7KLVDUWLFOHZDVSXEOLVKHGLQWKH$SULOLVVXHRI%NVIRONMENT

3CIENCE AND 0OLICY FOR 3USTAINABLE $EVELOPMENT9ROXPH

1XPEHUSDJHV5REHUW:.DWHV7KRPDV03DUULV
DQG$QWKRQ\$/HLVHURZLW])RUPRUHLQIRUPDWLRQDERXW
%NVIRONMENTVHHKWWSZZZKHOGUHIRUJHQYSKS

E6/B7A
ACAB/7</0:3
23D3:=>;3<B5=/:A7<271/B=@AD/:C3A/<2>@/1B713

0g@]PS`bE9ObSaBV][Oa;>O``WaO\R/\bV]\g/:SWaS`]eWbh

AcabOW\OPZSRSdSZ]^[S\bWa 
1]\aWRS`W\UbVObbVSQ]\QS^b]TacabOW\OPZSRSdSZ]^[S\bWa\]e
S\aV`W\SR ]\ bVS [OabVSOR ]T 3\dW`]\[S\b [OUOhW\S TSObc`SR
]\ &%  ESP ^OUSa O\R S\[SaVSR W\ bVS Oa^W`ObW]\a ]T
Q]c\bZSaa^`]U`O[a^ZOQSaO\RW\abWbcbW]\aWbaV]cZRPSSOagb]
Q][^ZSbSbVSaS\bS\QS 0cbbVS[]abeWRSZgOQQS^bSRRSTW\WbW]\
WaQ`SObWdSZgO[PWUc]ca(6c[O\WbgVOabVSOPWZWbgb][OYSRSdSZ
]^[S\b acabOW\OPZSb] S\ac`S bVOb Wb [SSba bVS \SSRa ]T bVS
^`SaS\b eWbV]cb Q][^`][WaW\U bVS OPWZWbg ]T Tcbc`S US\S`ObW]\a



>6=B=1@327BA:34BB=@756B(
@=E(1=@07A1=@07A1=@07A2757B/:D7A7=<
@=E (1=@07A1=@07A1=@07A1=@07A
@=E!(1=@07A2757B/:D7A7=<B7;6/::53BBG7;/53A1=@07A
@=E"(1=@07A1=@07A8/;3A;/@A6/::1=@07A1=@07A
@=E#(2757B/:D7A7=<1=@07A1=@07A1=@07A
@=E$(2757B/:D7A7=<1=@07A1=@07A1=@07A

WRPHHWWKHLURZQQHHGV7KLVPDOOHDELO
LW\ DOORZV SURJUDPV RI HQYLURQPHQW RU
GHYHORSPHQWSODFHVIURPORFDOWRJOREDO
DQGLQVWLWXWLRQVRIJRYHUQPHQWFLYLOVRFL
HW\EXVLQHVVDQGLQGXVWU\WRHDFKSURMHFW
WKHLULQWHUHVWVKRSHVDQGDVSLUDWLRQVRQWR
WKHEDQQHURIVXVWDLQDEOHGHYHORSPHQW
$ EULHI KLVWRU\ RI WKH FRQFHSW DORQJ
ZLWKWKHLQWHUSUHWLYHGLIIHUHQFHVDQGWKH
FRPPRQ JURXQG LQ GHILQLWLRQV JRDOV
LQGLFDWRUVYDOXHVDQGSUDFWLFHIROORZV
7DNHQWRJHWKHUWKHVHKHOSH[SODLQZKDW
LVPHDQWE\VXVWDLQDEOHGHYHORSPHQW

!NTECEDENTS
,QWKHODVWKDOIRIWKHWZHQWLHWKFHQWXU\
IRXU NH\ WKHPHV HPHUJHG IURP WKH FRO
OHFWLYH FRQFHUQV DQG DVSLUDWLRQV RI WKH
ZRUOGV SHRSOHV SHDFH IUHHGRP GHYHO
RSPHQW DQG HQYLURQPHQW 7KH SHDFH
WKDW ZDV WKRXJKW WR EH VHFXUHG LQ WKH
SRVWZDU ZRUOG RI  ZDV LPPHGL
DWHO\WKUHDWHQHGE\WKHQXFOHDUDUPVUDFH
7KURXJKRXWWKH&ROG:DUSHDFHZDVVXV
WDLQHG JOREDOO\ EXW IRXJKW ORFDOO\ RIWHQ
E\ SUR[LHV IRU WKH VXSHUSRZHUV :KLOH
WKHQXPEHURIZDUVKDVGLPLQLVKHGRYHU
WKHODVWGHFDGHSHDFHLVVWLOOVRXJKWSUL
PDULO\LQ$IULFDDQGWKH0LGGOH(DVW
)UHHGRPZDVVRXJKWHDUO\LQWKHSRVW
ZDUZRUOGLQWKHVWUXJJOHWRHQGLPSHUL
DOLVPWRKDOWWRWDOLWDULDQRSSUHVVLRQDQG
ODWHU WR H[WHQG GHPRFUDWLF JRYHUQDQFH
KXPDQ ULJKWV DQG WKH ULJKWV RI ZRPHQ
LQGLJHQRXV SHRSOHV DQG PLQRULWLHV 7KH
VXFFHVVRIPDQ\IRUPHUFRORQLHVLQDWWDLQ
LQJQDWLRQDOLQGHSHQGHQFHZDVIROORZHG
E\DIRFXVRQHFRQRPLFGHYHORSPHQWWR
SURYLGH EDVLF QHFHVVLWLHV IRU WKH SRRU
HVW WZRWKLUGV RI WKH ZRUOG DQG KLJKHU
VWDQGDUGVRIOLYLQJIRUWKHZHDOWK\WKLUG
)LQDOO\LWLVRQO\LQWKHSDVW\HDUVWKDW
WKHHQYLURQPHQWORFDOWRJOREDOEHFDPH
DNH\IRFXVRIQDWLRQDODQGLQWHUQDWLRQDO
ODZDQGLQVWLWXWLRQV
$OWKRXJK UHLQWHUSUHWHG RYHU WLPH
SHDFH IUHHGRP GHYHORSPHQW DQG WKH
HQYLURQPHQW UHPDLQ SURPLQHQW LVVXHV
DQGDVSLUDWLRQV,QWKHVDQGV
ZRUOG FRPPLVVLRQV RI QRWDEOHV ZHUH
FUHDWHGWRVWXG\VXFKLQWHUQDWLRQDOFRQ
FHUQV SURGXFLQJ PDMRU GRFXPHQWV WKDW



%.6)2/.-%.4

ZHUH RIWHQ IROORZHG E\ JOREDO FRQIHU

HQFHV &KDUDFWHULVWLF RI WKHVH LQWHUQD
WLRQDO FRPPLVVLRQV ZDV WKH HIIRUW WR
OLQN WRJHWKHU WKH DVSLUDWLRQV RI KXPDQ
NLQGGHPRQVWUDWLQJ KRZ WKH SXUVXLW
RI RQH JUHDW YDOXH UHTXLUHG WKH RWKHUV
6XVWDLQDEOH GHYHORSPHQW ZLWK LWV GXDO
HPSKDVLVRQWKHPRVWUHFHQWFRQFHUQV
GHYHORSPHQWDQGHQYLURQPHQWLVW\SL
FDORIVXFKHIIRUWV
7KH :RUOG &RPPLVVLRQ RQ (QYLURQ
PHQW DQG 'HYHORSPHQW ZDV LQLWLDWHG
E\WKH*HQHUDO$VVHPEO\RIWKH8QLWHG
1DWLRQVLQDQGLWVUHSRUW2XU&RP
PRQ)XWXUHZDVSXEOLVKHGLQ,W
ZDV FKDLUHG E\ WKHQ3ULPH 0LQLVWHU RI
1RUZD\ *UR +DUOHP %UXQGWODQG WKXV
HDUQLQJWKHQDPHWKH%UXQGWODQG&RP
PLVVLRQ 7KH FRPPLVVLRQV PHPEHU
VKLS ZDV VSOLW EHWZHHQ GHYHORSHG DQG
GHYHORSLQJ FRXQWULHV ,WV URRWV ZHUH LQ
WKH6WRFNKROP&RQIHUHQFHRQWKH
+XPDQ (QYLURQPHQWZKHUH WKH FRQ
IOLFWV EHWZHHQ HQYLURQPHQW DQG GHYHO
RSPHQW ZHUH ILUVW DFNQRZOHGJHGDQG

QDWLRQVVKRXOGGRWREHFRPHULFKHUDQG
WKXV DJDLQ LV DXWRPDWLFDOO\ GLVPLVVHG E\
PDQ\LQWKHLQWHUQDWLRQDODUHQDDVEHLQJ
DFRQFHUQRIVSHFLDOLVWVRIWKRVHLQYROYHG
LQTXHVWLRQVRIGHYHORSPHQWDVVLVWDQFH
%XW WKH HQYLURQPHQW LV ZKHUH ZH OLYH
DQG GHYHORSPHQW LV ZKDW ZH DOO GR LQ
DWWHPSWLQJWRLPSURYHRXUORWZLWKLQWKDW
DERGH7KHWZRDUHLQVHSDUDEOH

$V ZLWK SUHYLRXV HIIRUWV WKH UHSRUW

ZDV IROORZHG E\ PDMRU LQWHUQDWLRQDO
PHHWLQJV 7KH 8QLWHG 1DWLRQV &RQIHU
HQFHRQ(QYLURQPHQWDQG'HYHORSPHQW
81&('LQ5LRGH-DQHLURLQWKH
VRFDOOHG(DUWK6XPPLWLVVXHGDGHF
ODUDWLRQ RI SULQFLSOHV D GHWDLOHG $JHQ
GD  RI GHVLUHG DFWLRQV LQWHUQDWLRQDO
DJUHHPHQWVRQFOLPDWHFKDQJHDQGELRGL
YHUVLW\DQGDVWDWHPHQWRISULQFLSOHVRQ
IRUHVWV7HQ\HDUVODWHULQDWWKH
:RUOG6XPPLWRQ6XVWDLQDEOH'HYHORS
PHQWLQ-RKDQQHVEXUJ6RXWK$IULFDWKH
FRPPLWPHQWWRVXVWDLQDEOHGHYHORSPHQW
ZDVUHDIILUPHG,QWKHLQWHULPVXVWDLQ

/ZbV]cUV`SW\bS`^`SbSR]dS`bW[S^SOQS
T`SSR][RSdSZ]^[S\bO\RbVSS\dW`]\[S\b
`S[OW\^`][W\S\bWaacSaO\ROa^W`ObW]\a
LQ WKH  :RUOG &RQVHUYDWLRQ 6WUDW
HJ\ RI WKH ,QWHUQDWLRQDO 8QLRQ IRU WKH
&RQVHUYDWLRQ RI 1DWXUH ZKLFK DUJXHG
IRU FRQVHUYDWLRQ DV D PHDQV WR DVVLVW
GHYHORSPHQW DQG VSHFLILFDOO\ IRU WKH
VXVWDLQDEOHGHYHORSPHQWDQGXWLOL]DWLRQ
RI VSHFLHV HFRV\VWHPV DQG UHVRXUFHV
'UDZLQJRQWKHVHWKH%UXQGWODQG&RP
PLVVLRQEHJDQLWVZRUNFRPPLWWHGWRWKH
XQLW\RIHQYLURQPHQWDQGGHYHORSPHQW
$V%UXQGWODQGDUJXHG
7KHHQYLURQPHQWGRHVQRWH[LVWDVDVSKHUH
VHSDUDWH IURP KXPDQ DFWLRQV DPELWLRQV
DQG QHHGV DQG DWWHPSWV WR GHIHQG LW
LQ LVRODWLRQ IURP KXPDQ FRQFHUQV KDYH
JLYHQ WKH YHU\ ZRUG HQYLURQPHQW D
FRQQRWDWLRQ RI QDLYHW\ LQ VRPH SROLWLFDO
FLUFOHV7KHZRUGGHYHORSPHQWKDVDOVR
EHHQ QDUURZHG E\ VRPH LQWR D YHU\ OLP
LWHGIRFXVDORQJWKHOLQHVRIZKDWSRRU

DEOHGHYHORSPHQWDVDFRQFHSWDVDJRDO
DQG DV D PRYHPHQW VSUHDG UDSLGO\ DQG
LV QRZ FHQWUDO WR WKH PLVVLRQ RI FRXQW
OHVVLQWHUQDWLRQDORUJDQL]DWLRQVQDWLRQDO
LQVWLWXWLRQV FRUSRUDWH HQWHUSULVHV VXV
WDLQDEOHFLWLHVDQGORFDOHV

$EFINITIONS
7KH %UXQGWODQG &RPPLVVLRQV EULHI
GHILQLWLRQRIVXVWDLQDEOHGHYHORSPHQWDV
WKHDELOLW\WRPDNHGHYHORSPHQWVXVWDLQ
DEOHWR HQVXUH WKDW LW PHHWV WKH QHHGV
RIWKHSUHVHQWZLWKRXWFRPSURPLVLQJWKH
DELOLW\RIIXWXUHJHQHUDWLRQVWRPHHWWKHLU
RZQQHHGVLVVXUHO\WKHVWDQGDUGGHIL
QLWLRQZKHQMXGJHGE\LWVZLGHVSUHDGXVH
DQGIUHTXHQF\RIFLWDWLRQ7KHXVHRIWKLV
GHILQLWLRQKDVOHGPDQ\WRVHHVXVWDLQDEOH
GHYHORSPHQWDVKDYLQJDPDMRUIRFXVRQ

!02), 

LQWHUJHQHUDWLRQDO HTXLW\ $OWKRXJK WKH

EULHIGHILQLWLRQGRHVQRWH[SOLFLWO\PHQ
WLRQ WKH HQYLURQPHQW RU GHYHORSPHQW
WKH VXEVHTXHQW SDUDJUDSKV ZKLOH UDUHO\
TXRWHG DUH FOHDU 2Q GHYHORSPHQW WKH
UHSRUWVWDWHVWKDWKXPDQQHHGVDUHEDVLF
DQG HVVHQWLDO WKDW HFRQRPLF JURZWK
EXW DOVR HTXLW\ WR VKDUH UHVRXUFHV ZLWK
WKH SRRULV UHTXLUHG WR VXVWDLQ WKHP
DQG WKDW HTXLW\ LV HQFRXUDJHG E\ HIIHF
WLYHFLWL]HQSDUWLFLSDWLRQ2QWKHHQYLURQ
PHQWWKHWH[WLVDOVRFOHDU

7KH FRQFHSW RI VXVWDLQDEOH GHYHORSPHQW

GRHVLPSO\OLPLWVQRWDEVROXWHOLPLWVEXW
OLPLWDWLRQV LPSRVHG E\ WKH SUHVHQW VWDWH
RI WHFKQRORJ\ DQG VRFLDO RUJDQL]DWLRQ RQ
HQYLURQPHQWDOUHVRXUFHVDQGE\WKHDELOLW\
RI WKH ELRVSKHUH WR DEVRUE WKH HIIHFWV RI
KXPDQDFWLYLWLHV

,QWKH\HDUVIROORZLQJWKH%UXQGWODQG
&RPPLVVLRQVUHSRUWWKHFUHDWLYHDPEL
JXLW\ RI WKH VWDQGDUG GHILQLWLRQ ZKLOH
DOORZLQJDUDQJHRIGLVSDUDWHJURXSVWR

&IGURE  $ElNITIONS OF SUSTAINABLE DEVELOPMENT

:+$7,672
%(6867$,1('

)25+2:/21*"
\HDUV

:+$7,672
%('(9(/23('

1RZDQGLQ
WKHIXWXUH
)RUHYHU
1$785(

3(23/(

(DUWK

&KLOGVXUYLYDO

%LRGLYHUVLW\

/LIHH[SHFWDQF\

(FRV\VWHPV

(GXFDWLRQ
(TXLW\
(TXDORSSRUWXQLW\

/,)(6833257
(FRV\VWHP
VHUYLFHV

/,1.('%<
2QO\
0RVWO\

(&2120<
:HDOWK

5HVRXUFHV

%XW

3URGXFWLYH
VHFWRUV

(QYLURQPHQW

$QG

&RQVXPSWLRQ

2U

&20081,7<

62&,(7<

&XOWXUHV

,QVWLWXWLRQV

*URXSV

6RFLDOFDSLWDO

3ODFHV

6WDWHV
5HJLRQV

6285&(861DWLRQDO5HVHDUFK&RXQFLO3ROLF\'LYLVLRQ%RDUGRQ6XVWDLQDEOH
'HYHORSPHQW/UR #OMMON *OURNEY ! 4RANSITION 4OWARD 3USTAINABILITY
:DVKLQJWRQ'&1DWLRQDO$FDGHP\3UHVV

6/,5-%  .5-"%2 

DVVHPEOH XQGHU WKH VXVWDLQDEOH GHYHO

RSPHQW WHQW DOVR FUHDWHG D YHULWDEOH
LQGXVWU\ RI GHFLSKHULQJ DQG DGYRFDW
LQJZKDWVXVWDLQDEOHGHYHORSPHQWUHDOO\
PHDQV 2QH LPSRUWDQW VWXG\E\ WKH
%RDUG RQ 6XVWDLQDEOH 'HYHORSPHQW RI
WKH 86 1DWLRQDO $FDGHP\ RI 6FLHQF
HVVRXJKW WR EULQJ VRPH RUGHU WR WKH
EURDGOLWHUDWXUHLWVPHPEHUVUHYLHZHG
,Q LWV UHSRUW 2XU &RPPRQ -RXUQH\
$ 7UDQVLWLRQ WRZDUG 6XVWDLQDELOLW\ WKH
ERDUG IRFXVHG RQ WKH VHHPLQJO\ LQKHU
HQW GLVWLQFWLRQ EHWZHHQ ZKDW DGYRFDWHV
DQGDQDO\VWVVRXJKWWRVXVWDLQDQGZKDW
WKH\VRXJKWWRGHYHORSWKHUHODWLRQVKLS
EHWZHHQWKHWZRDQGWKHWLPHKRUL]RQRI
WKHIXWXUHVHH)LJXUHRQWKLVSDJH
7KXV XQGHU WKH KHDGLQJ ZKDW LV WR
EHVXVWDLQHGWKHERDUGLGHQWLILHGWKUHH
PDMRU FDWHJRULHVQDWXUH OLIH VXSSRUW
V\VWHPV DQG FRPPXQLW\DV ZHOO DV
LQWHUPHGLDWH FDWHJRULHV IRU HDFK VXFK
DV (DUWK HQYLURQPHQW DQG FXOWXUHV
'UDZLQJ IURP WKH VXUYH\HG OLWHUDWXUH
WKH ERDUG IRXQG WKDW PRVW FRPPRQO\
HPSKDVLV ZDV SODFHG RQ OLIH VXSSRUW
V\VWHPV ZKLFK GHILQHG QDWXUH RU HQYL
URQPHQWDVDVRXUFHRIVHUYLFHVIRU WKH
XWLOLWDULDQ OLIH VXSSRUW RI KXPDQNLQG
7KH VWXG\ RI HFRV\VWHP VHUYLFHV KDV
VWUHQJWKHQHG WKLV GHILQLWLRQ RYHU WLPH
,Q FRQWUDVW VRPH RI WKH VXVWDLQDEOH
GHYHORSPHQW OLWHUDWXUH YDOXHG QDWXUH
IRU LWV LQWULQVLF YDOXH UDWKHU WKDQ LWV
XWLOLW\ IRU KXPDQ EHLQJV 7KHUH ZHUH
DOVRSDUDOOHOGHPDQGVWRVXVWDLQFXOWXUDO
GLYHUVLW\LQFOXGLQJOLYHOLKRRGVJURXSV
DQGSODFHVWKDWFRQVWLWXWHGLVWLQFWLYHDQG
WKUHDWHQHGFRPPXQLWLHV
6LPLODUO\ WKHUH ZHUH WKUHH TXLWH GLV
WLQFWLGHDVDERXWZKDWVKRXOGEHGHYHO
RSHG SHRSOH HFRQRP\ DQG VRFLHW\
0XFK RI WKH HDUO\ OLWHUDWXUH IRFXVHG
RQ HFRQRPLF GHYHORSPHQW ZLWK SUR
GXFWLYH VHFWRUV SURYLGLQJ HPSOR\PHQW
GHVLUHGFRQVXPSWLRQDQGZHDOWK0RUH
UHFHQWO\DWWHQWLRQKDVVKLIWHGWRKXPDQ
GHYHORSPHQWLQFOXGLQJDQHPSKDVLVRQ
YDOXHV DQG JRDOV VXFK DV LQFUHDVHG
OLIH H[SHFWDQF\ HGXFDWLRQ HTXLW\ DQG
RSSRUWXQLW\ )LQDOO\ WKH %RDUG RQ 6XV
WDLQDEOH 'HYHORSPHQW DOVR LGHQWLILHG
FDOOVWRGHYHORSVRFLHW\WKDWHPSKDVL]HG
WKHYDOXHVRIVHFXULW\DQGZHOOEHLQJRI

%.6)2/.-%.4



,%&4 4/ 2)'(4 $)')4!, 6)3)/. #/2")3 #/2")3

QDWLRQDOVWDWHVUHJLRQVDQGLQVWLWXWLRQV
DVZHOODVWKHVRFLDOFDSLWDORIUHODWLRQ
VKLSVDQGFRPPXQLW\WLHV
7KHUH ZDV UHDG\ DJUHHPHQW LQ WKH
OLWHUDWXUH WKDW VXVWDLQDEOH GHYHORSPHQW
LPSOLHV OLQNLQJ ZKDW LV WR EH VXVWDLQHG
ZLWK ZKDW LV WR EH GHYHORSHG EXW KHUH
WRRWKHHPSKDVLVKDVRIWHQGLIIHUHGIURP
H[WUHPHV RI VXVWDLQ RQO\ WR GHYHORS
PRVWO\ WR YDULRXV IRUPV RI DQGRU
6LPLODUO\ WKH WLPH SHULRG RI FRQFHUQ
DPELJXRXVO\ GHVFULEHG LQ WKH VWDQGDUG
GHILQLWLRQDVQRZDQGLQWKHIXWXUHKDV
GLIIHUHGZLGHO\,WKDVEHHQGHILQHGIURP
DV OLWWOH DV D JHQHUDWLRQZKHQ DOPRVW
HYHU\WKLQJ LV VXVWDLQDEOHWR IRUHYHU
ZKHQVXUHO\QRWKLQJLVVXVWDLQDEOH
7KH:RUOG6XPPLWRQ6XVWDLQ
DEOH 'HYHORSPHQW PDUNHG D IXUWKHU
H[SDQVLRQ RI WKH VWDQGDUG GHILQLWLRQ
ZLWK WKH ZLGHO\ XVHG WKUHH SLOODUV RI
VXVWDLQDEOH GHYHORSPHQW HFRQRPLF
VRFLDO DQG HQYLURQPHQWDO 7KH -RKDQ
QHVEXUJ 'HFODUDWLRQ FUHDWHG D FRO
OHFWLYH UHVSRQVLELOLW\ WR DGYDQFH DQG
VWUHQJWKHQWKHLQWHUGHSHQGHQWDQGPXWX
DOO\ UHLQIRUFLQJ SLOODUV RI VXVWDLQDEOH
GHYHORSPHQWHFRQRPLF GHYHORSPHQW
VRFLDO GHYHORSPHQW DQG HQYLURQPHQWDO
SURWHFWLRQDW ORFDO QDWLRQDO UHJLRQDO
DQG JOREDO OHYHOV ,Q VR GRLQJ WKH
:RUOG6XPPLWDGGUHVVHGDUXQQLQJFRQ
FHUQRYHUWKHOLPLWVRIWKHIUDPHZRUNRI
HQYLURQPHQWDQGGHYHORSPHQWZKHUHLQ
GHYHORSPHQWZDVZLGHO\YLHZHGVROHO\
DV HFRQRPLF GHYHORSPHQW )RU PDQ\
XQGHU WKH FRPPRQ WHQW RI VXVWDLQDEOH
GHYHORSPHQW VXFK D QDUURZ GHILQL
WLRQREVFXUHGWKHLUFRQFHUQVIRUKXPDQ



%.6)2/.-%.4

GHYHORSPHQWHTXLW\DQGVRFLDOMXVWLFH
7KXVZKLOHWKHWKUHHSLOODUVZHUHUDS
LGO\ DGRSWHG WKHUH ZDV QR XQLYHUVDO
DJUHHPHQW DV WR WKHLU GHWDLOV $ :HE
VHDUFK RI WKH SKUDVH WKUHH SLOODUV RI
VXVWDLQDEOH GHYHORSPHQW ILQGV D ZLGH
YDULHW\ RI HQYLURQPHQWDO HFRQRPLF
DQG VRFLDO SLOODUV ZLWK GLIIHUHQFHV PRVW
SURQRXQFHG LQ FKDUDFWHUL]LQJ WKH VRFLDO
SLOODU 7KUHH PDMRU YDULDQWV RI VRFLDO
GHYHORSPHQW DUH IRXQG HDFK RI ZKLFK
VHHNVWRFRPSHQVDWHIRUHOHPHQWVPLVV
LQJ LQ WKH QDUURZ IRFXV RQ HFRQRP
LF GHYHORSPHQW 7KH ILUVW LV VLPSO\ D
JHQHULFQRQHFRQRPLFVRFLDOGHVLJQDWLRQ
WKDWXVHVWHUPVVXFKDVVRFLDOVRFLDO
GHYHORSPHQW DQG VRFLDO SURJUHVV

 JRDOV RI WKH 0LOOHQQLXP 'HFOD

UDWLRQ RI WKH 8QLWHG 1DWLRQV WKH WZR
JHQHUDWLRQ JRDOV  RI WKH 6XVWDLQ
DELOLW\ 7UDQVLWLRQ RI WKH %RDUG RQ 6XV
WDLQDEOH'HYHORSPHQWDQGWKHORQJWHUP
EH\RQGJRDOVRIWKH*UHDW7UDQVL
WLRQRIWKH*OREDO6FHQDULR*URXS

5. -ILLENNIUM $ECLARATION
7R PDUN WKH PLOOHQQLXP KHDGV RI
VWDWHJDWKHUHGLQ1HZ<RUNDWWKH8QLWHG
1DWLRQVLQ6HSWHPEHU7KHUHWKH
81 *HQHUDO $VVHPEO\ DGRSWHG VRPH
JRDOVUHJDUGLQJSHDFHGHYHORSPHQW
HQYLURQPHQWKXPDQULJKWVWKHYXOQHU
DEOHKXQJU\DQGSRRU$IULFDDQGWKH

/\]bVS`eOgb]RSTW\SacabOW\OPZSRSdSZ]^[S\b
WaW\eVObWba^SQWTWQOZZgaSSYab]OQVWSdS
7KHVHFRQGHPSKDVL]HVKXPDQGHYHORS
PHQW DV RSSRVHG WR HFRQRPLF GHYHORS
PHQW KXPDQ GHYHORSPHQW KXPDQ
ZHOOEHLQJ RU MXVW SHRSOH7KH WKLUG
YDULDQW IRFXVHV RQ LVVXHV RI MXVWLFH DQG
HTXLW\ VRFLDO MXVWLFH HTXLW\ DQG
SRYHUW\DOOHYLDWLRQ

'OALS
$QRWKHU ZD\ WR GHILQH VXVWDLQDEOH
GHYHORSPHQW LV LQ ZKDW LW VSHFLILFDOO\
VHHNVWRDFKLHYH7RLOOXVWUDWHLWLVKHOS
IXOWRH[DPLQHWKUHHVHWVRIJRDOVWKDWXVH
GLIIHUHQW WLPHKRUL]RQV WKH VKRUWWHUP

8QLWHG 1DWLRQV 0DQ\ RI WKHVH FRQ

WDLQHG VSHFLILF WDUJHWV VXFK DV FXWWLQJ
SRYHUW\ LQ KDOI RU LQVXULQJ XQLYHUVDO
SULPDU\VFKRROHGXFDWLRQE\)RU
HLJKW RI WKH PDMRU JRDOV SURJUHVV LV
PRQLWRUHG E\ LQWHUQDWLRQDO DJHQFLHV
,QWKHVHDJHQFLHVFRQFOXGHGWKDW
DW H[LVWLQJ UDWHV RI SURJUHVV PDQ\
FRXQWULHVZLOOIDOOVKRUWRIWKHVHJRDOV
SDUWLFXODUO\LQ$IULFD<HWWKHJRDOVVWLOO
VHHPHG DWWDLQDEOH E\ FROOHFWLYH DFWLRQ
E\ WKH ZRUOG FRPPXQLW\ DQG QDWLRQDO
JRYHUQPHQWV 7R GR VR WKH 0LOOHQQL
XP 3URMHFW FRPPLVVLRQHG E\ WKH 81
VHFUHWDU\JHQHUDO UHFHQWO\ HVWLPDWHG
WKDW WKH DGGLWLRQDO ILQDQFLDO UHVRXUFHV

!02), 

WKDW ZRXOG EH UHTXLUHG WR PHHW WKH

0LOOHQQLXP 'HYHORSPHQW *RDOV DUH
 ELOOLRQ LQ  ULVLQJ WR 
ELOOLRQLQ7KLVURXJKO\UHSUHVHQWV
D GRXEOLQJ RI RIILFLDO DLG IORZV RYHU
FXUUHQWOHYHOVDQGLVVWLOOEHORZWKH81
JRDORIDLGIORZVIURPLQGXVWULDOL]HGWR
GHYHORSLQJ FRXQWULHV RI  SHUFHQW RI
WKHJURVVQDWLRQDOSURGXFWIRULQGXVWUL
DOL]HGFRXQWULHV

3USTAINABILITY 4RANSITION OF THE

"OARD ON 3USTAINABLE $EVELOPMENT
,Q  WKH %RDUG RQ 6XVWDLQDEOH
'HYHORSPHQW RI WKH 86 1DWLRQDO
$FDGHP\ RI 6FLHQFHV VRXJKW WR PDNH
VXVWDLQDEOH GHYHORSPHQW PRUH PHDQ
LQJIXO WR VFLHQWLILF DQDO\VLV DQG FRQWUL
EXWLRQV7RGRVRWKHERDUGGHFLGHGWR
IRFXVRQDWZRJHQHUDWLRQWLPHKRUL]RQ
DQG WR DGGUHVV WKH QHHGV RI D JOREDO
SRSXODWLRQ ZLWK KDOI DV PDQ\ PRUH
SHRSOH DV WKHUH DUH WRGD\QHHGV WKDW
LI PHW VXFFHVVIXOO\ DUH QRW OLNHO\ WR
EH UHSHDWHG ZLWKLQ WKH QH[W FHQWXU\ RU
WZR EHFDXVH RI WKH GHPRJUDSKLF WUDQ
VLWLRQ ,Q WKDW WLPH SHULRG WKH ERDUG
VXJJHVWHGWKDWDPLQLPDOVXVWDLQDELOLW\
WUDQVLWLRQ ZRXOG EH RQH LQ ZKLFK WKH
ZRUOG SURYLGHV WKH HQHUJ\ PDWHULDOV
DQGLQIRUPDWLRQWRIHHGQXUWXUHKRXVH
HGXFDWH DQG HPSOR\ WKH PDQ\ PRUH
SHRSOH RI ZKLOH UHGXFLQJ KXQ
JHU DQG SRYHUW\ DQG SUHVHUYLQJ WKH
EDVLFOLIHVXSSRUWV\VWHPVRIWKHSODQHW
7R LGHQWLI\ PRUH VSHFLILF JRDOV RI
PHHWLQJKXPDQQHHGVUHGXFLQJKXQJHU
DQG SRYHUW\ DQG SUHVHUYLQJ WKH EDVLF
OLIH VXSSRUW V\VWHPV RI WKH SODQHW WKH
ERDUG VHDUFKHG WKH WH[W DQG VWDWHPHQWV
IURP UHFHQW JOREDO FRQIHUHQFHV ZRUOG
VXPPLWV LQWHUQDWLRQDO HQYLURQPHQWDO
WUHDWLHV DQG DVVHVVPHQWV ,Q VR GRLQJ
WKHERDUGLQDQWLFLSDWHGWKH
0LOOHQQLXP'HFODUDWLRQJRDOVPDQ\RI
ZKLFKZHUHLQFRUSRUDWHGLQWRLWVDQDO\
VLV RI JRDOV DQG WDUJHWV /HVV VDQJXLQH
WKDQ WKH 81 WKH ERDUG GHWHUPLQHG LW
ZRXOG WDNH D JHQHUDWLRQ WR UHDFK WKH
JRDOVRIWKH0LOOHQQLXP'HFODUD
WLRQ DQG DQRWKHU JHQHUDWLRQ WR DFKLHYH
WKH ERDUGV JRDOV RI PHHWLQJ KXPDQ
QHHGVIRUDSRSXODWLRQ

6/,5-%  .5-"%2 

'REAT 4RANSITION OF THE

'LOBAL 3CENARIO 'ROUP
:LWK WKH DVVLVWDQFH RI WKH *OREDO
6FHQDULR*URXSWKH%RDUGRQ6XVWDLQ
DEOH'HYHORSPHQWFRQGXFWHGDVFHQDULR
DQDO\VLV RI D SURSRVHG 6XVWDLQDELOLW\
7UDQVLWLRQ IRFXVLQJ VSHFLILFDOO\ RQ
KXQJHU DQG WKH HPLVVLRQ RI JUHHQKRXVH
JDVVHV7KLVLQLWLDODQDO\VLVVHUYHGDVWKH
VXEVHTXHQW EDVLV RI WKH 3ROLF\ 5HIRUP
6FHQDULRRIWKH*OREDO6FHQDULR*URXS
DQGFRQFOXGHGWKDWDVXVWDLQDELOLW\WUDQ
VLWLRQLVSRVVLEOHZLWKRXWSRVLWLQJHLWKHU
D VRFLDO UHYROXWLRQ RU D WHFKQRORJLFDO
PLUDFOH%XWLWLVMXVWSRVVLEOHDQGWKH
WHFKQRORJLFDODQGVRFLDOUHTXLUHPHQWVWR
PRYH IURP EXVLQHVV DV XVXDOZLWKRXW
FKDQJLQJ OLIHVW\OHV YDOXHV RU HFRQRP
LF V\VWHPLV GDXQWLQJ 0RVW GDXQWLQJ
RI DOO LV WKH JRYHUQPHQWDO FRPPLWPHQW
UHTXLUHG WR DFKLHYH LW DQG WKH SROLWLFDO
ZLOOWRGRVR
)LQDOO\ WKH *OREDO 6FHQDULR *URXS
DOVR SUHSDUHG D PRUH LGHDOLVWLF *UHDW
7UDQVLWLRQ 6FHQDULR WKDW QRW RQO\
DFKLHYHG WKH JRDOV RI WKH VXVWDLQDELOLW\
WUDQVLWLRQRXWOLQHGE\WKH%RDUGRQ6XV
WDLQDEOH 'HYHORSPHQW EXW ZHQW IXUWKHU
WR DFKLHYH IRU DOO KXPDQNLQG D ULFK
TXDOLW\ RI OLIH VWURQJ KXPDQ WLHV DQG D
UHVRQDQWFRQQHFWLRQWRQDWXUH,QVXFK

PHQWVFUHDWLYHDPELJXLW\WKHPRVWVHUL
RXV HIIRUWV WR GHILQH LW DOEHLW LPSOLFLW
LQ PDQ\ FDVHV FRPH LQ WKH IRUP RI
LQGLFDWRUV &RPELQLQJ JOREDO QDWLRQDO
DQG ORFDO LQLWLDWLYHV WKHUH DUH OLWHUDOO\
KXQGUHGV RI HIIRUWV WR GHILQH DSSURSUL
DWH LQGLFDWRUV DQG WR PHDVXUH WKHP
5HFHQWO\ D GR]HQ VXFK HIIRUWV ZHUH
UHYLHZHG +DOI ZHUH JOREDO LQ FRYHU
DJHXVLQJFRXQWU\RUUHJLRQDOGDWDWKH
81&RPPLVVLRQRQ6XVWDLQDEOH'HYHO
RSPHQW&RQVXOWDWLYH*URXSRQ6XVWDLQ
DEOH 'HYHORSPHQW ,QGLFDWRUV :HOOEH
LQJ,QGH[(QYLURQPHQWDO6XVWDLQDELOLW\
,QGH[ *OREDO 6FHQDULR *URXS DQG WKH
(FRORJLFDO )RRWSULQW 2I WKH UHPDLQ
LQJ HIIRUWV WKUHH ZHUH FRXQWU\ VWXG
LHV LQ WKH 8QLWHG 6WDWHV WKH *HQXLQH
3URJUHVV ,QGLFDWRU DQG WKH ,QWHUDJHQF\
:RUNLQJ *URXS RQ 6XVWDLQDEOH 'HYHO
RSPHQW ,QGLFDWRUV DQG LQ &RVWD 5LFD
WKH6\VWHPRI,QGLFDWRUVIRU6XVWDLQDEOH
'HYHORSPHQW RQH ZDV D FLW\ VWXG\
WKH%RVWRQ,QGLFDWRUV3URMHFWRQHZDV
JOREDO LQ VFRSH EXW IRFXVHG RQ LQGLFD
WRUV RI XQVXVWDLQDELOLW\ 6WDWH )DLOXUH
7DVN )RUFH DQG RQH IRFXVHG RQ FRU
SRUDWH DQG QRQJRYHUQPHQWDO HQWLWLHV
*OREDO 5HSRUWLQJ ,QLWLDWLYH 7DEOH 
RQ SDJHV  DQG  OLVWV HDFK VWXG\
ZLWK LWV VRXUFH WKH QXPEHU RI LQGLFD
WRUV XVHG DQG WKH LPSOLFLW RU H[SOLFLW

AbWZZO\]bVS`eOgb]RSTW\SacabOW\OPZS
RSdSZ]^[S\bWaW\V]eWbWa[SOac`SR
DZRUOGLWZRXOGEHWKHTXDOLW\RIKXPDQ
NQRZOHGJH FUHDWLYLW\ DQG VHOIUHDOL]D
WLRQWKDWUHSUHVHQWVGHYHORSPHQWQRWWKH
TXDQWLW\RIJRRGVDQGVHUYLFHV$NH\WR
VXFKDIXWXUHLVWKHUHMHFWLRQRIPDWHULDO
FRQVXPSWLRQEH\RQGZKDWLVQHHGHGIRU
IXOILOOPHQWRUIRUDJRRGOLIH%H\RQG
WKHVH JRDOV KRZHYHU WKH GHWDLOV RI WKLV
JRRGOLIHDUHSRRUO\GHVFULEHG

)NDICATORS
6WLOODQRWKHUZD\WRGHILQHVXVWDLQDEOH
GHYHORSPHQW LV LQ KRZ LW LV PHDVXUHG
,QGHHG GHVSLWH VXVWDLQDEOH GHYHORS

GHILQLWLRQVXVHGWRGHVFULEHZKDWLVWREH
VXVWDLQHGZKDWLVWREHGHYHORSHGDQG
IRUKRZORQJ
7ZRPDMRUREVHUYDWLRQVHPHUJH7KH
ILUVW LV WKH H[WUDRUGLQDULO\ EURDG OLVW RI
LWHPV WR EH VXVWDLQHG DQG WR EH GHYHO
RSHG 7KHVH UHIOHFW WKH LQKHUHQW PDO
OHDELOLW\ RI VXVWDLQDEOH GHYHORSPHQW
DV ZHOO DV WKH LQWHUQDO SROLWLFV RI WKH
PHDVXUHPHQW HIIRUWV ,Q PDQ\ RI WKH
FDVHV WKH LQLWLDWLYH LV XQGHUWDNHQ E\
D GLYHUVH VHW RI VWDNHKROGHUV DQG WKH
UHVXOWLQJ OLVWV UHIOHFW WKHLU YDULHG DVSL
UDWLRQV )RU H[DPSOH LQ WKH 81 &RP
PLVVLRQ RQ 6XVWDLQDEOH 'HYHORSPHQW
WKHVWDNHKROGHUVDUHQDWLRQVQHJRWLDWLQJ

%.6)2/.-%.4



4ABLE  $ElNITIONS OF SUSTAINABLE DEVELOPMENT IMPLICITLY OR EXPLICITLY ADOPTED

BY SELECTED INDICATOR INITIATIVES
,QGLFDWRU
LQLWLDWLYH

1XPEHU
RI
LQGLFDWRUV

,PSOLFLWRU
H[SOLFLW
GHILQLWLRQ"

:KDWLVWREH
VXVWDLQHG"

:KDWLVWREH
GHYHORSHG"

)RUKRZORQJ"

&RPPLVVLRQ
RQ6XVWDLQDEOH
'HYHORSPHQWD



,PSOLFLWEXW
LQIRUPHG
E\$JHQGD


&OLPDWHFOHDQDLUODQG
SURGXFWLYLW\RFHDQ
SURGXFWLYLW\IUHVKZDWHU
DQGELRGLYHUVLW\

(TXLW\KHDOWKHGXFDWLRQ
KRXVLQJVHFXULW\
VWDELOL]HGSRSXODWLRQ

6SRUDGLFUHIHUHQFHV
WR

&RQVXOWDWLYH
*URXSRQ
6XVWDLQDEOH
'HYHORSPHQW
,QGLFDWRUVE



6DPHDV
DERYH

6DPHDVDERYH

6DPHDVDERYH

1RWVWDWHGXVHVGDWDIRU
DQG

:HOOEHLQJ
,QGH[F



([SOLFLW

$FRQGLWLRQLQZKLFKWKH
HFRV\VWHPPDLQWDLQVLWV
GLYHUVLW\DQGTXDOLW\DQGWKXV
LWVFDSDFLW\WRVXSSRUWSHRSOH
DQGWKHUHVWRIOLIHDQGLWV
SRWHQWLDOWRDGDSWWRFKDQJH
DQGSURYLGHDZLGHFKDQJHRI
FKRLFHVDQGRSSRUWXQLWLHVIRU
WKHIXWXUH

$FRQGLWLRQLQZKLFKDOO
PHPEHUVRIVRFLHW\DUH
DEOHWRGHWHUPLQHDQG
PHHWWKHLUQHHGVDQGKDYH
DODUJHUDQJHRIFKRLFHVWR
PHHWWKHLUSRWHQWLDO

1RWVWDWHGXVHVPRVW
UHFHQWGDWDDVRI
DQGLQFOXGHVVRPH
LQGLFDWRUVRIUHFHQW
FKDQJHVXFKDV
LQIODWLRQDQG
GHIRUHVWDWLRQ

(QYLURQPHQWDO
6XVWDLQDELOLW\
,QGH[G



([SOLFLW

9LWDOHQYLURQPHQWDO
V\VWHPVDUHPDLQWDLQHGDW
KHDOWK\OHYHOVDQGWRWKH
H[WHQWWRZKLFKOHYHOVDUH
LPSURYLQJUDWKHUWKDQ
GHWHULRUDWLQJ>DQG@OHYHOV
RIDQWKURSRJHQLFVWUHVVDUH
ORZHQRXJKWRHQJHQGHUQR
GHPRQVWUDEOHKDUPWRLWV
HQYLURQPHQWDOV\VWHPV

5HVLOLHQFHWRHQYLURQPHQWDO
GLVWXUEDQFHV3HRSOHDQG
VRFLDOV\VWHPVDUHQRW
YXOQHUDEOHLQWKHZD\
RIEDVLFQHHGVVXFKDV
KHDOWKDQGQXWULWLRQWR
HQYLURQPHQWDOGLVWXUEDQFHV
EHFRPLQJOHVVYXOQHUDEOH
LVDVLJQWKDWDVRFLHW\LV
RQDWUDFNWRJUHDWHU
VXVWDLQDELOLW\LQVWLWXWLRQV
DQGXQGHUO\LQJVRFLDO
SDWWHUQVRIVNLOOVDWWLWXGHV
DQGQHWZRUNVWKDWIRVWHU
HIIHFWLYHUHVSRQVHVWR
HQYLURQPHQWDOFKDOOHQJHV
DQGFRRSHUDWLRQDPRQJ
FRXQWULHVWRPDQDJH
FRPPRQHQYLURQPHQWDO
SUREOHPV

1RWVWDWHGXVHVPRVW
UHFHQWGDWDDVRI
DQGLQFOXGHVVRPH
LQGLFDWRUVRIUHFHQW
FKDQJHVXFKDV
GHIRUHVWDWLRQRU
SUHGLFWHGFKDQJHVXFK
DVSRSXODWLRQLQ

*HQXLQH
3URJUHVV
,QGLFDWRUH



([SOLFLW

&OHDQDLUODQGDQGZDWHU

(FRQRPLFSHUIRUPDQFH
IDPLOLHVDQGVHFXULW\

1RWVWDWHGFRPSXWHG
DQQXDOO\IURP

6285&( $GDSWHG IURP 7 0 3DUULV DQG 5 : .DWHV &KDUDFWHUL]LQJ DQG 0HDVXULQJ 6XVWDLQDEOH 'HYHORSPHQW!NNUAL 2EVIEW OF
%NVIRONMENT AND 2ESOURCES
 8QLWHG1DWLRQV'LYLVLRQRI6XVWDLQDEOH'HYHORSPHQW)NDICATORS OF 3USTAINABLE $EVELOPMENT 'UIDELINES AND -ETHODOLOGIES
KWWSZZZXQRUJHVDVXVWGHYQDWOLQIRLQGLFDWRUVLQGLVGLQGLVGPJSGI
E
 &RQVXOWDWLYH*URXSRQ6XVWDLQDEOH'HYHORSPHQW,QGLFDWRUVKWWSZZZLLVGRUJFJVGL
F
 53UHVFRWW$OOHQ4HE 7ELLBEING OF .ATIONS ! #OUNTRY BY #OUNTRY )NDEX OF 1UALITY OF ,IFE AND %NVIRONMENT:DVKLQJWRQ'&,VODQG
3UHVV
G
 :RUOG (FRQRPLF )RUXP  %NVIRONMENTAL 3USTAINABILITY )NDEX 'DYRV 6ZLW]HUODQG :RUOG (FRQRPLF )RUXP  KWWSZZZ
FLHVLQRUJLQGLFDWRUV(6,GRZQORDGVKWPO DQG ' & (VW\ DQG 3 . &RUQHOLXV %NVIRONMENTAL 0ERFORMANCE -EASUREMENT 4HE 'LOBAL
2EPORT n2[IRUG8.2[IRUG8QLYHUVLW\3UHVV
H
 &&REE0*OLFNPDQDQG&&KHVORJ4HE 'ENUINE 0ROGRESS )NDICATOR  5PDATE2DNODQG&$5HGHILQLQJ3URJUHVV
D



%.6)2/.-%.4

!02), 

,QGLFDWRU
LQLWLDWLYH

1XPEHU
RI
LQGLFDWRUV

,PSOLFLWRU
H[SOLFLW
GHILQLWLRQ"

:KDWLVWREH
VXVWDLQHG"

:KDWLVWREH
GHYHORSHG"

,QVWLWXWLRQVWRPHHW
KXPDQQHHGVIRUIRRG
ZDWHUDQGKHDOWKDQG
SURYLGHRSSRUWXQLWLHVIRU
HGXFDWLRQHPSOR\PHQWDQG
SDUWLFLSDWLRQ

)RUKRZORQJ"

*OREDO6FHQDULR
*URXSI



([SOLFLW

3UHVHUYLQJWKHHVVHQWLDO
KHDOWKVHUYLFHVDQG
EHDXWLHVRIWKHHDUWKUHTXLUHV
VWDELOL]LQJWKHFOLPDWHDWVDIH
OHYHOVVXVWDLQLQJHQHUJ\
PDWHULDOVDQGZDWHU
UHVRXUFHVUHGXFLQJWR[LF
HPLVVLRQVDQGPDLQWDLQLQJ
WKHZRUOGVHFRV\VWHPVDQG
KDELWDWV

(FRORJLFDO
)RRWSULQWJ

([SOLFLW

7KHDUHDRIELRORJLFDOO\
SURGXFWLYHODQGDQGZDWHU
UHTXLUHGWRSURGXFHWKH
UHVRXUFHVFRQVXPHGDQGWR
DVVLPLODWHWKHZDVWHV
SURGXFHGE\KXPDQLW\

86,QWHUDJHQF\
:RUNLQJ*URXS
RQ6XVWDLQDEOH
'HYHORSPHQW
,QGLFDWRUVK



([SOLFLW

(QYLURQPHQWQDWXUDO
UHVRXUFHVDQGHFRV\VWHP
VHUYLFHV

'LJQLW\SHDFHHTXLW\
HFRQRP\HPSOR\PHQW
VDIHW\KHDOWKDQGTXDOLW\
RIOLIH

&XUUHQWDQGIXWXUH
JHQHUDWLRQV

&RVWD5LFDL



,PSOLFLW

(FRV\VWHPVHUYLFHVQDWXUDO
UHVRXUFHVDQGELRGLYHUVLW\

(FRQRPLFDQGVRFLDO
GHYHORSPHQW

1RWVWDWHGLQFOXGHV
VRPHWLPHVHULHVGDWLQJ
EDFNWR

%RVWRQ,QGLFDWRU
3URMHFWM



,PSOLFLW

2SHQJUHHQVSDFHFOHDQ
DLUFOHDQZDWHUFOHDQ
ODQGYDOXHGHFRV\VWHPV
ELRGLYHUVLW\DQGDHVWKHWLFV

&LYLOVRFLHW\FXOWXUH
HFRQRP\HGXFDWLRQ
KRXVLQJKHDOWKVDIHW\
WHFKQRORJ\DQG
WUDQVSRUWDWLRQ

1RWVWDWHGXVHVPRVW
UHFHQWGDWDDVRI
DQGVRPHLQGLFDWRUVRI
UHFHQWFKDQJHVXFKDV
FKDQJHLQSRYHUW\UDWHV

6WDWH)DLOXUH
7DVN)RUFHN



([SOLFLW

,QWUDVWDWHSHDFHVHFXULW\

7ZR\HDUV

*OREDO5HSRUWLQJ
,QLWLDWLYHO



,PSOLFLW

3URILWDELOLW\HPSOR\PHQW
GLYHUVLW\RIZRUNIRUFHGLJQLW\
RIZRUNIRUFHKHDOWKVDIHW\RI
ZRUNIRUFHDQGKHDOWKVDIHW\
SULYDF\RIFXVWRPHUV

&XUUHQWUHSRUWLQJ\HDU

5HGXFHGFRQVXPSWLRQRI
UDZPDWHULDOVDQGUHGXFHG
HPLVVLRQVRIHQYLURQPHQWDO
FRQWDPLQDQWVIURPSURGXFWLRQ
RUSURGXFWXVH

7KURXJK

1RWH[SOLFLWO\VWDWHG
FRPSXWHGDQQXDOO\IURP


 35DVNLQHWDO4HE 'REAT 4RANSITION 4HE 0ROMISE AND ,URE OF THE 4IMES !HEAD%RVWRQ0$6WRFNKROP(QYLURQPHQWDO,QVWLWXWH
KWWSZZZWHOOXVRUJVHLESXEOLFDWLRQV*UHDWB7UDQVLWLRQVSGIDQG35DVNLQ**DOORSLQ3*XWPDQ$+DPPRQGDQG56ZDUW"END
ING THE #URVE 4OWARD 'LOBAL 3USTAINABILITY3ROHVWDU5HSRUW%RVWRQ0$6WRFNKROP(QYLURQPHQWDO,QVWLWXWHKWWSZZZWHOOXV
RUJVHLESXEOLFDWLRQVEHQGLQJWKHFXUYHSGI
J
 0:DFNHUQDJHOHWDO7UDFNLQJWKH(FRORJLFDO2YHUVKRRWRIWKH+XPDQ(FRQRP\0ROCEEDINGS OF THE .ATIONAL !CADEMY 3CIENCE
QRDQG0:DFNHUQDJHO&0RQIUHGDDQG''HXPOLQJ%COLOGICAL &OOTPRINT OF .ATIONS .OVEMBER  5PDATE
2DNODQG&$5HGHILQLQJ3URJUHVV
K
 86,QWHUDJHQF\:RUNLQJ*URXSRQ6XVWDLQDEOH'HYHORSPHQW,QGLFDWRUV,:*6',3USTAINABLE $EVELOPMENT IN THE 5NITED 3TATES !N
%XPERIMENTAL 3ET OF )NDICATORS,:*6',5HSRUW3568(;:DVKLQJWRQ'&
L
 6LVWHPDGH,QGLFDGRUHVVREUH'HVDUUROOR6RVWHQLEOH6\VWHPRI,QGLFDWRUVIRU6XVWDLQDEOH'HYHORSPHQW0RINCIPALES )NDICADORES DE
#OSTA 2ICA3ULQFLSDO,QGLFDWRUVRI&RVWD5LFD6DQ-RVp&RVWD5LFD0LQLVWHULRGH3ODQLILFDFLyQ1DFLRQDO\3ROtWLFD(FRQyPLFD0LQLVWU\
RI1DWLRQDO3ODQQLQJDQG3ROLWLFDO(FRQRP\KWWSZZZPLGHSODQJRFUVLGHV
M
 7KH%RVWRQ,QGLFDWRU3URMHFW4HE 7ISDOM OF /UR #HOICES "OSTONS )NDICATORS OF 0ROGRESS #HANGE AND 3USTAINABILITY %RVWRQ
0$%RVWRQ)RXQGDWLRQKWWSZZZWEIRUJLQGLFDWRUVVKDUHGQHZVDVS"LG 
N
 '&(VW\HWDO7KH6WDWH)DLOXUH3URMHFW(DUO\:DUQLQJ5HVHDUFKIRU86)RUHLJQ3ROLF\3ODQQLQJLQ-/'DYLHVDQG75*XUU
HGV0REVENTIVE -EASURES "UILDING 2ISK !SSESSMENT AND #RISIS %ARLY 7ARNING 3YSTEMS%RXOGHU&25RZPDQ /LWWOHILHOG
DQG'&(VW\-$*ROGVWRQH75*XUU376XUNRDQG$18QJHU7ORKING 0APER 3TATE &AILURE 4ASK &ORCE 2EPORT0F/HDQ9$
6FLHQFH$SSOLFDWLRQV,QWHUQDWLRQDO&RUSRUDWLRQ6WDWH)DLOXUH7DVN)RUFH6WDWH)DLOXUH7DVN)RUFH5HSRUW3KDVH,,)LQGLQJV
%NVIRONMENTAL #HANGE AND 3ECURITY 0ROJECT 2EPORT 
O
 *OREDO5HSRUWLQJ,QLWLDWLYHKWWSZZZJOREDOUHSRUWLQJRUJ
I

6/,5-%  .5-"%2 

%.6)2/.-%.4



KRZ WR PHDVXUH WKHLU UHODWLYH SURJUHVV

RU ODFN RI SURJUHVV WRZDUG VXVWDLQDEOH
GHYHORSPHQW ,Q WKH %RVWRQ ,QGLFDWRUV
3URMHFWWKHVWDNHKROGHUVDUHFRPPXQLW\
PHPEHUV ZLWK YDULHG RSLQLRQV DERXW
GHVLUDEOHJRDOVSROLFLHVDQGLQYHVWPHQW
SULRULWLHV IRU WKH IXWXUH ,Q WKH *OREDO
5HSRUWLQJ,QLWLDWLYHWKHVWDNHKROGHUVDUH
FRUSRUDWLRQVLQYHVWRUVUHJXODWRU\DJHQ
FLHVDQGFLYLOVRFLHW\JURXSVGLVFXVVLQJ
KRZ WR DFFRXQW IRU FRUSRUDWH DFWLRQV
DIIHFWLQJVXVWDLQDEOHGHYHORSPHQW:LWK
PDQ\ VWDNHKROGHUV HDFK ZLWK GLIIHUHQW
GHILQLWLRQV DFKLHYLQJ FRQVHQVXV RIWHQ
WDNHVWKHIRUPRIORQJODXQGU\OLVWVRI

LQGLFDWRUV DQG GHILQLWLRQDO GLIIHUHQFHV

DUH GRZQSOD\HG LQ IDYRU RI UHDFKLQJ
D FRPPRQ VHW RI LQGLFDWRUV 7KXV WR
EH LQFOXVLYH WKH UDQJH RI LQGLFDWRUV
EHFRPHV YHU\ EURDG +DOI WKH H[DP
LQHGLQLWLDWLYHVKRZHYHUUHSUHVHQWOHVV
LQFOXVLYH UHVHDUFK RU DGYRFDF\ JURXSV
ZKR VKDUH D PRUH QDUURZ DQG KRPRJ
HQRXVYLHZRIVXVWDLQDEOHGHYHORSPHQW
:KLOHDOVRDVVHPEOLQJODUJHQXPEHUVRI
LQGLFDWRUV WKHVH JURXSV WHQG WR DJJUH
JDWH WKHP WR UHIOHFW WKHLU GLVWLQFWLYH
YLVLRQRIVXVWDLQDELOLW\
$ VHFRQG REVHUYDWLRQ LV WKDW IHZ RI
WKH HIIRUWV DUH H[SOLFLW DERXW WKH WLPH

9$/8(681'(5/<,1*
7+(0,//(11,80'(&/$5$7,21
7KH0LOOHQQLXP'HFODUDWLRQZKLFKRXWOLQHVJRDOVIRUSHDFHGHYHORS
PHQWWKHHQYLURQPHQWKXPDQULJKWVWKHYXOQHUDEOHKXQJU\DQGSRRU
$IULFDDQGWKH8QLWHG1DWLRQVLVIRXQGHGRQDFRUHVHWRIYDOXHVGHVFULEHG
DVIROORZV
:HFRQVLGHUFHUWDLQIXQGDPHQWDOYDOXHVWREHHVVHQWLDOWRLQWHUQDWLRQDO
UHODWLRQVLQWKHWZHQW\ILUVWFHQWXU\7KHVHLQFOXGH
 )UHHGRP0HQDQGZRPHQKDYHWKHULJKWWROLYHWKHLUOLYHVDQGUDLVH
WKHLUFKLOGUHQLQGLJQLW\IUHHIURPKXQJHUDQGIURPWKHIHDURIYLROHQFH
RSSUHVVLRQRULQMXVWLFH'HPRFUDWLFDQGSDUWLFLSDWRU\JRYHUQDQFHEDVHGRQWKH
ZLOORIWKHSHRSOHEHVWDVVXUHVWKHVHULJKWV
 (TXDOLW\1RLQGLYLGXDODQGQRQDWLRQPXVWEHGHQLHGWKHRSSRUWXQLW\WR
EHQHILWIURPGHYHORSPHQW7KHHTXDOULJKWVDQGRSSRUWXQLWLHVRIZRPHQDQG
PHQPXVWEHDVVXUHG
 6ROLGDULW\*OREDOFKDOOHQJHVPXVWEHPDQDJHGLQDZD\WKDWGLVWULEXWHV
WKHFRVWVDQGEXUGHQVIDLUO\LQDFFRUGDQFHZLWKEDVLFSULQFLSOHVRIHTXLW\DQG
VRFLDOMXVWLFH7KRVHZKRVXIIHURUZKREHQHILWOHDVWGHVHUYHKHOSIURPWKRVH
ZKREHQHILWPRVW
 7ROHUDQFH+XPDQEHLQJVPXVWUHVSHFWRQHRWKHULQDOOWKHLUGLYHUVLW\RI
EHOLHIFXOWXUHDQGODQJXDJH'LIIHUHQFHVZLWKLQDQGEHWZHHQVRFLHWLHVVKRXOG
EHQHLWKHUIHDUHGQRUUHSUHVVHGEXWFKHULVKHGDVDSUHFLRXVDVVHWRIKXPDQ
LW\$FXOWXUHRISHDFHDQGGLDORJXHDPRQJDOOFLYLOL]DWLRQVVKRXOGEHDFWLYHO\
SURPRWHG
 5HVSHFWIRUQDWXUH3UXGHQFHPXVWEHVKRZQLQWKHPDQDJHPHQWRIDOO
OLYLQJVSHFLHVDQGQDWXUDOUHVRXUFHVLQDFFRUGDQFHZLWKWKHSUHFHSWVRIVXV
WDLQDEOHGHYHORSPHQW2QO\LQWKLVZD\FDQWKHLPPHDVXUDEOHULFKHVSURYLGHG
WRXVE\QDWXUHEHSUHVHUYHGDQGSDVVHGRQWRRXUGHVFHQGDQWV7KHFXUUHQW
XQVXVWDLQDEOHSDWWHUQVRISURGXFWLRQDQGFRQVXPSWLRQPXVWEHFKDQJHGLQWKH
LQWHUHVWRIRXUIXWXUHZHOIDUHDQGWKDWRIRXUGHVFHQGDQWV
 6KDUHGUHVSRQVLELOLW\5HVSRQVLELOLW\IRUPDQDJLQJZRUOGZLGHHFRQRP
LFDQGVRFLDOGHYHORSPHQWDVZHOODVWKUHDWVWRLQWHUQDWLRQDOSHDFHDQGVHFX
ULW\PXVWEHVKDUHGDPRQJWKHQDWLRQVRIWKHZRUOGDQGVKRXOGEHH[HUFLVHG
PXOWLODWHUDOO\$VWKHPRVWXQLYHUVDODQGPRVWUHSUHVHQWDWLYHRUJDQL]DWLRQLQ
WKHZRUOGWKH8QLWHG1DWLRQVPXVWSOD\WKHFHQWUDOUROH
8QLWHG1DWLRQV*HQHUDO$VVHPEO\8QLWHG1DWLRQV0LOOHQQLXP'HFODUDWLRQ5HVROXWLRQ
8QLWHG1DWLRQV$5(66HSWHPEHUSDJH[



%.6)2/.-%.4

SHULRG LQ ZKLFK VXVWDLQDEOH GHYHORS

PHQWVKRXOGEHFRQVLGHUHG'HVSLWHWKH
HPSKDVLV LQ WKH VWDQGDUG GHILQLWLRQ RQ
LQWHUJHQHUDWLRQDO HTXLW\ WKHUH VHHPV LQ
PRVW LQGLFDWRU HIIRUWV D IRFXV RQ WKH
SUHVHQW RU WKH YHU\ VKRUW WHUP 7KUHH
H[FHSWLRQV KRZHYHU DUH ZRUWK QRWLQJ
7KH 81 &RPPLVVLRQ RQ 6XVWDLQDEOH
'HYHORSPHQW XVHV VRPH KXPDQ GHYHO
RSPHQW LQGLFDWRUV GHILQHG LQ WHUPV RI
D VLQJOH JHQHUDWLRQ  \HDUV WKH
*OREDO 6FHQDULR *URXS TXDQWLILHV LWV
VFHQDULRV WKURXJK  DSSUR[LPDWHO\
WZR JHQHUDWLRQV DQG WKH (FRORJLFDO
)RRWSULQW DUJXHV WKDW LQ WKH ORQJ UXQ
DQ HQYLURQPHQWDO IRRWSULQW ODUJHU WKDQ
RQH(DUWKFDQQRWEHVXVWDLQHG2YHUDOO
WKHVHGLYHUVHLQGLFDWRUHIIRUWVUHIOHFWWKH
DPELJXRXVWLPHKRUL]RQRIWKHVWDQGDUG
GHILQLWLRQQRZDQGLQWKHIXWXUH

6ALUES
6WLOODQRWKHUPRGHRIGHILQLQJVXVWDLQ
DEOH GHYHORSPHQW LV WKURXJK WKH YDO
XHVWKDWUHSUHVHQWRUVXSSRUWVXVWDLQDEOH
GHYHORSPHQW%XWYDOXHVOLNHVXVWDLQ
DEOH GHYHORSPHQW KDYH PDQ\ PHDQ
LQJV ,Q JHQHUDO YDOXHV DUH H[SUHVVLRQV
RI RU EHOLHIV LQ WKH ZRUWK RI REMHFWV
TXDOLWLHV RU EHKDYLRUV 7KH\ DUH W\SL
FDOO\ H[SUHVVHG LQ WHUPV RI JRRGQHVV
RU GHVLUDELOLW\ RU FRQYHUVHO\ LQ WHUPV
RI EDGQHVV RU DYRLGDQFH 7KH\ RIWHQ
LQYRNH IHHOLQJV GHILQH RU GLUHFW XV WR
JRDOV IUDPH RXU DWWLWXGHV DQG SURYLGH
VWDQGDUGVDJDLQVWZKLFKWKHEHKDYLRUVRI
LQGLYLGXDOVDQGVRFLHWLHVFDQEHMXGJHG
$VVXFKWKH\RIWHQRYHUODSZLWKVXVWDLQ
DELOLW\ JRDOV DQG LQGLFDWRUV ,QGHHG WKH
WKUHHSLOODUVRIVXVWDLQDEOHGHYHORSPHQW
WKHEHQFKPDUNJRDOVRIWKH0LOOHQQLXP
'HFODUDWLRQ WKH 6XVWDLQDELOLW\ 7UDQVL
WLRQ DQG WKH *UHDW 7UDQVLWLRQ DQG WKH
PDQ\LQGLFDWRULQLWLDWLYHVDUHDOOH[SUHV
VLRQVRIYDOXHV
%XW WKHVH YDOXHV DV GHVFULEHG LQ WKH
SUHYLRXVVHFWLRQVGRQRWHQFRPSDVVWKH
IXOO UDQJH RI YDOXHV VXSSRUWLQJ VXVWDLQ
DEOH GHYHORSPHQW 2QH H[SOLFLW VWDWH
PHQW RI VXSSRUWLQJ YDOXHV LV IRXQG LQ
WKH0LOOHQQLXP'HFODUDWLRQ8QGHUO\LQJ
WKH  VSHFLILF JRDOV RI WKH 0LOOHQ

!02), 

LQYROYHGWKHPRVWRSHQDQGSDUWLFLSD
WRU\FRQVXOWDWLRQSURFHVVHYHUFRQGXFW
HG LQ FRQQHFWLRQ ZLWK DQ LQWHUQDWLRQDO
GRFXPHQW 7KRXVDQGV RI LQGLYLGXDOV
DQGKXQGUHGVRIRUJDQL]DWLRQVIURPDOO
UHJLRQVRIWKHZRUOGGLIIHUHQWFXOWXUHV
DQG GLYHUVH VHFWRUV RI VRFLHW\    SDU
WLFLSDWHG5HOHDVHGLQWKH\HDU
WKH (DUWK &KDUWHU KDV EHHQ HQGRUVHG
E\ PRUH WKDQ  LQGLYLGXDOV DQG
RUJDQL]DWLRQV ZRUOGZLGH UHSUHVHQWLQJ
PLOOLRQV RI PHPEHUV \HW LW KDV IDLOHG

PRUH WKDQ  LQWHUQDWLRQDO ODZ LQVWUX

PHQWV ZHUH VXUYH\HG DQG VXPPDUL]HG
LQ3ULQFLSOHVRI(QYLURQPHQWDO&RQVHU
YDWLRQ DQG 6XVWDLQDEOH 'HYHORSPHQW
6XPPDU\DQG6XUYH\)RXUILUVWRUGHU
SULQFLSOHVZHUHLGHQWLILHGDQGH[SUHVVHG
LQ WKH (DUWK &KDUWHU DV WKH FRPPXQLW\
RI OLIH HFRORJLFDO LQWHJULW\ VRFLDO DQG
HFRQRPLF MXVWLFH DQG GHPRFUDF\ QRQ
YLROHQFH DQG SHDFH 6L[WHHQ VHFRQG
RUGHU SULQFLSOHV H[SDQG RQ WKHVH IRXU
DQG  WKLUGRUGHU SULQFLSOHV HODERUDWH

(DUWK &KDUWHU DV D GHFODUDWLRQ RI IXQ

GDPHQWDOSULQFLSOHVIRUEXLOGLQJDMXVW
VXVWDLQDEOHDQGSHDFHIXOJOREDOVRFLHW\
LQ WKH VW FHQWXU\LV ZHOO GRFX
PHQWHG7KH LQLWLDWLYH DQVZHUV WKH FDOO
RI WKH :RUOG &RPPLVVLRQ RQ (QYLURQ
PHQW DQG 'HYHORSPHQW IRU FUHDWLRQ RI
D XQLYHUVDO GHFODUDWLRQ WKDW ZRXOG
FRQVROLGDWH DQG H[WHQG UHOHYDQW OHJDO
SULQFLSOHV FUHDWH QHZ QRUPV   
QHHGHGWRPDLQWDLQOLYHOLKRRGVDQGOLIH
RQRXUVKDUHGSODQHWDQGJXLGHVWDWH

WR DWWDLQ LWV GHVLUHG HQGRUVHPHQW RU

DGRSWLRQ E\ WKH  :RUOG 6XPPLW
RQ6XVWDLQDEOH'HYHORSPHQWRUWKH81
*HQHUDO$VVHPEO\
7KH YDOXHV RI WKH (DUWK &KDUWHU
DUH GHULYHG IURP FRQWHPSRUDU\ VFL
HQFH LQWHUQDWLRQDO ODZ WKH WHDFKLQJV
RI LQGLJHQRXV SHRSOHV WKH ZLVGRP RI
WKH ZRUOGV JUHDW UHOLJLRQV DQG SKLOR
VRSKLFDOWUDGLWLRQVWKHGHFODUDWLRQVDQG
UHSRUWVRIWKHVHYHQ81VXPPLWFRQIHU
HQFHVKHOGGXULQJWKHVWKHJOREDO

RQ WKH  )RU H[DPSOH WKH FRUH SULQ

FLSDO RI VRFLDO DQG HFRQRPLF MXVWLFH LV
HODERUDWHG E\ SULQFLSOHV RI HTXLWDEOH
HFRQRP\ HUDGLFDWLRQ RI SRYHUW\ DQG
WKHVHFXULQJRIJHQGHUHTXDOLW\DQGWKH
ULJKWV RI LQGLJHQRXV SHRSOHV ,Q WXUQ
HDFKRIWKHVHSULQFLSOHVLVIXUWKHUH[SOL
FDWHGZLWKWKUHHRUIRXUVSHFLILFDFWLRQV
RULQWHQWLRQV

,%&4 4/ 2)'(4 $)')4!, 6)3)/. *!-%3 -!23(!,,#/2")3

$)')4!, 6)3)/.

QLXP 'HFODUDWLRQ DUH DQ DUWLFXODWHG VHW

RI IXQGDPHQWDO YDOXHV VHHQ DV HVVHQ
WLDO WR LQWHUQDWLRQDO UHODWLRQV IUHHGRP
HTXDOLW\VROLGDULW\WROHUDQFHUHVSHFWIRU
QDWXUHDQGVKDUHGUHVSRQVLELOLW\VHHWKH
ER[RQSDJH
7KH 0LOOHQQLXP 'HFODUDWLRQ ZDV
DGRSWHG E\ WKH 81 *HQHUDO $VVHP
EO\EXWWKHRULJLQVRIWKHGHFODUDWLRQV
VHW RI IXQGDPHQWDO YDOXHV DUH XQFOHDU
,Q FRQWUDVW WKH RULJLQV RI WKH (DUWK
&KDUWHU ,QLWLDWLYHZKLFK GHILQHV WKH

4Se]TbVSSTT]`baO`SSf^ZWQWbOP]cb
bVSbW[S^S`W]RW\eVWQVacabOW\OPZS
RSdSZ]^[S\baV]cZRPSQ]\aWRS`SR
EHKDYLRU LQ WKH WUDQVLWLRQ WR VXVWDLQ
DEOHGHYHORSPHQW$QHIIRUWWRGUDIW
D FKDUWHU DW WKH  (DUWK 6XPPLW
ZDVXQVXFFHVVIXO,QDQHZ(DUWK
&KDUWHU ,QLWLDWLYH ZDV ODXQFKHG WKDW

6/,5-%  .5-"%2 

HWKLFVPRYHPHQWQXPHURXVQRQJRYHUQ
PHQWDOGHFODUDWLRQVDQGSHRSOHVWUHDWLHV
LVVXHG RYHU WKH SDVW WKLUW\ \HDUV DQG
EHVW SUDFWLFHV IRU EXLOGLQJ VXVWDLQDEOH
FRPPXQLWLHV )RU H[DPSOH LQ 

0RACTICE
)LQDOO\DQG LQ PDQ\ ZD\V PRVW
LPSRUWDQWO\VXVWDLQDEOHGHYHORSPHQWLV
GHILQHGLQSUDFWLFH7KHSUDFWLFHLQFOXGHV
WKHPDQ\HIIRUWVDWGHILQLQJWKHFRQFHSW
HVWDEOLVKLQJ JRDOV FUHDWLQJ LQGLFDWRUV
DQG DVVHUWLQJ YDOXHV %XW DGGLWLRQDOO\
LW LQFOXGHV GHYHORSLQJ VRFLDO PRYH
PHQWV RUJDQL]LQJ LQVWLWXWLRQV FUDIWLQJ
VXVWDLQDELOLW\ VFLHQFH DQG WHFKQRORJ\
DQG QHJRWLDWLQJ WKH JUDQG FRPSURPLVH
DPRQJ WKRVH ZKR DUH SULQFLSDOO\ FRQ
FHUQHG ZLWK QDWXUH DQG HQYLURQPHQW

%.6)2/.-%.4



WKRVHZKRYDOXHHFRQRPLFGHYHORSPHQW
DQGWKRVHZKRDUHGHGLFDWHGWRLPSURY
LQJWKHKXPDQFRQGLWLRQ

6XVWDLQDEOH GHYHORSPHQW FDQ EH

YLHZHGDVDVRFLDOPRYHPHQWDJURXS
RISHRSOHZLWKDFRPPRQLGHRORJ\ZKR
WU\ WRJHWKHU WR DFKLHYH FHUWDLQ JHQHUDO

SHRSOHV ORFDO DXWKRULWLHV 1*2V WKH

VFLHQWLILF DQG WHFKQRORJLFDO FRP
PXQLWLHV WUDGH XQLRQV DQG ZRPHQ
DWWHQGHG WKH :RUOG 6XPPLW RQ 6XV
WDLQDEOH'HYHORSPHQWLQ-RKDQQHVEXUJ
7KHVH JURXSV RUJDQL]HG WKHPVHOYHV
LQWRDSSUR[LPDWHO\JHRJUDSKLFDODQG
LVVXHEDVHGFDXFXVHV
%XW XQGHUO\LQJ WKLV SDUWLFLSDWLRQ LQ
WKH IRUPDO LQWHUQDWLRQDO VXVWDLQDEOH

VROLGDULW\ PRYHPHQW DQG WKH FRUSRUDWH

UHVSRQVLELOLW\ PRYHPHQW 7KH PRYH
PHQWIRUVXVWDLQDEOHOLYHOLKRRGVFRQVLVWV
RI ORFDO LQLWLDWLYHV WKDW VHHN WR FUHDWH
RSSRUWXQLWLHV IRU ZRUN DQG VXVWHQDQFH
WKDWRIIHUVXVWDLQDEOHDQGFUHGLEOHDOWHU
QDWLYHV WR FXUUHQW SURFHVVHV RI GHYHO
RSPHQW DQG PRGHUQL]DWLRQ &RQVLVWLQJ
SULPDULO\ RI LQLWLDWLYHV LQ GHYHORSLQJ
FRXQWULHV WKH PRYHPHQW KDV FRXQWHU

JRDOV ,Q DQ HIIRUW WR HQFRXUDJH WKH

FUHDWLRQRIDEURDGO\EDVHGVRFLDOPRYH
PHQWLQVXSSRUWRIVXVWDLQDEOHGHYHORS
PHQW 81&(' ZDV WKH ILUVW LQWHUQD
WLRQDO LQWHUJRYHUQPHQWDO FRQIHUHQFH WR
SURYLGH IXOO DFFHVV WR D ZLGH UDQJH RI
QRQJRYHUQPHQWDO RUJDQL]DWLRQV 1*2V
DQG WR HQFRXUDJH DQ LQGHSHQGHQW (DUWK

GHYHORSPHQWHYHQWVDUHDKRVWRIVRFLDO
PRYHPHQWV VWUXJJOLQJ WR LGHQWLI\ ZKDW
VXVWDLQDEOH GHYHORSPHQW PHDQV LQ WKH
FRQWH[W RI VSHFLILF SODFHV DQG SHRSOHV
2QH VXFK PRYHPHQW LV WKH HIIRUW RI
PDQ\ FRPPXQLWLHV VWDWHV SURYLQFHV
RU UHJLRQV WR HQJDJH LQ FRPPXQLW\
H[HUFLVHV WR GHILQH D GHVLUDEOH VXVWDLQ

SDUWVLQWKHGHYHORSHGZRUOGDVVHHQIRU
H[DPSOH LQ ORFDO HIIRUWV LQ WKH 8QLWHG
6WDWHV WR PDQGDWH SD\PHQW RI D OLYLQJ
ZDJHUDWKHUWKDQDPLQLPXPZDJH
7KHJOREDOVROLGDULW\PRYHPHQWVHHNV
WR VXSSRUW SRRU SHRSOH LQ GHYHORSLQJ
FRXQWULHV LQ ZD\V WKDW JR EH\RQG WKH
DOWUXLVWLFVXSSRUWIRUGHYHORSPHQWIXQG
LQJ 7KHLU FDPSDLJQV DUH H[SUHVVHG DV
DQWLJOREDOL]DWLRQRUJOREDOL]DWLRQIURP
EHORZLQFULWLFDODSSUDLVDOVRIPDMRU
LQWHUQDWLRQDO LQVWLWXWLRQV LQ WKH PRYH
PHQWIRUWKHFDQFHOODWLRQRIGHEWDQG
LQ FULWLTXHV RI GHYHORSHGZRUOG SROL
FLHVVXFK DV DJULFXOWXUDO VXEVLGLHV
WKDW VLJQLILFDQWO\ LPSDFW GHYHORSLQJ
FRXQWULHVDQGHVSHFLDOO\SRRUSHRSOH
7KH FRUSRUDWH UHVSRQVLELOLW\ PRYH
PHQWKDVWKUHHGLPHQVLRQVYDULRXVFDP
SDLJQV E\ 1*2V WR FKDQJH FRUSRUDWH
HQYLURQPHQWDO DQG VRFLDO EHKDYLRU
HIIRUWV E\ FRUSRUDWLRQV WR FRQWULEXWH
WR VXVWDLQDEOH GHYHORSPHQW JRDOV DQG
WR UHGXFH WKHLU QHJDWLYH HQYLURQPHQWDO
DQG VRFLDO LPSDFWV DQG LQWHUQDWLRQDO
LQLWLDWLYHVVXFKDVWKH81*OREDO&RP
SDFWRUWKH:RUOG%XVLQHVV&RXQFLOIRU

,%&4 4/ 2)'(4 #/2")3 #/2")3 #/2")3

! 3OCIAL -OVEMENT

AcabOW\OPZSRSdSZ]^[S\bQO\PSdWSeSROa
Oa]QWOZ[]dS[S\bOU`]c^]T^S]^ZS
eWbVOQ][[]\WRS]Z]UgeV]b`gb]USbVS`
b]OQVWSdSQS`bOW\US\S`OZU]OZa
6XPPLW DW D QHDUE\ YHQXH 0RUH WKDQ
1*2VDQGMRXUQDOLVWVSDUWLF
LSDWHG2QHVRFLDOPRYHPHQWODXQFKHG
IURP 81&(' ZDV WKH HIIRUW GHVFULEHG
DERYHWRFUHDWHDQ(DUWK&KDUWHUWRUDWLI\
LWDQGWRDFWXSRQLWVSULQFLSOHV
,Q   QHZ 1*2V DQG PRUH
WKDQ  UHSUHVHQWDWLYHV RI PDMRU
JURXSV EXVLQHVV IDUPHUV LQGLJHQRXV



%.6)2/.-%.4

DEOH IXWXUH DQG WKH DFWLRQV QHHGHG WR

DWWDLQ LW ([DPSOHV LQFOXGH 6XVWDLQDEOH
6HDWWOH 'XUEDQV /RFDO $JHQGD 
3URJUDPPH WKH /DQFDVKLUH &RXQW\
&RXQFLO /RFDO $JHQGD  6WUDWHJ\
DQGWKH0LQQHVRWD6XVWDLQDEOH'HYHORS
PHQW,QLWLDWLYH
7KUHH UHODWHG HIIRUWV DUH WKH VXVWDLQ
DEOH OLYHOLKRRGV PRYHPHQW WKH JOREDO

!02), 

6XVWDLQDEOH'HYHORSPHQWWKDWVHHNWR
KDUQHVV WKH NQRZOHGJH HQHUJLHV DQG
DFWLYLWLHVRIFRUSRUDWLRQVWREHWWHUVHUYH
QDWXUH DQG VRFLHW\ )RU LQVWDQFH LQ
WKH MXVWVHOHFWHG *OREDO  WKH PRVW
VXVWDLQDEOH FRUSRUDWLRQV LQ WKH ZRUOG
WKHWRSWKUHHFRUSRUDWLRQVZHUH7R\RWD
VHOHFWHGIRULWVOHDGHUVKLSLQLQWURGXFLQJ
K\EULGYHKLFOHV$OFRDIRUPDQDJHPHQW
RIPDWHULDOVDQGHQHUJ\HIILFLHQF\DQG
%ULWLVK 3HWUROHXP IRU OHDGHUVKLS LQ
JUHHQKRXVH JDV HPLVVLRQV UHGXFWLRQ
HQHUJ\ HIILFLHQF\ UHQHZDEOHV DQG
ZDVWHWUHDWPHQWDQGKDQGOLQJ
$ UHODWHG VRFLDO PRYHPHQW IRFXVHV
RQH[FHVVLYHPDWHULDOFRQVXPSWLRQDQG
LWV LPSDFWV RQ WKH HQYLURQPHQW DQG
VRFLHW\ DQG VHHNV WR IRVWHU YROXQWDU\
VLPSOLFLW\RIRQHIRUPRUDQRWKHU7KHVH
DGYRFDWHV DUJXH WKDW EH\RQG FHUWDLQ
WKUHVKROGV HYHULQFUHDVLQJ FRQVXPS
WLRQGRHVQRWLQFUHDVHVXEMHFWLYHOHYHOV
RI KDSSLQHVV VDWLVIDFWLRQ RU KHDOWK
5DWKHULWRIWHQKDVSUHFLVHO\WKHRSSR
VLWH HIIHFW 7KXV WKHVH HIIRUWV SUHVHQW
D YLVLRQ RI WKH JRRG OLIH LQ ZKLFK
SHRSOH ZRUN DQG FRQVXPH OHVV WKDQ LV
SUHYDOHQW LQ WRGD\V FRQVXPHUGULYHQ
DIIOXHQWVRFLHWLHV
$V ZLWK DQ\ VRFLDO PRYHPHQW VXV
WDLQDEOHGHYHORSPHQWHQFRXQWHUVRSSR
VLWLRQ 7KH RSSRQHQWV RI VXVWDLQDEOH
GHYHORSPHQWDWWDFNIURPWZRYHU\GLI
IHUHQW SHUVSHFWLYHV $W RQH HQG RI WKH
VSHFWUXPDUHWKRVHWKDWYLHZVXVWDLQDEOH
GHYHORSPHQWDVDWRSGRZQDWWHPSWE\
WKH 8QLWHG 1DWLRQV WR GLFWDWH KRZ WKH
SHRSOH RI WKH ZRUOG VKRXOG OLYH WKHLU
OLYHVDQGWKXVDVDWKUHDWWRLQGLYLGXDO
IUHHGRPV DQG SURSHUW\ ULJKWV $W WKH
RWKHU HQG DUH WKRVH ZKR YLHZ VXVWDLQ
DEOH GHYHORSPHQW DV FDSLWXODWLRQ WKDW
LPSOLHV GHYHORSPHQW DV XVXDO GULYHQ
E\ WKH LQWHUHVWV RI ELJ EXVLQHVV DQG
PXOWLODWHUDO LQVWLWXWLRQV DQG WKDW SD\V
RQO\OLSVHUYLFHWRVRFLDOMXVWLFHDQGWKH
SURWHFWLRQRIQDWXUH

)NSTITUTIONS
7KH JRDOV RI VXVWDLQDEOH GHYHORS
PHQW KDYH EHHQ ILUPO\ HPEHGGHG LQ D
ODUJH QXPEHU RI QDWLRQDO LQWHUQDWLRQDO
DQG QRQJRYHUQPHQWDO LQVWLWXWLRQV $W

6/,5-%  .5-"%2 

WKH LQWHUJRYHUQPHQWDO OHYHO VXVWDLQ

DEOH GHYHORSPHQW LV QRZ IRXQG DV D
FHQWUDO WKHPH WKURXJKRXW WKH 8QLWHG
1DWLRQV DQG LWV VSHFLDOL]HG DJHQFLHV
(YLGHQFH RI WKLV VKLIW FDQ EH VHHQ LQ
WKHFUHDWLRQRIWKH'LYLVLRQRI6XVWDLQ
DEOH 'HYHORSPHQW ZLWKLQ WKH 8QLWHG
1DWLRQV 'HSDUWPHQW RI (FRQRPLF DQG
6RFLDO $IIDLUV WKH HVWDEOLVKPHQW RI D
YLFH SUHVLGHQW IRU HQYLURQPHQWDOO\ DQG
VRFLDOO\ VXVWDLQDEOH GHYHORSPHQW DW WKH
:RUOG %DQN DQG WKH GHFODUDWLRQ RI WKH
8QLWHG 1DWLRQV 'HFDGH RI (GXFDWLRQ
IRU6XVWDLQDEOH'HYHORSPHQW6LPLODUO\
QXPHURXV QDWLRQDO DQG ORFDO JRYHUQ
PHQWDOHQWLWLHVKDYHEHHQHVWDEOLVKHGWR
FUHDWHDQGPRQLWRUVXVWDLQDEOHGHYHORS
PHQWVWUDWHJLHV$FFRUGLQJWRDUHFHQW
VXUYH\ E\ WKH ,QWHUQDWLRQDO &RXQFLO IRU
/RFDO (QYLURQPHQW ,QLWLDWLYHV 
ORFDO DXWKRULWLHV LQ  FRXQWULHV KDYH
HLWKHU PDGH D IRUPDO FRPPLWPHQW WR
/RFDO$JHQGDRUDUHDFWLYHO\XQGHU
WDNLQJ WKH SURFHVV DQG WKH QXPEHU
RI VXFK SURFHVVHV KDV EHHQ JURZLQJ
GUDPDWLFDOO\,QDGGLWLRQWRWKHVHJRY
HUQPHQWDO HIIRUWV VXVWDLQDEOH GHYHORS
PHQW KDV HPHUJHG LQ WKH RUJDQL]DWLRQ
FKDUWVRIEXVLQHVVHVVXFKDV/DIDUJH

GHHSHQLQJ RXU XQGHUVWDQGLQJ RI VRFLR

HFRORJLFDO V\VWHPV LQ SDUWLFXODU SODFHV
ZKLOHH[SORULQJLQQRYDWLYHPHFKDQLVPV
IRU SURGXFLQJ NQRZOHGJH VR WKDW LW LV
UHOHYDQW FUHGLEOH DQG OHJLWLPDWH WR
ORFDOGHFLVLRQPDNHUV
7KHHIIRUWVRIWKHVFLHQFHDQGWHFKQROR
J\FRPPXQLW\WRFRQWULEXWHWRVXVWDLQDEOH
GHYHORSPHQWLVH[HPSOLILHGLQWKHDFWLRQV
RIWKHPDMRU$FDGHPLHVRI6FLHQFHDQG
,QWHUQDWLRQDO 'LVFLSOLQDU\ 8QLRQV LQ
FROODERUDWLYH QHWZRUNV RI LQGLYLGXDO VFL
HQWLVWV DQG WHFKQRORJLVWV LQ HPHUJLQJ
SURJUDPVRILQWHUGLVFLSOLQDU\HGXFDWLRQ
DQG LQ PDQ\ HIIRUWV WR VXSSO\ VFLHQWLILF
VXSSRUWWRFRPPXQLWLHV

! 'RAND #OMPROMISE
2QH RI WKH VXFFHVVHV RI VXVWDLQDEOH
GHYHORSPHQW KDV EHHQ LWV DELOLW\ WR
VHUYH DV D JUDQG FRPSURPLVH EHWZHHQ
WKRVH ZKR DUH SULQFLSDOO\ FRQFHUQHG
ZLWKQDWXUHDQGHQYLURQPHQWWKRVHZKR
YDOXHHFRQRPLFGHYHORSPHQWDQGWKRVH
ZKR DUH GHGLFDWHG WR LPSURYLQJ WKH
KXPDQ FRQGLWLRQ $W WKH FRUH RI WKLV
FRPSURPLVHLVWKHLQVHSDUDELOLW\RIHQYL
URQPHQW DQG GHYHORSPHQW GHVFULEHG E\

;cQV]TeVObWaRSaQ`WPSROaacabOW\OPZS
RSdSZ]^[S\bO`S\SU]bWObW]\aW\eVWQV
e]`YOPZSQ][^`][WaSaO`ST]c\RbVObORR`Saa
]PXSQbWdSa]TQ][^SbW\UW\bS`SabU`]c^a
FRQVXOWDQFLHVLQFOXGLQJ&+0+LOO
DQGLQYHVWPHQWLQGLFHVVXFKDVWKH'RZ
-RQHV6XVWDLQDELOLW\,QGH[

3USTAINABILITY 3CIENCE AND 4ECHNOLOGY

6XVWDLQDEOH GHYHORSPHQW LV DOVR
EHFRPLQJ D VFLHQWLILF DQG WHFKQRORJL
FDO HQGHDYRU WKDW DFFRUGLQJ WR WKH
,QLWLDWLYH RQ 6FLHQFH DQG 7HFKQRORJ\
IRU6XVWDLQDEOH'HYHORSPHQWVHHNVWR
HQKDQFHWKHFRQWULEXWLRQRINQRZOHGJH
WR HQYLURQPHQWDOO\ VXVWDLQDEOH KXPDQ
GHYHORSPHQW DURXQG WKH ZRUOG
7KLVHPHUJLQJHQWHUSULVHLVIRFXVHGRQ

WKH:RUOG&RPPLVVLRQRQ(QYLURQPHQW
DQG 'HYHORSPHQW 7KXV PXFK RI ZKDW
LVGHVFULEHGDVVXVWDLQDEOHGHYHORSPHQW
LQ SUDFWLFH DUH QHJRWLDWLRQV LQ ZKLFK
ZRUNDEOH FRPSURPLVHV DUH IRXQG WKDW
DGGUHVV WKH HQYLURQPHQWDO HFRQRPLF
DQG KXPDQ GHYHORSPHQW REMHFWLYHV RI
FRPSHWLQJLQWHUHVWJURXSV,QGHHGWKLVLV
ZK\ VR PDQ\ GHILQLWLRQV RI VXVWDLQDEOH
GHYHORSPHQW LQFOXGH VWDWHPHQWV DERXW
RSHQDQGGHPRFUDWLFGHFLVLRQPDNLQJ
$W WKH JOREDO VFDOH WKLV FRPSURPLVH
KDVHQJDJHGWKHZHDOWK\DQGSRRUFRXQ
WULHVRIWKHZRUOGLQDFRPPRQHQGHDYRU
%HIRUH WKLV FRPSURPLVH ZDV IRUPDOO\

%.6)2/.-%.4



DGRSWHG E\ 81&(' WKH SRRUHU FRXQ

WULHVRIWKHZRUOGRIWHQYLHZHGGHPDQGV
IRU JUHDWHU HQYLURQPHQWDO SURWHFWLRQ DV
DWKUHDWWRWKHLUDELOLW\WRGHYHORSZKLOH
WKH ULFK FRXQWULHV YLHZHG VRPH RI WKH
GHYHORSPHQWLQSRRUFRXQWULHVDVDWKUHDW
WR YDOXHG HQYLURQPHQWDO UHVRXUFHV 7KH
FRQFHSW RI VXVWDLQDEOH GHYHORSPHQW
DWWHPSWV WR FRXSOH GHYHORSPHQW DVSLUD
WLRQVZLWKWKHQHHGWRSUHVHUYHWKHEDVLF
OLIHVXSSRUWV\VWHPVRIWKHSODQHW

3O 7HAT )S
3USTAINABLE $EVELOPMENT
6LQFH WKH %UXQGWODQG &RPPLVVLRQ
ILUVW GHILQHG VXVWDLQDEOH GHYHORSPHQW
GR]HQVLIQRWKXQGUHGVRIVFKRODUVDQG
SUDFWLWLRQHUV KDYH DUWLFXODWHG DQG SUR
PRWHG WKHLU RZQ DOWHUQDWLYH GHILQLWLRQ
\HWDFOHDUIL[HGDQGLPPXWDEOHPHDQ
LQJ UHPDLQV HOXVLYH 7KLV KDV OHG VRPH
REVHUYHUV WR FDOO VXVWDLQDEOH GHYHORS
PHQW DQ R[\PRURQIXQGDPHQWDOO\FRQ
WUDGLFWRU\ DQG LUUHFRQFLODEOH )XUWKHU
LI DQ\RQH FDQ UHGHILQH DQG UHDSSO\ WKH

WDWLRQ HQDEOHV SDUWLFLSDQWV DW PXOWLSOH

OHYHOV IURP ORFDO WR JOREDO ZLWKLQ DQG
DFURVVDFWLYLW\VHFWRUVDQGLQLQVWLWXWLRQV
RIJRYHUQDQFHEXVLQHVVDQGFLYLOVRFLHW\
WRUHGHILQHDQGUHLQWHUSUHWLWVPHDQLQJWR
ILWWKHLURZQVLWXDWLRQ7KXVWKHFRQFHSW
RI VXVWDLQDELOLW\ KDV EHHQ DGDSWHG WR
DGGUHVV YHU\ GLIIHUHQW FKDOOHQJHV UDQJ
LQJIURPWKHSODQQLQJRIVXVWDLQDEOHFLW
LHVWRVXVWDLQDEOHOLYHOLKRRGVVXVWDLQDEOH
DJULFXOWXUH WR VXVWDLQDEOH ILVKLQJ DQG
WKHHIIRUWVWRGHYHORSFRPPRQFRUSRUDWH
VWDQGDUGVLQWKH81*OREDO&RPSDFWDQG
LQ WKH :RUOG %XVLQHVV &RXQFLO IRU 6XV
WDLQDEOH'HYHORSPHQW
'HVSLWH WKLV FUHDWLYH DPELJXLW\ DQG
RSHQQHVV WR LQWHUSUHWDWLRQ VXVWDLQDEOH
GHYHORSPHQW KDV HYROYHG D FRUH VHW RI
JXLGLQJSULQFLSOHVDQGYDOXHVEDVHGRQ
WKH %UXQGWODQG &RPPLVVLRQV VWDQGDUG
GHILQLWLRQ WR PHHW WKH QHHGV QRZ DQG
LQWKHIXWXUHIRUKXPDQHFRQRPLFDQG
VRFLDOGHYHORSPHQWZLWKLQWKHUHVWUDLQWV
RIWKHOLIHVXSSRUWV\VWHPVRIWKHSODQHW
)XUWKHU WKH FRQQRWDWLRQV RI ERWK RI
WKH SKUDVHV URRW ZRUGV VXVWDLQDEOH

BVSQ]\Q`SbSQVOZZS\USa]TacabOW\OPZS
RSdSZ]^[S\bO`SObZSOabOaVSbS`]US\S]ca
O\RQ][^ZSfOabVSRWdS`aWbg]TVc[O\a]QWSbWSa
O\R\Obc`OZSQ]agabS[aO`]c\RbVSe]`ZR
WHUP WR ILW WKHLU SXUSRVHV LW EHFRPHV
PHDQLQJOHVVLQSUDFWLFHRUZRUVHFDQEH
XVHGWRGLVJXLVHRUJUHHQZDVKVRFLDOO\RU
HQYLURQPHQWDOO\GHVWUXFWLYHDFWLYLWLHV
<HWGHVSLWHWKHVHFULWLTXHVHDFKGHIL
QLWLRQDO DWWHPSW LV DQ LPSRUWDQW SDUW RI
DQ RQJRLQJ GLDORJXH ,Q IDFW VXVWDLQ
DEOH GHYHORSPHQW GUDZV PXFK RI LWV
UHVRQDQFHSRZHUDQGFUHDWLYLW\IURPLWV
YHU\DPELJXLW\7KHFRQFUHWHFKDOOHQJHV
RI VXVWDLQDEOH GHYHORSPHQW DUH DW OHDVW
DV KHWHURJHQHRXV DQG FRPSOH[ DV WKH
GLYHUVLW\ RI KXPDQ VRFLHWLHVDQGQDWXUDO
HFRV\VWHPVDURXQGWKHZRUOG$VDFRQ
FHSW LWV PDOOHDELOLW\ DOORZV LW WR UHPDLQ
DQRSHQG\QDPLFDQGHYROYLQJLGHDWKDW
FDQEHDGDSWHGWRILWWKHVHYHU\GLIIHUHQW
VLWXDWLRQVDQGFRQWH[WVDFURVVVSDFHDQG
WLPH/LNHZLVHLWVRSHQQHVVWRLQWHUSUH



%.6)2/.-%.4

DQG GHYHORSPHQW DUH JHQHUDOO\ TXLWH

SRVLWLYHIRUPRVWSHRSOHDQGWKHLUFRP
ELQDWLRQLPEXHVWKLVFRQFHSWZLWKLQKHU
HQW DQG QHDUXQLYHUVDO DJUHHPHQW WKDW
VXVWDLQDELOLW\LVDZRUWKZKLOHYDOXHDQG
JRDODSRZHUIXOIHDWXUHLQGLYHUVHDQG
FRQIOLFWHGVRFLDOFRQWH[WV
,PSRUWDQWO\ KRZHYHU WKHVH XQGHUO\
LQJSULQFLSOHVDUHQRWIL[HGDQGLPPXWD
EOHEXWWKHHYROYLQJSURGXFWRIDJOREDO
GLDORJXHQRZVHYHUDOGHFDGHVROGDERXW
ZKDW VXVWDLQDELOLW\ VKRXOG PHDQ 7KH
RULJLQDO HPSKDVLV RQ HFRQRPLF GHYHO
RSPHQW DQG HQYLURQPHQWDO SURWHFWLRQ
KDV EHHQ EURDGHQHG DQG GHHSHQHG WR
LQFOXGH DOWHUQDWLYH QRWLRQV RI GHYHORS
PHQWKXPDQDQGVRFLDODQGDOWHUQDWLYH
YLHZVRIQDWXUHDQWKURSRFHQWULFYHUVXV
HFRFHQWULF7KXVWKHFRQFHSWPDLQWDLQV

D FUHDWLYH WHQVLRQ EHWZHHQ D IHZ FRUH

SULQFLSOHVDQGDQRSHQQHVVWRUHLQWHUSUH
WDWLRQDQGDGDSWDWLRQWRGLIIHUHQWVRFLDO
DQGHFRORJLFDOFRQWH[WV
6XVWDLQDEOHGHYHORSPHQWWKXVUHTXLUHV
WKHSDUWLFLSDWLRQRIGLYHUVHVWDNHKROGHUV
DQG SHUVSHFWLYHV ZLWK WKH LGHDO RI UHF
RQFLOLQJGLIIHUHQWDQGVRPHWLPHVRSSRV
LQJYDOXHVDQGJRDOVWRZDUGDQHZV\Q
WKHVLV DQG VXEVHTXHQW FRRUGLQDWLRQ RI
PXWXDODFWLRQWRDFKLHYHPXOWLSOHYDOXHV
VLPXOWDQHRXVO\DQGHYHQV\QHUJLVWLFDOO\
$V UHDOZRUOG H[SHULHQFH KDV VKRZQ
KRZHYHU DFKLHYLQJ DJUHHPHQW RQ VXV
WDLQDELOLW\ YDOXHV JRDOV DQG DFWLRQV
LV RIWHQ GLIILFXOW DQG SDLQIXO ZRUN DV
GLIIHUHQW VWDNHKROGHU YDOXHV DUH IRUFHG
WRWKHVXUIDFHFRPSDUHGDQGFRQWUDVWHG
FULWLFL]HGDQGGHEDWHG6RPHWLPHVLQGL
YLGXDO VWDNHKROGHUV ILQG WKH SURFHVV
WRR GLIILFXOW RU WRR WKUHDWHQLQJ WR WKHLU
RZQYDOXHVDQGHLWKHUUHMHFWWKHSURFHVV
HQWLUHO\ WR SXUVXH WKHLU RZQ QDUURZ
JRDOVRUFULWLTXHLWLGHRORJLFDOO\ZLWKRXW
HQJDJLQJLQWKHKDUGZRUNRIQHJRWLDWLRQ
DQGFRPSURPLVH&ULWLTXHLVQRQHWKHOHVV
D YLWDO SDUW RI WKH FRQVFLRXV HYROXWLRQ
RI VXVWDLQDEOH GHYHORSPHQWD FRQFHSW
WKDWLQWKHHQGUHSUHVHQWVGLYHUVHORFDO
WRJOREDOHIIRUWVWRLPDJLQHDQGHQDFWD
SRVLWLYHYLVLRQRIDZRUOGLQZKLFKEDVLF
KXPDQQHHGVDUHPHWZLWKRXWGHVWUR\LQJ
RULUUHYRFDEO\GHJUDGLQJWKHQDWXUDOV\V
WHPVRQZKLFKZHDOOGHSHQG
5REHUW : .DWHV LV DQ LQGHSHQGHQW VFKRODU EDVHG LQ
7UHQWRQ 0DLQH DQG D SURIHVVRU HPHULWXV DW %URZQ
8QLYHUVLW\ZKHUHKHVHUYHGDVGLUHFWRURIWKH)HLQVWHLQ
:RUOG+XQJHU3URJUDP+HLVDOVRDIRUPHUYLFHFKDLU
RI WKH %RDUG RI 6XVWDLQDEOH 'HYHORSPHQW RI WKH 86
1DWLRQDO $FDGHP\V 1DWLRQDO 5HVHDUFK &RXQFLO ,Q
.DWHVZDVDZDUGHGWKH1DWLRQDO0HGDORI6FL
HQFHIRUKLVZRUNRQKXQJHUHQYLURQPHQWDQGQDWXUDO
KD]DUGV+HLVDQH[HFXWLYHHGLWRURI(QYLURQPHQWDQG
PD\ EH FRQWDFWHG DW UNDWHV#DFDGLDQHW 7KRPDV 0
3DUULVLVDUHVHDUFKVFLHQWLVWDWDQGGLUHFWRURIWKH1HZ
(QJODQGRIILFHRI,6&,(1&(6//&+HLVDFRQWULE
XWLQJHGLWRURI(QYLURQPHQW3DUULVPD\EHUHDFKHGDW
SDUULV#LVFLHQFHVFRP $QWKRQ\ $ /HLVHURZLW] LV D
UHVHDUFKVFLHQWLVWDW'HFLVLRQ5HVHDUFKDQGDQDGMXQFW
SURIHVVRU RI HQYLURQPHQWDO VWXGLHV DW WKH 8QLYHUVLW\
RI 2UHJRQ (XJHQH +H LV DOVR DQ LQYHVWLJDWRU DW WKH
&HQWHU IRU 5HVHDUFK RQ (QYLURQPHQWDO 'HFLVLRQV DW
&ROXPELD 8QLYHUVLW\ /HLVHURZLW] PD\ EH UHDFKHG DW
RUE\HPDLODWHFRWRQH#XRUHJRQHGX
7KHDXWKRUVUHWDLQFRS\ULJKW

127(6
  K W W S    Z Z Z J R R J O H  F R P  V H D U F K " T   
VXVWDLQDEOHGHYHORSPHQW VWDUW  VWDUW  LH

!02), 

XWI RH XWI FOLHQW ILUHIR[D UOV RUJPR]LOOD

HQ86RIILFLDODFFHVVHG-DQXDU\
  )RUDQH[DPSOHRIDQHFRQRPLFVDQVZHUVHH*
&KLFKLOLQLVN\ :KDW LV 6XVWDLQDEOH 'HYHORSPHQW"
/DQG(FRQRPLFVQR
  :RUOG&RPPLVVLRQRQ(QYLURQPHQWDQG'HYHO
RSPHQW :&(' 2XU &RPPRQ )XWXUH 1HZ <RUN
2[IRUG8QLYHUVLW\3UHVV
  1DWLRQDO 5HVHDUFK &RXQFLO 3ROLF\ 'LYLVLRQ
%RDUG RQ 6XVWDLQDEOH 'HYHORSPHQW 2XU &RPPRQ
-RXUQH\$7UDQVLWLRQWRZDUG6XVWDLQDELOLW\:DVKLQJ
WRQ'&1DWLRQDO$FDGHP\3UHVV
  0*0DUVKDOODQG75*XUU3HDFHDQG&RQ
IOLFW&ROOHJH3DUN0'&HQWHUIRU,QWHUQDWLRQDO
'HYHORSPHQW DQG &RQIOLFW 0DQDJHPHQW 8QLYHUVLW\
RI0DU\ODQGKWWSZZZFLGFPXPGHGXSDSHU
DVS"LG 
  ,QGHSHQGHQW&RPPLVVLRQRQ'LVDUPDPHQWDQG
6HFXULW\ ,VVXHV &RPPRQ 6HFXULW\ $ %OXHSULQW IRU
6XUYLYDO3DOPH5HSRUW1HZ<RUN6LPRQ 6FKXV
WHU  DQG ,QGHSHQGHQW &RPPLVVLRQ RQ ,QWHUQD
WLRQDO 'HYHORSPHQW ,VVXHV 1RUWK6RXWK $ 3URJUDP
IRU 6XUYLYDO %UDQGW 5HSRUW &DPEULGJH 0$ 0,7
3UHVV
  :&('QRWHDERYH
  : 0 $GDPV *UHHQ 'HYHORSPHQW (QYLURQ
PHQW DQG 6XVWDLQDELOLW\ LQ WKH 7KLUG :RUOG /RQGRQ
5RXWOHGJH
  :&('QRWHDERYHSDJH[L
 7KH 8QLWHG 1DWLRQV &RQIHUHQFH RQ (QYLURQ
PHQWDQG'HYHORSPHQW81&('KWWSZZZXQRUJ
JHQLQIRESHQYLURKWPO DQG ( $ 3DUVRQ DQG 3 0
+DDV $ 6XPPDU\ RI WKH 0DMRU 'RFXPHQWV 6LJQHG
DWWKH(DUWK6XPPLWDQGWKH*OREDO)RUXP(QYLURQ
PHQW2FWREHU
  7KH-RKDQQHVEXUJ'HFODUDWLRQRQ6XVWDLQDEOH
'HYHORSPHQW  6HSWHPEHU  KWWSZZZKRXVLQJ
JRY]DFRQWHQWOHJLVODWLRQBSROLFLHVMRKDQQHVEXUJKWP
 :&('QRWHDERYHSDJH
 :&('QRWHDERYHSDJH
 1DWLRQDO5HVHDUFK&RXQFLOQRWHDERYHSDJHV

 7KH-RKDQQHVEXUJ'HFODUDWLRQRQ6XVWDLQDEOH
'HYHORSPHQWQRWHDERYHSDJH
 8QLWHG 1DWLRQV *HQHUDO $VVHPEO\ 8QLWHG
1DWLRQV 0LOOHQQLXP 'HFODUDWLRQ 5HVROXWLRQ 
8QLWHG1DWLRQV$5(66HSWHPEHU
 &DUHIXO PRQLWRULQJ LV XQGHU ZD\ IRU  JRDOV
ZLWK  WDUJHWV DQG  LQGLFDWRUV WR PHDVXUH SURJ
UHVV E\ H[SHUWV IURP WKH 8QLWHG 1DWLRQV 6HFUHWDULDW
,QWHUQDWLRQDO0RQH\)XQG2UJDQLVDWLRQIRU(FRQRPLF
&RRSHUDWLRQ DQG 'HYHORSPHQW DQG WKH :RUOG %DQN
67(6$67$70,//(11,80,1',&$7256
::: XQRIILFLDO ZRUNLQJ SDSHU 0DUFK 
KWWSPLOOHQQLXPLQGLFDWRUVXQRUJXQVGPLPLBJRDOV
DVSKWWSZZZGHYHORSPHQWJRDOVRUJ
 810LOOHQQLXP3URMHFW,QYHVWLQJLQ'HYHORS
PHQW $ 3UDFWLFDO 3ODQ WR $FKLHYH WKH 0LOOHQQLXP
'HYHORSPHQW *RDOV 2YHUYLHZ 1HZ <RUN 8QLWHG
1DWLRQV'HYHORSPHQW3URJUDP
 1DWLRQDO5HVHDUFK&RXQFLOQRWHDERYH
 7KH *OREDO 6FHQDULR *URXS ZDV FRQYHQHG
LQ  E\ WKH 6WRFNKROP (QYLURQPHQW ,QVWLWXWH WR
HQJDJHDGLYHUVHLQWHUQDWLRQDOJURXSLQDQH[DPLQDWLRQ
RIWKHSURVSHFWVIRUZRUOGGHYHORSPHQWLQWKHWZHQW\
ILUVW FHQWXU\ 1XPHURXV VWXGLHV DW JOREDO UHJLRQDO
DQGQDWLRQDOOHYHOVKDYHUHOLHGRQWKHJURXSVVFHQDULR
IUDPHZRUN DQG TXDQWLWDWLYH DQDO\VLV )RU PRUH LQIRU
PDWLRQVHHKWWSJVJRUJ
 35DVNLQHWDO*UHDW7UDQVLWLRQ7KH3URPLVH
DQG /XUH RI WKH 7LPHV $KHDG %RVWRQ 6WRFNKROP
(QYLURQPHQW,QVWLWXWH
 ,ELG SDJH  $ *UHDW 7UDQVLWLRQ ,QLWLDWLYH
KDVEHHQODXQFKHGWRKHOSFU\VWDOOL]HDJOREDOFLWL]HQV
PRYHPHQW WR DGYDQFH WKH YLVLRQ RI WKH VFHQDULR )RU
PRUHLQIRUPDWLRQVHHKWWSZZZJWLQLWLDWLYHRUJ

6/,5-%  .5-"%2 

 703DUULVDQG5:.DWHV&KDUDFWHUL]LQJ
DQG 0HDVXULQJ 6XVWDLQDEOH 'HYHORSPHQW $QQXDO
5HYLHZV RI (QYLURQPHQW DQG 5HVRXUFHV  

 )RUDWKRURXJKUHYLHZRILQWHUQDWLRQDOO\QHJRWL
DWHGWDUJHWVUHODWHGWRVXVWDLQDEOHGHYHORSPHQWVHH7
0 3DUULV 7RZDUG D 6XVWDLQDELOLW\ 7UDQVLWLRQ 7KH
,QWHUQDWLRQDO &RQVHQVXV (QYLURQPHQW -DQXDU\)HE
UXDU\
 $ /HLVHURZLW] 5 : .DWHV DQG 7 0 3DU
ULV 6XVWDLQDELOLW\ 9DOXHV $WWLWXGHV DQG %HKDYLRUV
$ 5HYLHZ RI 0XOWL1DWLRQDO DQG *OREDO 7UHQGV
&,' :RUNLQJ 3DSHU 1R  &DPEULGJH 0$ 6FL
HQFH (QYLURQPHQW DQG 'HYHORSPHQW *URXS &HQWHU
IRU ,QWHUQDWLRQDO 'HYHORSPHQW +DUYDUG 8QLYHUVLW\

 (DUWK &KDUWHU ,QWHUQDWLRQDO 6HFUHWDULDW 7KH
(DUWK&KDUWHU9DOXHVDQG3ULQFLSOHVIRUD6XVWDLQDEOH
)XWXUH KWWSZZZHDUWKFKDUWHURUJILOHVUHVRXUFHV
(DUWK&KDUWHU%URFKXUH(1*SGI
SDJH
 :&('QRWHDERYHSDJH
 (DUWK &KDUWHU ,QWHUQDWLRQDO 6HFUHWDULDW 7KH
(DUWK &KDUWHU +DQGERRN KWWSZZZHDUWKFKDUWHU
RUJILOHVUHVRXUFHV+DQGERRNSGISDJH
 (DUWK&KDUWHU,QWHUQDWLRQDO6HFUHWDULDWQRWH
DERYH
 6&5RFNHIHOOHU3ULQFLSOHVRI(QYLURQPHQWDO
&RQVHUYDWLRQDQG6XVWDLQDEOH'HYHORSPHQW6XPPDU\
DQG6XUYH\XQSXEOLVKHGSDSHUSUHSDUHGIRUWKH(DUWK
&KDUWHU3URMHFW$SULO
 7KH (DUWK &KDUWHU  IURP KWWSZZZ
HDUWKFKDUWHURUJ
 :RUG1HW  3ULQFHWRQ 8QLYHUVLW\ 
KWWSZZZFRJVFLSULQFHWRQHGXaZQ
 3 +DDV 0 /HY\ DQG 7 3DUVRQ $SSUDLVLQJ
WKH (DUWK 6XPPLW +RZ 6KRXOG:H -XGJH 81&('V
6XFFHVV"(QYLURQPHQW2FWREHU
 ,QDGGLWLRQRUJDQL]DWLRQVDFFUHGLWHGZLWK
WKH(FRQRPLFDQG6RFLDO&RXQFLODQGRQWKH&RPPLV
VLRQRQ6XVWDLQDEOH'HYHORSPHQWOLVWDWWHQGHG
 5HSRUWRIWKH:RUOG6XPPLW6XVWDLQDEOH'HYHO
RSPHQW$&21)
 6XVWDLQDEOH 6HDWWOH KWWSZZZVXVWDLQDEOH
VHDWWOHRUJ
  (WKHNZLQL 2QOLQH KWWSZZZGXUEDQJRY
]DH7KHNZLQL6HUYLFHVHQYLURQPHQWDERXWBODLQGH[
BKWPO
 /DQFDVKLUH &RXQW\ &RXQFLO (QYLURQPHQ
WDO 'LUHFWRUDWH KWWSZZZODQFDVKLUHJRYXN
HQYLURQPHQWEH\RQGOD&RXQW\DVS
 0LQQHVRWD(QYLURQPHQWDO4XDOLW\%RDUG6XV
WDLQDEOH 'HYHORSPHQW ,QLWLDWLYH KWWSZZZHTEVWDWH
PQXV6',
 )$PDOULF7KH5HOHYDQFHRI6HOHFWHG6RFLDO
0RYHPHQWVIRUWKH*UHDW7UDQVLWLRQ,QLWLDWLYH2FWR
EHU8QLYHUVLW\RI=XULFKPLPHRDQGIRUWKFRP
LQJDVD*UHDW7UDQVLWLRQ,QLWLDWLYHUHSRUWKWWSZZZ
JWLQLWLDWLYHRUJ
 - %UHFKHU7 &RVWHOOR DQG % 6PLWK *OREDO
L]DWLRQIURP%HORZ7KH3RZHURI6ROLGDULW\%RVWRQ
6RXWK(QG3UHVV
 6HH IRU H[DPSOH WKH -XELOHH 'HEW &DPSDLJQ
KWWSZZZMXELOHHGHEWFDPSDLJQRUJXN"FF 
 6HHIRUH[DPSOH&*RGIUH\6WRSWKH'XPS
LQJ +RZ (8 $JULFXOWXUDO 6XEVLGLHV DUH 'DPDJ
LQJ /LYHOLKRRGV LQ WKH 'HYHORSLQJ :RUOG 2[IDP
,QWHUQDWLRQDOEULHILQJSDSHUKWWSZZZR[IDPRUJ
XNZKDWBZHBGRLVVXHVWUDGHESBGXPSLQJKWP
 6HH IRU H[DPSOH WKH ,QWHUIDLWK &HQWHU IRU
&RUSRUDWH 5HVSRQVLELOLW\ KWWSZZZLFFURUJ RU
&RUS:DWFKKWWSZZZFRUSZDWFKRUJ
 2QHPHDVXUHRIWKHH[WHQWRIWKLVDFWLYLW\LVWKH
FRUSRUDWLRQVRURWKHUHQWLWLHVUHIHUULQJWRRUXVLQJ
VXVWDLQDELOLW\UHSRUWLQJ JXLGHOLQHV LQ WKHLU FRUSRUDWH
UHSRUWV DV SDUW RI WKH *OREDO 5HSRUWLQJ ,QLWLDWLYH

KWWSZZZJOREDOUHSRUWLQJRUJ
 7KH*OREDO&RPSDFWVHHNVWREULQJFRPSDQLHV
WRJHWKHUZLWK81DJHQFLHVDQGODERUDQGFLYLOVRFLHW\
WRVXSSRUWSULQFLSOHVLQWKHDUHDVRIKXPDQULJKWV
ODERU WKH HQYLURQPHQW DQG DQWLFRUUXSWLRQ KWWS
ZZZXQJOREDOFRPSDFWRUJ
 7KH :RUOG %XVLQHVV &RXQFLO IRU 6XVWDLQDEOH
'HYHORSPHQW:%&6'LVDFRDOLWLRQRILQWHUQD
WLRQDOFRPSDQLHVWKDWVKDUHDFRPPLWPHQWWRVXVWDLQ
DEOH GHYHORSPHQW YLD WKH WKUHH SLOODUV RI HFRQRPLF
JURZWK HFRORJLFDO EDODQFH DQG VRFLDO SURJUHVV 6HH
KWWSZZZZEFVGFK
 7KH *OREDO  0RVW 6XVWDLQDEOH &RUSRUD
WLRQV LQ WKH :RUOG KWWSZZZJOREDORUJZKDW
DVS
 5 ,QJOHKDUW *OREDOL]DWLRQ DQG 3RVWPRGHUQ
9DOXHV :DVKLQJWRQ 4XDUWHUO\  QR  
 + 1HDULQJ DQG 6 1HDULQJ 7KH *RRG /LIH
1HZ<RUN6FKRFNHQDQG'(OJLQ9ROXQWDU\
6LPSOLFLW\1HZ<RUN:LOOLDP0RUURZ
 )UHHGRP  6DQWD &UX] 8QGHUVWDQGLQJ 6XV
WDLQDEOH 'HYHORSPHQW $JHQGD  $ *XLGH IRU
3XEOLF 2IILFLDOV KWWSZZZIUHHGRPVDQWDFUX]QHW
JXLGHSGI
 - * &ODUN (FRQRPLF 'HYHORSPHQW YV 6XV
WDLQDEOH 6RFLHWLHV 5HIOHFWLRQV RQ WKH 3OD\HUV LQ D
&UXFLDO &RQWHVW $QQXDO 5HYLHZ RI (FRORJ\ DQG
6\VWHPDWLFV
 % 'DODO&OD\WRQ DQG 6 %DVV 6XVWDLQDEOH
'HYHORSPHQW 6WUDWHJLHV $ 5HVRXUFH %RRN /RQGRQ
8. DQG 6WHUOLQJ 9$ (DUWKVFDQ 3XEOLFDWLRQV /WG
KWWSZZZQVVGQHWUHVBERRNKWPO
 7KH ,QWHUQDWLRQDO &RXQFLO IRU /RFDO (QYLURQ
PHQWDO,QLWLDWLYHV6HFRQG/RFDO$JHQGD6XUYH\
81'HSDUWPHQWRI(FRQRPLFDQG6RFLDO$IIDLUV%DFN
JURXQG 3DSHU 1R   KWWSZZZLFOHLRUJ
ULRSOXVWHQILQDOBGRFXPHQWSGI
 /DIDUJH6XVWDLQDEOH'HYHORSPHQWKWWSZZZ
ODIDUJHFRPFJLELQODIFRPMVSFRQWHQWGR"IXQFWLRQ
UHVSRQVDEOHV ODQJ HQ
 &+0 +LOO 6XVWDLQDEOH 'HYHORSPHQW
KWWSZZZFKPFRPFRUSRUDWHB6HUYLFHV
&DSDELOLWLHV6XVWDLQDEOHB'HYHORSPHQWVGDVS
 ,QLWLDWLYH RQ 6FLHQFH DQG 7HFKQRORJ\ IRU 6XV
WDLQDEOH 'HYHORSPHQW KWWSVXVWVFLKDUYDUGHGXLVWV
DOVR VHH 5 : .DWHV HW DO 6XVWDLQDELOLW\ 6FLHQFH
6FLHQFH$SULO
 ,QWHUQDWLRQDO&RXQFLOIRU6FLHQFH,QLWLDWLYHRQ
6FLHQFH DQG7HFKQRORJ\ IRU 6XVWDLQDELOLW\ DQG7KLUG
:RUOG$FDGHP\RI6FLHQFHV6FLHQFHDQG7HFKQRORJ\
IRU 6XVWDLQDELOH 'HYHORSPHQW ,&68 6HULHV RQ 6FL
HQFHIRU6XVWDLQDEOH'HYHORSPHQWQR3DULV,&68
 KWWSZZZLFVXRUJ*HVWLRQLPJ,&68B'2&
B'2:1/2$'B''B),/(B9ROSGI
 6HHVWDWHPHQWRIWKH:RUOG$FDGHP\RI6FLHQF
HV KWWSZZZQDWLRQDODFDGHPLHVRUJLDSLDSKRPH
QVIZHEOLQNV6$,1;9/&7"2SHQ'RFXPHQW DQG
5:.DWHV6XVWDLQDELOLW\6FLHQFHLQ7UDQVLWLRQWR
6XVWDLQDELOLW\LQWKHVW&HQWXU\7KH&RQWULEXWLRQRI
6FLHQFH DQG 7HFKQRORJ\ :DVKLQJWRQ '& 1DWLRQDO
$FDGHPLHV3UHVV
 ,QWHUQDWLRQDO&RXQFLOIRU6FLHQFH,QLWLDWLYHRQ
6FLHQFH DQG7HFKQRORJ\ IRU 6XVWDLQDELOLW\ DQG7KLUG
:RUOG$FDGHP\RI6FLHQFHVQRWHDERYH
 6HHWKH)RUXPRQ6FLHQFHDQG7HFKQRORJ\IRU
6XVWDLQDELOLW\ KWWSVXVWVFLKDUYDUGHGXLQGH[KWPO
IRU UHSRUWV RI PDQ\ DFWLYLWLHV E\ VFLHQWLILF RUJDQL]D
WLRQVDQGLQGLYLGXDOVFLHQWLVWV
 6HH SURJUDPV OLVWHG RQ KWWSVXVWVFLKDUYDUG
HGXHGXFDWLRQKWP
 6HH IRU H[DPSOH $ / 0DERJXQMH DQG
5:.DWHV6XVWDLQDEOH'HYHORSPHQWLQ,MHEX2GH
1LJHULD7KH5ROHRI6RFLDO&DSLWDO3DUWLFLSDWLRQDQG
6FLHQFH DQG 7HFKQRORJ\ &,' :RUNLQJ 3DSHU 1R
 &DPEULGJH 0$6XVWDLQDEOH 'HYHORSPHQW 3UR
JUDP&HQWHUIRU,QWHUQDWLRQDO'HYHORSPHQW+DUYDUG
8QLYHUVLW\

%.6)2/.-%.4