnaeew

    mlkgplri` ak`

    akaew~i` xgpf a`sgni

    zrlsg`i` lk `rgsgkh

    nfakhi~+ Pfg~ nak

    ikabei icngiknw

    gmzrlsimikp~ lc

    yz pl 19 zir nikp+0:

    Pfi Plwlpa Zrgy~

    fwbrg`% xgpf gp~ elxir

    img~~glk~% fa~

    binlmi ak gnlk lc

    elxir hygep mlplrgkh%

    a`lzpi` bw nieibrgpgi~

    ak` iksgrlkmikpaeg~p~

    aegoi+

    Cghyri 8+ Ivamzei~ lc kapglkae ak` ngpw eisie pav gknikpgsi~ clr neiakir ikirhw+

    ^LYrNI4 RIK21+ 2:11+ Rikixabei~ 2:11 Helbae ^papy~ Rizlrp+ Zarg~% I~nfblrk4 RIK21 ^inripargap ak` HGT? HriikInlklmw Rizlrp+ YKIZ 2:11+

    >7 LIN@ &2:1:'+ Pavapgl% Glapgl a` pfi Iglmip+ Zarg~4 LIN@+0: CGAP &2:12' Inl`gi Ggpgapgi _lkegki]+ Asageabei ap4 fppz4,,xxx+ap+nlm,inl`rgsi,ik,`icayep+fpm _Anni~~i` 27pf Azrge 2:12]+

    Pfi LIN@ fa~ nlkrmi` a hrlxgkh mlsimikp plxar`~ iksgrlkmikpaeew rieapi` pavapglk ak`

    pra`abei zirmgp~ gk LIN@ inlklmgi~ lsir pfi za~p `ina`i+ Gp fghfeghfp~ pfi saeyi lc hriik

    pavi~ pl bll~p gkklsapglk% xfgnf g~ isg`ikp pfrlyhf gknria~i` gksi~pmikp gk ri~iarnf ak`

    `isielzmikp ak` rihg~prapglk lc zapikp~ lk kix% neiakir pinfklelhgi~+>7

    >:

    g^plnozflpl

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    Cghyri 6+ Nlmzakgi~ nlknirk~ ablyp negmapi nfakhi rg~o~+

    Negmapi nfakhi g~ lzikgkh yz kix lzzlrpykgpgi~ clr ~y~pagkabei zrl`ynp~ ak` ~irsgni~ gk pfi kakni ~inplr+

    Clr gk~pakni% pfiri g~ a zri~~gkh kii` pl gknria~i asageabgegpw lc nazgpae pl ~y~pagkabgegpw ikprizrikiyr~ ak` pl

    cyrpfir isielz gk~yrakni ~nfimi~ ahagk~p iksgrlkmikpae rg~o~+ Pfi na~i ~py`w ~flx~ flxIqygpw Baklc Oikwa

    fa~ hrxk risikyi~ ak` zrlp~ zarpew pfrlyhf zrlsg`gkh elak~ ap maroip-eia`gkh gkpiri~p rapi~ pl carmir~ xfl

    gkprl`yni iksgrlkmikpaeew zricirabei zranpgni~ ~ynf a~ rgz grrghapglk ak` xapir icngiknw zrldinp~+ Pfi bako ae~l

    ~yzzlrp~ carmir~ kakngae egpiranw ak` ~ogee~ `isielzmikp% fiezgkh pl inlklmgnaeew imzlxir pfim+

    01 ^farcmak% M+ ak` Cirkak`l% N+ &2::6'+ Iksgrlkmikpae Rg~o Makahimikp ak` pfi Nl~p lc Nazgpae+ ^papihgn Maahimip Dlyae% Sle 27% z+ 937-972+ Nc4Manoiw A% Manoiw P+B% ak` Barkiw D+B+ &2::8'+ Nlrzlrapi ^lngae Ri~zlk~gbgegpw ak` Cgrm Zirclrmakni4 Gksi~plr Zricirikni~ ak` Nlrzlrapi ^prapihgi~+Ana`imMaahimip rigix% >2 &>'% z+ 618 6>9+

    Nl~p lc nazgpae ak` rg~o zrlei

    Iksgrlkmikp% fiaepf% ~acipw ak` lpfir fymak xiee-bigkh g~~yi~ ari ~parpgkh pl ciapyri mlri zri`lmgkakpew gk rg~o

    makahimikp+ By~gki~~i~ xgpf iccinpgsi ak` xiee-nlmmykgnapi` iksgrlkmikpae ak` ~lngae rg~o makahimikp

    ~w~pim~ gk zeani ari gk a zl~gpglk pl ~inyri a bippir rg~o zrlei% pfy~ ikabegkh pfim pl lbpagk nazgpae ap elxir

    nl~p+01 Pfg~ azzegi~ pl blpf `ibp nazgpae ak` iqygpw nazgpae% ak` asirahi nl~p lc nazgpae+

    Pfi ri~yep~ lc a ~yrsiw lc 82 nlmzakgi~ bw pfi Ykgpi` Kapglk~ Helbae Nlmzanp &YKHN' ari `izgnpi` gk Cghyi 6+

    Gp zrlsg`i~ ak gk`gnapglk lc pfi rg~o~ pfap ciapyri ap pfi plz lc nlrzlrapi ahik`a~ pl`aw% gkney`gkh kapyrae ri~lyrni

    ~narngpw% pfriap~ pl fymak fiaepf% aelkh xgpf rieapi` nlmml`gpw zrgni sleapgegpgi~+

    >1

    ^LYrNI4 Ykgpi` Kapglk~ Helbae Nlmzanp% YKIZ% Lvcam ak` Xlre` Ri~lyrni~ Gk~pgpypi &2:11'+A`azpgh cl a Hii Inllm4 Nlmzagi~%Nlmmygpgi~ a` Ngmapi Nfahi+ A Nagh cl Ngmapi rizlp+Asageabei ap4 fppz4,,xxx+ykhelbaenlmzanp+lrh,g~~yi~,iksgrlkmikp,negmapi\nfakhi,+

    g^plnozflpl

    Gknria~gkh nl~p~ clr kapyraeri~lyrni~% rax mapirgae~

    Xapir ~narngpw

    Ikirhw ~narngpwPfriap~ pl fymak fiaepf

    Hriapir ivzl~yri pl kapyrae `g~a~pir~%nfakhgkh xiapfir zappirk~

    Prak~zlrpapglk rg~o~

    @ipirglrapglk lc xapir qyaegpw

    @inria~i` ahrgnyepyrae zrl`ynpgsgpw

    Rg~o lc ll`% `rlyhfp% gmzanp~lk nla~pae ri~lyrni~

    Cll` ~inyrgpw

    Pfriap~ pl inl~w~pim~ ak` bgl`gsir~gpw

    : 1: 2: >: 0: 9: 3:

    Zirnikpahi c nmzakgi~ pfap nk~g`ir rg~o~ a~ fasgkh fghfr sir fghf gmzanp k zirapgk~ ak` ~prapih

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    Na~i4 Iygp Bako Ep`+% Oika

    Pagelr-ma`i kakngae ~nfimi~ gmzrlsi anni~~ pl ri~lyrni-icngikp

    pinfklelhw clr ^MI~% xfgei gknria~gkh pfi bako~ zrlp~

    Zrdinp Ivamzei4 Iqygpw Bako nyrrikpew nl-kakni~ ~isirae zrldinp~ pl ikfakni pfi `isielzmikp lc `rgz

    grrghapglk ~w~pim~% ~prikhpfikgkh Oikwak ~maeefle`ir~ zrl`ynpgsi nazangpw a~ xiee a~ pfigr ri~gegikni plnegmapi nfakhi ak` gknria~gkhew irrapgn ragkcaee zappirk~+ Gk nllzirapglk xgpf kapglkae anplr~ ak` gkpirkapglkae

    lrhakgtapglk~% Iqygpw Bako zrlsg`i~ bako elak~ xgpf pfi elxi~p asageabei gkpiri~p rapi~ pl carmir~ ak` ryrae

    ahrl-by~gki~~i~+ Lki lc pfi bako~ zarpkir~fgz~ g~ xgpf pfi Aeegakni clr A Hriik Risleypglk gk Acrgna &AHRA'%

    pfi Gkpirkapglkae Cyk` clr Ahrgnyepyrae @isielzmikp &GCA@' ak` pfi Oikwa Hlsirkmikp~ Mgkg~prw lc Ahrgnyepyri+

    Pfrlyhf pfg~ zarpkir~fgz% pfi bako nriapi` a cyk` lc Y^$ 9: mgeeglk clr elak~ pl carmir~ ak` ahrl iaeir~+ AHRA

    ak` GCA@ zrlsg`i` a 1: zi