You are on page 1of 3

WK,QWHUQDWLRQDO&RQIHUHQFHRQ5HQHZDEOH(QHUJ\5HVHDUFKDQG$SSOLFDWLRQV 1RY%LUPLQJKDP8.

3ROLFLHV DQG6WUDWHJLHVIRU5HQHZDEOH(QHUJ\
'HYHORSPHQWLQ,QGRQHVLD

2HWRPR7UL:LQDUQR <RJL$OZHQGUD 6XJHQJ0XML\DQWR


&HQWHUIRU(QHUJ\3ROLF\6WXGLHV &HQWHUIRU'DWDDQG,QIRUPDWLRQ7HFKQRORJ\ &HQWHUIRU'DWDDQG,QIRUPDWLRQ7HFKQRORJ\
,QVWLWXWHRI7HFKQRORJ\%DQGXQJ 0LQLVWU\RI(QHUJ\DQG0LQHUDO5HVRXUFHV 0LQLVWU\RI(QHUJ\DQG0LQHUDO5HVRXUFHV
%DQGXQJ,QGRQHVLD -DNDUWD,QGRQHVLD -DNDUWD,QGRQHVLD
WRPRWZ#JPDLOFRP \RJLDOZHQGUD#HVGPJRLG VPXML\DQWR#HVGPJRLG

Abstract²,QGRQHVLD KDV DQ RSWLPLVWLF WDUJHW WR GHYHORS  PLOOLRQ 72( FRDOPLOOLRQ 72(DQG HOHFWULFLW\ 
UHQHZDEOHHQHUJ\&XUUHQWO\,QGRQHVLD¶VHQHUJ\FRQVXPSWLRQLV PLOOLRQ72(%LRIXHOLVPL[HGLQRLOIXHODQGHOHFWULFLW\LVMXVW
VWLOO GRPLQDWHGE\ IRVVLO IXHOV7KH VKDUH RI RLO QDWXUDO JDVDQG RQJULG HOHFWULFLW\ %LRPDVV SRZHU SODQWV ZLWK WRWDO LQVWDOOHG
FRDO LV VWLOO PRUH WKDQ  LQ WKH SULPDU\ HQHUJ\ PL[ FDSDFLW\*:RSHUDWHGE\LQGXVWULHVDUHQRWUHSRUWHG
FRQVXPSWLRQ :LWK D ODUJH SRWHQF\ RI K\GUR JHRWKHUPDO DQG
ELRHQHUJ\ WKH WDUJHW IRU QHZ DQG UHQHZDEOH HQHUJ\ LQ SULPDU\ ,,, 5(1(:$%/((1(5*<7$5*(7
HQHUJ\PL[LVLQ7KLVSROLF\VKRXOGEHLPSOHPHQWHGE\
FRRUGLQDWHG SODQQLQJ DQG VWUDWHJLHV ERWK LQ WKH QDWLRQDO OHYHO ,Q WKH SDVW ,QGRQHVLD KDV KDUG GHSHQGHQF\ RQ RLO IRU
DQGUHJLRQDOOHYHO7KHDLPRIWKLVSDSHULVWRFRQYH\WKHSROLFLHV GRPHVWLFHQHUJ\FRQVXPSWLRQ8QWLOHDUO\VWKHVKDUHRI
DQGVWUDWHJLHVIRUUHQHZDEOHHQHUJ\GHYHORSPHQWLQ,QGRQHVLD RLOLQSULPDU\HQHUJ\PL[ZDVDURXQG7KHQLWFRXOGEH
GHFUHDVHG WR DURXQG  LQ WKH HQG RI V E\ XWLOL]LQJ
Keywords—policy; strategy; renewable energy QDWXUDO JDV DQG FRDO IRU GRPHVWLF XVH ,Q  RLO VKDUH LQ
, ,1752'8&7,21 SULPDU\HQHUJ\ PL[ZDV&RDOXVHKDVEHHQLQFUHDVHG
VLJQLILFDQWO\EHFDXVHRIVWHDPSRZHUSODQWSURJUDPVWDUWLQJLQ
,QGRQHVLD LV D ODUJH DUFKLSHODJR FRXQWU\ WKDW FRPSULVHV 7KLVSURJUDPLVDFUDVKSURJUDPWRRYHUFRPHHOHFWULFLW\
LVODQGV7KHODQGDUHDLVPLOOLRQVTXDUHNLORPHWHUV FULVLVDQGERRVWHOHFWULILFDWLRQ
DQGWKHVHDVXUURXQGLQJWKHLVODQGVWKDWLVZLWKLQWKHH[FOXVLYH
HFRQRPLF ]RQH LV DERXW  PLOOLRQ VTXDUH NLORPHWHU 7KH $FFRUGLQJ WR (QHUJ\ /DZ   DQG 1DWLRQDO (QHUJ\
ODUJHU LVODQGV DUH 6XPDWUD -DYD .DOLPDQWDQ 6XODZHVL DQG 3ROLF\   UHQHZDEOH HQHUJ\ XWLOL]DWLRQ ZLOO EH GHYHORSHG
3DSXD$GPLQLVWUDWLYHO\WKHFRXQWU\FRPSULVHVSURYLQFHV LQ WKH ORQJ WHUP 1HZ DQG UHQHZDEOH HQHUJ\ VKDUH LQ WKH
SULPDU\ HQHUJ\ PL[ LV WDUJHWHG WR EH  LQ  DQG WR EH
7KH SRSXODWLRQ LQ  ZDV  PLOOLRQ SHRSOH WKDW DUH LQ7KLVLVDYHU\RSWLPLVWLFWDUJHWEHFDXVHFXUUHQWO\
XQHYHQO\GLVWULEXWHGDPRQJWKHLVODQGVDQGSURYLQFHV-DYDLV WKHVKDUHRIUHQHZDEOHHQHUJ\LVVWLOOOHVVWKDQ1HZDQG
WKH PRVW GHQVHO\ SRSXODWHG LVODQG DOPRVW  RI ,QGRQHVLD UHQHZDEOH HQHUJ\ 15(  FRQVLVW RI QXFOHDU K\GURJHQ K\GUR
SRSXODWLRQOLYHVLQWKLVLVODQGZKHUHDVWKHDUHDLVRQO\RI JHRWKHUPDOELRHQHUJ\DQGRWKHUQHZDQGUHQHZDEOHHQHUJ\
WRWDOODQGDUHD
,, (1(5*< 6,78$7,21,1,1'21(6,$
,QGRQHVLDLVHQGRZHGZLWKUHODWLYHO\ODUJHDQGGLYHUVLILHG
HQHUJ\ UHVRXUFHV LH RLO DQG JDV FRDO DQG JHRWKHUPDO
,QGRQHVLD KDV EHHQ WKH ODUJHVW /1* H[SRUWHU LQ WKH ZRUOG
GXULQJ  ±  DQG QRZ EHFRPHV WKH IRXUWK DQG WKH
ODUJHVWFRDOH[SRUWHUVLQFHXQWLOQRZ,QGRQHVLDDOVRKDV
WKH ODUJHVW JHRWKHUPDO UHVRXUFHV LQ WKH ZRUOG $V D WURSLFDO
DQG DQ DJULFXOWXUDO EDVHG FRXQWU\ ,QGRQHVLD KDV D ODUJH
SRWHQF\ RI VRODU HQHUJ\ DQG ELRHQHUJ\ ,QGRQHVLD KDV EHHQ
WKHODUJHVWELRGLHVHOH[SRUWHU
7RWDO SULPDU\ HQHUJ\ FRQVXPSWLRQ RI ,QGRQHVLD LQ 
ZDVPLOOLRQ72( WRQRIRLOHTXLYDOHQW FRQVLVWVRIRLO )LJXUH3ULPDU\(QHUJ\0L[7DUJHW
 PLOOLRQ 72( QDWXUDO JDV  PLOOLRQ 72( FRDO 
PLOOLRQ 72(K\GUR  PLOOLRQ72(JHRWKHUPDO PLOOLRQ ,9 5(1(:$%/((1(5*<675$7(*,(6
72( DQG ELRIXHO  PLOOLRQ 72( 7KH ILQDO HQHUJ\ 7KH1DWLRQDO(QHUJ\3ROLF\PHQWLRQHGEHIRUHLVSROLF\RQ
FRQVXPSWLRQDWVDPH\HDUZDVPLOOLRQ72(FRQVLVWVRI WKH QDWLRQDO OHYHO WKDW FDQQRW EH GLUHFWO\ DSSOLHG DW WKH
RLOIXHOPLOOLRQ72(QDWXUDOJDVPLOOLRQ72(/3* SURYLQFLDO OHYHO DV FRQGLWLRQV LQ HDFK SURYLQFH DUH GLIIHUHQW

‹,(((

,&5(5$ 
WK,QWHUQDWLRQDO&RQIHUHQFHRQ5HQHZDEOH(QHUJ\5HVHDUFKDQG$SSOLFDWLRQV 1RY%LUPLQJKDP8.

7KHUHIRUHHDFKSURYLQFHVKRXOGIRUPXODWHLWVRZQWDUJHWDQG 7KH ILYH SURYLQFHV VKRZ GLIIHUHQFHV LQ FXUUHQW UHQHZDEOH


DFWLRQSODQIRUUHQHZDEOHHQHUJ\7KHSURYLQFLDOWDUJHWVKRXOG HQHUJ\ FRQVXPSWLRQ VHH WDEOH   1RUWK 6XPDWHUD KDV WKH
UHSUHVHQW WKH UHJLRQDO FRQGLWLRQ VR GDWD DERXW VXSSO\ DQG KLJKHVW XVH RI UHQHZDEOH HQHUJ\ EHFDXVH LW KDV ODUJH K\GUR
GHPDQGDUHFROOHFWHGIURPWKHILHOG SRZHU SODQWV ZKHUHDV <RJ\DNDUWD KDV WKH ORZHVW XVH DPRQJ
WKHILYHSURYLQFHV
7KHUH DUH IRXU PDLQ VWHSV WR FRQGXFW WKH DQDO\VLV 7KHVH
IRXU VWHSV LQFOXGH L  FXUUHQW VLWXDWLRQ LL  VXSSO\ GHPDQG 7DEOH3ULPDU\HQHUJ\PL[RIWKHILYHSURYLQFHV
DQDO\VLV LLL  WKH H[SHFWHG FRQGLWLRQ DQG LY  DFWLRQ SODQ WR 3ULPDU\(QHUJ\0L[  72(
DFKLHYHWKHH[SHFWHGFRQGLWLRQ :HVW
(QHUJ\ 1RUWK &HQWUDO <RJ\D
1XVD 3DSXD
6WHSFXUUHQWVLWXDWLRQDQDO\VLV&XUUHQWVLWXDWLRQDQDO\VLV 6XPDWUD -DYD NDUWD
7HQJJDUD
FRQVLVWVRILGHQWLILFDWLRQRIUHQHZDEOHHQHUJ\SRWHQWLDOLQWKH 2LO)XHO     
UHJLRQWKHFXUUHQWUHQHZDEOHHQHUJ\GHYHORSPHQWSROLF\DQG 1DW*DV     
UHQHZDEOHHQHUJ\XWLOL]DWLRQLQWKHUHJLRQ &RDO     
5HQHZDEOH     
6WHS  VXSSO\ GHPDQG DQDO\VLV %DVHG RQ WKH LGHQWLILHG 7RWDO     
UHQHZDEOH HQHUJ\ SRWHQWLDO GDWD WKHQ WKH GHYHORSPHQW 3HUFHQWDJH
2LO)XHO     
RSSRUWXQLWLHV RI WKH SRWHQWLDO DUH DQDO\]HG LH LQFUHDVLQJ 1DW*DV     
HOHFWULILFDWLRQ GHFUHDVLQJ RLO IXHO FRQVXPSWLRQ JHQHUDWLQJ &RDO     
LQFRPHHWF6XSSO\GHPDQGDQDO\VLVLVFRQGXFWHGWRFDOFXODWH 5HQHZDEOH     
WKH IHDVLEOH GHYHORSPHQW RI WKH UHQHZDEOH HQHUJ\ SRWHQWLDO
7KH UHDO FRQGLWLRQ LQ WKH ILHOG VKRZV WKDW QRW WKH HQWLUH +\GUR SRWHQWLDOV FRQVLVW RI ODUJH K\GUR DQG VPDOO K\GUR
UHQHZDEOHHQHUJ\SRWHQWLDOFDQEHGHYHORSHGEHFDXVHRIODFN 7KH ELRIXHO SRWHQWLDO LV EDVHG RQ YDULRXV VRXUFHV VXFK DV
RI GHPDQG RU DEVHQFH RI D WUDQVPLVVLRQ OLQH ,Q WKLV FDVH FRFRQXW SDOP RLO QLSD DQG VDJR %LRPDVV LQ WKLV VWXG\
UHQHZDEOH HQHUJ\ FDQ EH GLYLGHG LQWR WUDGDEOH DQG QRQ FRQVLVWVRIDJULFXOWXUDOZDVWHDQGPXQLFLSDOZDVWH7KHELRJDV
WUDGDEOH XWLOL]HGDWWKHVLWH HQHUJ\ SRWHQWLDO LV EDVHG RQ FRZ PDQXUH 7DEOH  VKRZV WKH
6WHSVHWWLQJRIUHQHZDEOHHQHUJ\WDUJHW5HJLRQDOHQHUJ\ UHQHZDEOHHQHUJ\SRWHQWLDOLQWKHILYHSURYLQFHV
IRUXP VHW WKH UHQHZDEOH HQHUJ\ GHYHORSPHQW WDUJHW LQ WKH 7DEOH5HQHZDEOHHQHUJ\SRWHQWLDOLQWKHILYHSURYLQFHV
SURYLQFH EDVHG RQ WKH FXUUHQW FRQGLWLRQ RI UHQHZDEOH HQHUJ\ 
SRWHQF\ DQG LWV XWLOL]DWLRQ VXSSO\GHPDQG DQDO\VLV RI
UHQHZDEOH HQHUJ\ DQG WKH FXUUHQW QDWLRQDO HQHUJ\ SROLF\ 1RUWK &HQWUDO <RJ\D :1XVD
(QHUJ\ 3DSXD
6XPDWUD -DYD NDUWD 7HQJJDUD
7KHQWKHUHQHZDEOHHQHUJ\GHYHORSPHQWWDUJHWLVIRUPDOL]HG
+\GUR     
E\WKHUHJLRQDOJRYHUQPHQW *HRWKHUPDO     
%LRIXHO     
6WHS  UHQHZDEOH HQHUJ\ DFWLRQ SODQ 5HQHZDEOH HQHUJ\ %LRPDVV     
DFWLRQ SODQ LV WKH GHWDLO LPSOHPHQWDWLRQ SODQ WR DFKLHYH WKH %LRJDV     
UHQHZDEOH HQHUJ\ WDUJHW FRQVLVWV RI DFWLRQ SODQ IRU HDFK W\SH 1RWH LQ0: LQ72(
RI UHQHZDEOH HQHUJ\ E\ UHJHQF\FLW\ DQG LPSOHPHQWDWLRQ
VWUDWHJ\ LH LQVWLWXWLRQDO VHW XS IRU LPSOHPHQWDWLRQ
7DEOH  VKRZV WKH LQVWDOOHG FDSDFLW\ RI UHQHZDEOH HQHUJ\
LQYHVWPHQW SODQ LGHQWLILFDWLRQ RI KXPDQ UHVRXUFHV DQG
WHFKQRORJ\UHTXLUHPHQW LQLQWKHILYHSURYLQFHV7KHWDEOHLQFOXGHVDOOUHQHZDEOH
HQHUJ\FDSDFLWLHVWKDWDUHHYHUEXLOWLQWKHUHJLRQVEXWVRPHRI
9&$6( 678'< WKDWPD\EHQRWUXQQLQJZHOO
7KHUH DUH ILYH SURYLQFHV FKRVHQ DV FDVH VWXG\ IRU 7DEOH,QVWDOOHGFDSDFLW\RIUHQHZDEOHHQHUJ\LQWKHILYH
IRUPXODWLQJ LPSOHPHQWDWLRQ VWUDWHJ\ RI UHQHZDEOH HQHUJ\ SURYLQFHV
GHYHORSPHQW LH 1RUWK 6XPDWHUD <RJ\DNDUWD &HQWUDO -DYD
1RUWK &HQWUDO <RJ\D :1XVD
:HVW 1XVD 7HQJJDUD DQG 3DSXD 7KH PDS RI VHOHFWHG (QHUJ\
6XPDWUD -DYD NDUWD 7HQJJDUD
3DSXD
SURYLQFHV LQUHGGDUNVKDGLQJ LVVKRZQLQ)LJXUH +\GUR     
*HRWKHUPDO     
%LRGLHVHO     
%LRHWKDQRO     
%LRJDV     

6RODU     
1RWH LQ0: LQ./\HDU LQP

7KH UHQHZDEOH HQHUJ\ XWLOL]DWLRQ LQ  IRU WKH ILYH


SURYLQFHVLVVKRZQLQWDEOH7KHGDWDDUHFDOFXODWHGIURPWKH
LQVWDOOHG FDSDFLW\ DQG WKH FDSDFLW\ IDFWRU XWLOL]DWLRQ RI
FDSDFLW\  7KH FDSDFLW\ XWLOL]DWLRQ RI VRODU KRPH V\VWHPV
)LJXUH0DSRI,QGRQHVLD
HQWDLOVDQDJJUHJDWLRQRIFDSDFLW\XWLOL]DWLRQLQD\HDU

,&5(5$ 
WK,QWHUQDWLRQDO&RQIHUHQFHRQ5HQHZDEOH(QHUJ\5HVHDUFKDQG$SSOLFDWLRQV 1RY%LUPLQJKDP8.

7DEOH8VHRIUHQHZDEOHHQHUJ\LQWKHILYHSURYLQFHV LQIUDVWUXFWXUH DUH UHDOL]HG 0RUHRYHU UHQHZDEOH HQHUJ\


5HQHZDEOH(QHUJ\8WLOL]DWLRQ 72(
GHYHORSPHQW VKRXOG EH VXSSRUWHG E\ VXIILFLHQW FDSLWDO DQG
:HVW FDSDFLW\FRRUGLQDWHGSODQQLQJDQGDSSURSULDWHHQHUJ\SULFLQJ
(QHUJ\ 1RUWK &HQWUDO <RJ\D
6XPDWUD -DYD NDUWD
1XVD 3DSXD SROLF\
7HQJJDUD
+\GUR      9, &21&/8'('5(0$5.6
*HRWKHUPDO     
%LRIXHO      1DWLRQDO HQHUJ\ SROLF\ DQG QDWLRQDO HQHUJ\ WDUJHW RQ
%LRJDV      UHQHZDEOH HQHUJ\ GHYHORSPHQW VKRXOG EH GHWDLOHG WR WKH
6RODU      SURYLQFLDO OHYHO 7KHQ SURYLQFLDO JRYHUQPHQW VKRXOG GHWDLO
7RWDO     
WKH UHQHZDEOH HQHUJ\ GHYHORSPHQW WDUJHW DQG LWV DFWLRQ SODQ
IRU UHJHQFLHVFLWLHV OHYHO 7KH QDWLRQDO HQHUJ\ SROLFLHV DUH
7DEOHV   DQG  VKRZ WKH LQLWLDO FRQGLWLRQV   WKDW JHQHUDO SROLFLHV WR JLYH GLUHFWLRQ WR WKH ORZHU OHYHO
DUHWKHUHVXOWRIWKHILUVWVWHSRIDQDO\VLV7KHVHFRQGVWHSZDV JRYHUQPHQW 7KHUHIRUH UHJLRQDO JRYHUQPHQWV VKRXOG KDYH
WR DQDO\]H SRWHQWLDO RSSRUWXQLWLHV LH LQFUHDVLQJ FDSDFLW\ WR IRUPXODWH UHJLRQDO HQHUJ\ SROLFLHV DQG SODQQLQJ
HOHFWULILFDWLRQ UXUDO HOHFWULILFDWLRQ  GHFUHDVLQJ RLO IXHO SDUWLFXODUO\RQUHQHZDEOHHQHUJ\
FRQVXPSWLRQ UHSODFLQJ NHURVHQH XVH LQ KRXVHKROG  DQG 7KHLPSRUWDQWWKLQJVWKDWVKRXOGEHFRYHUHGE\UHQHZDEOH
JHQHUDWLQJLQFRPH IRUFRPPHUFLDOXVH  HQHUJ\ DFWLRQ SODQ DUH UHQHZDEOH HQHUJ\ GHYHORSPHQW WDUJHW
7KHPDLQUHVXOWRIWKLVDQDO\VLVDUHWRIRUPXODWHDUHDOLVWLF LQVWLWXWLRQDOVHWXSDQGEXGJHWLQJPHFKDQLVPWRLPSOHPHQWWKH
UHQHZDEOHHQHUJ\GHYHORSPHQWWDUJHWDQGDFWLRQSODQWRUHDFK SODQ JXLGHOLQH DQG PHFKDQLVP IRU PRQLWRULQJ RI WKH
WKDW WDUJHW LQ WKH ILYH SURYLQFHV 7KHQ WKLV DQDO\VLV RI WKH LPSOHPHQWDWLRQSURJUHVVRIWKHSODQ
WDUJHWDQGLWVDFWLRQSODQLVEURXJKWWRUHJLRQDOHQHUJ\IRUXP 7KHUHQHZDEOHHQHUJ\DFWLRQSODQLVQRWRQO\JRYHUQPHQW
7KH UHJLRQDO HQHUJ\ IRUXP GHFLGHV WKH WDUJHW DQG LWV DFWLRQ SODQ EXW DQ RYHUDOO SODQQLQJ RQ UHQHZDEOH HQHUJ\
SODQ ,Q 7DEOH  LW LV VKRZQ WKH UHQHZDEOH HQHUJ\ GHYHORSPHQW LQ WKH UHJLRQV 6R LW FDQ EH D JXLGDQFH IRU DOO
GHYHORSPHQWWDUJHWLQLQWKHILYHSURYLQFHV VWDNHKROGHUVLQWKHUHJLRQVLQFOXGHGSXEOLFDQGSULYDWHVHFWRU
7DEOH5HQHZDEOHHQHUJ\WDUJHWLQWKHILYHSURYLQFHVIRU WR LPSOHPHQW WKH DFWLRQ SODQ DQG DFKLHYH WKH UHQHZDEOH
 HQHUJ\WDUJHW
5HQHZDEOH(QHUJ\ 7DUJHWLQ 72( $&.12:/('*0(17
: 1XVD
(QHUJ\ 1RUWK &HQWUDO <RJ\D 7KH DXWKRUV ZRXOG OLNH WR WKDQN WKH +HDG RI &HQWUH IRU
7HQJJD 3DSXD
6XPDWUD -DYD NDUWD
UD 'DWD DQG ,QIRUPDWLRQ 7HFKQRORJ\  0LQLVWU\ RI (QHUJ\ DQG
6PDOOK\GUR      0LQHUDO 5HVRXUFHV RI ,QGRQHVLD &$6,1'2 SURMHFW DQG RXU
/DUJHK\GUR      FROOHDJXHV DW WKH 386'$7,1 (6'0 IRU WKHLU VXSSRUW DQG
6RODU     
%LRJDV     
DGYLFHV
*HRWKHUPDO     
%LRPDVV     
%LRGLHVHO     
5()(5(1&(6
%LRHWKDQRO     
:LQG       >@ &DSDFLW\ 'HYHORSPHQW DQG 6WKUHQJWKHQLQJ IRU (QHUJ\ 3ROLF\
7RWDO      )RUPXODWLRQ DQG ,PSOHPHQWDWLRQ RI 6XVWDLQDEOH (QHUJ\ 3URMHFWV LQ
,QGRQHVLD3URJUDP6XPPDU\5HSRUWSS
>@ 0LQLVWU\RI(QHUJ\DQG0LQHUDO5HVRXUFHV5HSXEOLFRI,QGRQHVLD
7DEOHVKRZVWKDWWKHUHQHZDEOHHQHUJ\WDUJHWVIRU +DQGERRNRI(QHUJ\DQG(FRQRPLFV6WDWLVWLFVRI,QGRQHVLD1RYHPEHU
GLIIHUDPRQJWKHSURYLQFHV$VVXPLQJDQHQHUJ\FRQVXPSWLRQ 
JURZWK LQ WKH ILYH SURYLQFHV RI  SHU \HDU WKH VKDUHV RI >@ %36WDWLVWLFDO5HYLHZRI:RUOG(QHUJ\-XQH
UHQHZDEOHHQHUJ\SURGXFWLRQLQWKHWRWDOHQHUJ\FRQVXPSWLRQ >@ 7KH'DQLVK*RYHUQPHQW³(QHUJ\6WUDWHJ\±IURPFRDORLODQGJDV
WRJUHHQHQHUJ\´)HEUXDU\
LQDUHIRU1RUWK6XPDWUDIRU&HQWUDO-DYD
>@ 5HVRVXGDUPR %3 $OLVMDKEDQD $ 1XUGLDQWR '$ (QHUJ\ VHFXULW\ LQ
 IRU <RJ\DNDUWD  IRU :HVW 1XVD 7HQJJDUD DQG ,QGRQHVLD$18 ZRUNLQJSDSHUVLQWUDGHDQGGHYHORSPHQW1R
 IRU 3DSXD 7KH DYHUDJH VKDUH RI UHQHZDEOH HQHUJ\ LQ $XVWUDOLDQ1DWLRQDO8QLYHUVLW\&DQEHUUD
LQWKHILYHSURYLQFHVLVHVWLPDWHGDWZKHUHDVWKH >@ $PLU 6 ³&KDOOHQJLQJ QXFOHDU DQWLQXFOHDU PRYHPHQWV LQ SRVW
QDWLRQDOWDUJHWIRUQHZDQGUHQHZDEOHHQHUJ\LV,WPHDQV DXWKRULWDULDQ ,QGRQHVLD (DVW $VLDQ 6FL 7HFKQRO 6RF ,QW -  ± ±

WKDWWRIXOILOOWKHWDUJHWDGGLWLRQDOUHQHZDEOHHQHUJ\VKRXOGEH
>@ ,QWHUQDWLRQDO (QHUJ\ $JHQF\ ³(QHUJ\ 3ROLF\ 5HYLHZ RI ,QGRQHVLD´
LPSRUWHG RU EXLOG D QHZ HQHUJ\ SODQW HJ QXFOHDU SRZHU 
SODQW  >@ 2UJDQL]DWLRQ IRU (FRQRPLF &RRSHUDWLRQ DQG 'HYHORSPHQW ³(QHUJ\
7KH1H[W)LIW\<HDUV´
,W VKRXOG EH QRWHG WKDW WKH UHQHZDEOH HQHUJ\ WDUJHW LQ
7DEOHFDQEHUHDFKHGLIDOOVXSSRUWLQJSROLF\PHDVXUHVDQG

,&5(5$ 

You might also like