3RUWR$OHJUH%UDVLO
(QHUJLD6RODUp,QFHQWLYDGDHP/HLVREUH
&RPSHQVDomR9HJHWDOHP3RUWR$OHJUH
1XPDGDVFLGDGHVPDLVDUERUL]DGDVGRPXQGRDOHJLVODomRVREUHFRPSHQVDomRYHJHWDOSUHRFXSD
VH HP HVWLPXODU R XVR GH HQHUJLD VRODU WpUPLFD$SHVDU GR DYDQoR HP WHUPRV OHJDLV 3RUWR$OHJUH
HQIUHQWDREVWiFXORVSDUDFRORFDUDUHJXODomRHPSUiWLFD2&5(5±&HQWURGH5HIHUrQFLDHP(QHUJLDV
5HQRYiYHLVGH3RUWR$OHJUHHVWXGDDVSRVVLELOLGDGHVSDUDVXSHUDUHVVDVGL¿FXOGDGHVHHVWLPXODUR
XVRGDHQHUJLDVRODUQRPXQLFtSLR
(VWXGRVGH&DVR,&/(,
-XQKR
3RUWXJXHVH
5HVXPR
3RUWR$OHJUHpFRQVLGHUDGDXPDGDVFLGDGHVPDLVDUERUL]DGDVGRPXQGRFRP
PDLVGHPLOKmRGHiUYRUHV3DUDFRODERUDUFRPR3ODQR'LUHWRUGH$UERUL]DomR
8UEDQD GR PXQLFtSLR QD WDUHID GH PDQWHU WDO HVWDWtVWLFD H[LVWH D OHL VREUH D
FRPSHQVDomRYHJHWDOTXHUHJHRVSURFHGLPHQWRVSDUDVXSUHVVmRWUDQVSODQWH
RXSRGDVGHHVSpFLPHVYHJHWDLVJDUDQWLQGRTXHWRGDUHWLUDGDGHYHJHWDomRVHMD
FRPSHQVDGD
$,PSRUWkQFLDGD$SOLFDomR&RUUHWDGH,QFHQWLYRVDR8VR
GH(QHUJLDV5HQRYiYHLV
0DLVGHGHWRGDDHQHUJLDPXQGLDOpFRQVXPLGDHPFLGDGHVHHVWLPDVHTXH
GHDGDVHPLVV}HVGHJDVHVGHHIHLWRHVWXIDGDVFLGDGHVVHMDPGHFRUUHQWHV
GRXVRGHFRPEXVWtYHLVIyVVHLVQDJHUDomRGHHQHUJLDHWUDQVSRUWH$VFLGDGHVQR
HQWDQWRWDPEpPVmRSDUWHGDVROXomRFHQWHQDVGHFLGDGHVHJRYHUQRVORFDLVQR
PXQGRWrPDGRWDGRPHWDVSROtWLFDVGHLQFHQWLYRSODQHMDPHQWRXUEDQRGHQWUH
RXWUDVSUiWLFDVGLUHFLRQDGDVjVHQHUJLDVPDLVVXVWHQWiYHLV
$SHVDUGHVXDJUDQGHLPSRUWkQFLDDDSURYDomRGHSROtWLFDVS~EOLFDVSRUVLVyQmR
JDUDQWHVXDDSOLFDomRSUiWLFDHRDFRPSDQKDPHQWRGRVUHVXOWDGRVpHVVHQFLDOSDUD
LGHQWL¿FDomRGHHYHQWXDLVIDOKDVHFRUUHo}HVDVHUHPIHLWDV(QFRQWUDUVROXo}HV
FULDWLYDVQRkPELWRGR*UXSR&RQVXOWLYRGR&5(53RUWR$OHJUHEHPFRPR
RDSRLRSROtWLFRSDUDDSOLFDomRGHODVFRQVHJXLGRSHORHQYROYLPHQWRGRVDWRUHV
3RSXODomRÈUHD
$SUR[NP
2UoDPHQWR0XQLFLSDO
$SUR[ELOK}HV%5/
¼ELOKmR
(FRQRPLD/RFDO
,QG~VWULDWUDQVSRUWHPDUtWPRGH
FDUJDVHOHWU{QLFRV
3DSHOGD&LGDGHQD5HJLmR
8PDLPSRUWDQWHFLGDGHSRUWXiULD
SDUDH[SRUWDomRGHSURGXWRV
AL
(VWH HVWXGR LGHQWL¿FD RV SULQFLSDLV HQWUDYHV H WDPEpP RV FDPLQKRV SDUD R
ERP DSURYHLWDPHQWR GHVWH LQFHQWLYR (QWUH HOHV R &5(5 ± 3RUWR $OHJUH
IRLLGHQWL¿FDGRFRPRDWRUGHJUDQGHUHOHYkQFLDQDEXVFDHLPSOHPHQWDomRGH
VROXo}HVSDUDGHVD¿RVFRPRHVWHSULQFLSDOPHQWHDWUDYpVGRHQYROYLPHQWRGHVHX
*UXSR&RQVXOWLYR
3RUWR$OHJUH
WABLES
NE
RE
LO
C
$UHYLVmRGHVWDOHLDWRUQDPDLVDEUDQJHQWHHUHOHYDQWHSDUDRFRQWH[WRDWXDOGH
FRPEDWHjVPXGDQoDVFOLPiWLFDVDRSHUPLWLUQRFDVRGHQRYDVFRQVWUXo}HVTXH
PHWDGHGDVPXGDVDVHUHPSODQWDGDVFRPRFRPSHQVDomRVHMDVXEVWLWXtGDSRUDR
PHQRVGRLVLWHQVVXVWHQWiYHLVSUHGHWHUPLQDGRVQDQRYDHGL¿FDomRLQFHQWLYDQGR
DVVLPDLQVWDODomRGHDTXHFHGRUHVVRODUHVDOpPGDFDSWDomRGDiJXDGDFKXYDH
XWLOL]DomRGHPDGHLUDFHUWL¿FDGD$SHVDUGDH[LVWrQFLDHPpULWRGDOHJLVODomRVHX
HIHLWRSUiWLFRWHPVHPRVWUDGREDVWDQWHSHTXHQR
An
Initiative
2,&/(,DSRLDHIRUWDOHFHJRYHUQRV
ORFDLVTXHSURPRYHPDJHUDomR
HIRUQHFLPHQWRGHHQHUJLDV
UHQRYiYHLVHHILFLrQFLDHQHUJpWLFD
QRDPELHQWHXUEDQR
ZZZLFOHLRUJ
UHOHYDQWHVQRSURFHVVRSHUPLWLUiXPDSURYHLWDPHQWRPHOKRUGDOHLYLJHQWHR
TXHWUDUijFLGDGHWRGRVRVEHQHItFLRVGDH[SDQVmRGRXVRGHHQHUJLDVUHQRYiYHLV
ORFDLV
2&RQWH[WRGH3RUWR$OHJUH
3RUWR$OHJUHpDFDSLWDOGR(VWDGRGR5LR*UDQGHGR6XOVHQGRFRQVLGHUDGD
XPLPSRUWDQWHSyORGR0(5&268/GHYLGRjVXDSUR[LPLGDGHGD$UJHQWLQDH
8UXJXDL2PXQLFtSLRWHPXPDiUHDWRWDOGH.PðHpGHOLPLWDGRSRUXPD
RUODÀXYLDOGHNP&RPPDLVGHPLOK}HVGHKDELWDQWHVpDPDLRUFLGDGHGD
5HJLmR6XOGR%UDVLOHWHPVHDSUHVHQWDGRFRPRXPPRGHORSDUDRXWUDVFLGDGHV
GD$PpULFDGR6XOHPWHUPRVGHLQLFLDWLYDVDPELHQWDLV
3RUWR$OHJUHWHPVLGRXPPRGHORSDUDRXWUDVFLGDGHVQR%UDVLOHDOpP1R
kPELWRGD&DPSDQKD&LGDGHVSHOD3URWHomRGR&OLPD&&3GR,&/(,3RUWR
$OHJUHGHVHQYROYHXVHXLQYHQWiULRGHJDVHVGHHIHLWRHVWXID*((TXHVHUYLX
FRPRLQVWUXPHQWRSDUDRSODQRGHDomRSDUDUHGXomRGHVXDVHPLVV}HV
)RWR3UHIHLWXUD0XQLFLSDOGH3RUWR$OHJUH%UDVLO
&RPRFRQVHTrQFLDDFLGDGHDGHULXj5HGH(ORHPFRPRFLGDGHVDWpOLWH
2 SURMHWR YLVD SURPRYHU D JHUDomR H XVR GH HQHUJLD GH IRQWHV UHQRYiYHLV
(5HH¿FLrQFLDHQHUJpWLFD((FRPIRFRQRVSDSpLVHUHVSRQVDELOLGDGHVGH
JRYHUQRVORFDLVFRPRIRUoDPRWUL]SDUDLQRYDomRWHFQROyJLFDHLQYHVWLPHQWRHP
GHVHQYROYLPHQWRVXVWHQWiYHO(P3RUWR$OHJUHIRLVHOHFLRQDGDSDUDVHU
XPD&RPXQLGDGH0RGHORGD5HGH&RPR&RPXQLGDGH0RGHOR3RUWR$OHJUH
FULRXR&5(5&HQWURGH5HIHUrQFLDHP(QHUJLDV5HQRYiYHLV
3RUWR$OHJUH
(VWXGRGH&DVR,&/(,3RUWR$OHJUH%UDVLO
(VWXGRGHFDVR
)RWR3UHIHLWXUD0XQLFLSDOGH3RUWR$OHJUH%UDVLO
/HL GH &RPSHQVDomR 9HJHWDO GH 3RUWR $OHJUH SURYr
LQFHQWLYRV DR XVR GH HQHUJLD VRODU WpUPLFD HP QRYRV
HGLItFLRV 3DUD JDUDQWLU DGHVmR GR VHWRU SULYDGR H
FRQVHTXHQWHPHQWH D H¿FiFLD GD OHL R &5(5 VH WRUQD
HVSDoRFKDYHQDLGHQWL¿FDomRGHSUREOHPDVHDSOLFDomR
GHVROXo}HVHIHWLYDV
3DLQHLVVRODUHVHPSUpGLRGD60$0
0HGLo}HVH5HVXOWDGRV
(QHUJLD5HQRYiYHOQD&RPSHQVDomR9HJHWDO
3RUWR$OHJUHpFRQVLGHUDGDXPDGDVFLGDGHVPDLVDUERUL]DGDVGRPXQGR(VWLPDVH
TXHSRVVXDPDLVGHPLOKmRGHiUYRUHV$60$06HFUHWDULD0XQLFLSDOGH
0HLR$PELHQWHpRyUJmRH[HFXWLYRUHVSRQViYHOSHODSURWHomRGRVLVWHPDQDWXUDO
HSHORFRQWUROHGDTXDOLGDGHDPELHQWDOQRPXQLFtSLR
3DUDDX[LOLDUQRFXPSULPHQWRGHVVDWDUHIDIRLDSURYDGDD5HVROXomRGR&20$0
± &RQVHOKR 0XQLFLSDO GH 0HLR$PELHQWH Qž TXH GLVS}H VREUH R
3ODQR'LUHWRUGH$UERUL]DomR8UEDQDGH3RUWR$OHJUHeXPLQVWUXPHQWRGH
SODQHMDPHQWRPXQLFLSDOSDUDDLPSODQWDomRGDSROtWLFDGHSODQWLRSUHVHUYDomR
PDQHMRHH[SDQVmRGDDUERUL]DomRQDFLGDGH$OpPGHVVDUHJXODomRHPD
60$0UHYLVRXXPDOHJLVODomRVREUHDFRPSHQVDomRYHJHWDOSRUPHLRGR'HFUHWR
QžTXHGLVS}HVREUHRVSURFHGLPHQWRVSDUDVXSUHVVmRWUDQVSODQWHRX
SRGDVGHHVSpFLPHVYHJHWDLV
2VREMHWLYRVHVSHFt¿FRV
GR&5(5HVWmRIRFDGRV
HPWUrVHL[RVSULQFLSDLV
GHDWXDomR
z
z
eXPLQVWUXPHQWRTXHUHJXODDVLQWHUYHQo}HVIHLWDVQDYHJHWDomRH[LVWHQWHSDUD
FRQVWUXomRFLYLOHDUERUL]DomRXUEDQDJDUDQWLQGRTXHWRGDUHWLUDGDGHYHJHWDomR
VHMDFRPSHQVDGD
1DUHYLVmRGR'HFUHWRIRLDFUHVFHQWDGRXPDUWLJRFRPRREMHWLYRGHHVWLPXODUR
XVRGHPDGHLUDFHUWL¿FDGDUHXVRGDiJXDGHFKXYDHXVRGHHQHUJLDVRODUWpUPLFD
SDUDTXHDVFRQVWUXo}HVGRPXQLFtSLRVHMDPPDLVVXVWHQWiYHLV2$UWGR&DS
9,,H[SULPHTXH
2&RPDP&RQVHOKR0XQLFLSDOGR0HLR$PELHQWHpXPyUJmRGHSDUWLFLSDomRGLUHWDGDVRFLHGDGHFLYLOQDDGPLQLVWUDomRS~EOLFD
PXQLFLSDO$WXDQGRHPFDUiWHUFRQVXOWLYRHGHOLEHUDWLYRWHPFRPSHWrQFLDSDUDSURSRUHIRUPXODUSROtWLFDVPXQLFLSDLVGHPHLRDPELHQ
WHHDFRPSDQKDUVXDH[HFXomR2&RPDPpFRQVWLWXtGRSRUPHPEURVFRPPDQGDWRVUHQRYiYHLVDFDGDGRLVDQRV
(VWXGRGH&DVR,&/(,3RUWR$OHJUH%UDVLO
z
(GXFDomRD¿PGHDJUHJDU
DPSOLDUHGLIXQGLURVFRQKH
FLPHQWRV VREUH HQHUJLDV
UHQRYiYHLVHH¿FLrQFLDHQHU
JpWLFD
3ROtWLFDV S~EOLFDV SDUD
SURPRYHU D HODERUDomR
GH SROtWLFDV S~EOLFDV TXH
LQFHQWLYHP HRX LQVWLWXDP D
XWLOL]DomR GH WHFQRORJLDV GH
HQHUJLDVXVWHQWiYHOHP3RUWR
$OHJUH
3URMHWRVGHDSOLFDomRSDUD
LPSOHPHQWDUSURMHWRVTXHXWL
OL]HPWHFQRORJLDVGHHQHUJLDV
UHQRYiYHLVHH¿FLrQFLDHQHU
JpWLFD
³1R FDVR GH HGLILFDo}HV R Q~PHUR GH PXGDV D FRPSHQVDU SHOD WDEHOD GH
FRPSHQVDomR SUHYLVWD QR$QH[R , RX SRU RFDVLmR GH H[LJrQFLD HP OLFHQoD
DPELHQWDOVHUiGLPLQXtGRSHODPHWDGHVHRHPSUHHQGLPHQWRDWHQGHUQRPtQLPR
GXDVGDVVHJXLQWHVFDUDFWHUtVWLFDV
, ±XWLOL]DomRGHPDGHLUDFHUWL¿FDGD
,, ±UHXWLOL]DomRGDiJXDGHFKXYD
,,, ±XWLOL]DomRGHHQHUJLDVRODUHPSHUFHQWXDOGHQRPtQLPR´
'L¿FXOGDGHVH3RVVLELOLGDGHVGHLQFHQWLYRDRXVRGR'HFUHWR
$ 5HGH GH &RPXQLGDGHV
0 R G H O R H P ( Q H U J L D V
5HQRYiYHLV/RFDLVRX3URMHWR
5HGH(OREXVFDDSRLDUHIRU
WDOHFHU JRYHUQRV ORFDLV QD
SURPRomR GH HQHUJLDV VXV
WHQWiYHLV H HP VH WRUQDUHP
FRPXQLGDGHV PRGHOR QR FRQ
WH[WRQDFLRQDOHUHJLRQDO(VWH
SURMHWR LQWHUQDFLRQDO FRQHFWDFLGDGHVOtGHUHV
SDUD FRRSHUDomR H FRPSDUWL
OKDPHQWR GH FRQKHFLPHQWR H
H[SHULrQFLDV QRV FDPSRV GH
HQHUJLDVUHQRYiYHLV(5HH¿
FLrQFLDHQHUJpWLFD(($VVLP
R SURMHWR p XP FRPSRQHQWH
FKDYH GD ,QLFLDWLYD ,&/(, GH
5HQRYiYHLV/RFDLV
8P DSRLR HVSHFLDO SDUD
FRPXQLGDGHV PRGHOR QD
,QGLD %KXEDQHVZDU 1DJSXU
H &RPEDLWRUH H QR %UDVLO
%HWLPH3RUWR$OHJUHIRLSRV
VtYHO JUDoDV DR JHQHURVR
DXVStFLRGR0LQLVWpULR$OHPmR
GH &RRSHUDomR (FRQ{PLFD
H 'HVHQYROYLPHQWR %0=
D W U D Y p V G D ' H X W V F K H
*HVHOOVFKDIW IU 7HFKQLVFKH
=XVDPPHQDUEHLW*7=*PE+
$V&RPXQLGDGHVGH5HFXUVRV
(XURSHLDV %RQQ )UHLEXUJ
0LOmR 9l[M| H 0DOP| FRQWDP
FRP HVWUDWpJLDV HP HQHUJLDV
UHQRYiYHLVDOWDPHQWHGHVHQYRO
YLGDVDVTXDLVWHPVDWLVIDomR
HPFRPSDUWLOKDU
2VHVFULWyULRVGR,&/(,QR6XO
GD ÈVLD 'HOKL %UDVLO 6mR
3DXOR H (XURSD )UHLEXUJ
UHFHEHUDP FRQWLQXDPHQWH
GLUHFLRQDPHQWRHRUJDQL]DUDP
LQWHUFkPELRVHQWUHDVFLGDGHV
ZZZLFOHLRUJORFDOUHQHZDEOHV
)RWR3UHIHLWXUD0XQLFLSDOGH3RUWR$OHJUH%UDVLO
23URMHWR5HGH(OR
$SHVDUGHVVHDYDQoRHPWHUPRVOHJDLV3RUWR$OHJUHHQIUHQWDREVWiFXORVSDUD
FRORFDUDUHJXODomRHPSUiWLFD'HVGHTXHR'HFUHWRIRLDSURYDGRHVVDVDo}HV
QmRWrPDFRQWHFLGRFRPDIUHTrQFLDHVSHUDGD$SHQDVSRXFDVFRQVWUXo}HVVH
EHQH¿FLDUDPGDGLPLQXLomRGDFRPSHQVDomRYHJHWDOSRUID]HUXVRGDHQHUJLD
VRODUHUHXVRGDiJXDGHFKXYDVHQGRTXHQHVVHFDVRDGHFLVmRGHHGL¿FDUFRP
HVVHVFULWpULRVVXVWHQWiYHLVQmRIRLWRPDGDFRPEDVHQRVEHQHItFLRVTXHR'HFUHWR
RIHUHFHRXVHMDRFRQVWUXWRULULDH[HFXWDUDREUDFRPSHORPHQRVXPDGDVWUrV
FDUDFWHUtVWLFDVSRURXWURVPRWLYRV
*UXSR&RQVXOWLYRGR&5(5±3RUWR$OHJUH
3DUDHQWHQGHUSRUTXHHVWDOHLQmRHVWDYDVHQGRDSURYHLWDGDSHODVRFLHGDGHR&5(5
EXVFRXDHTXLSHUHVSRQViYHOSRUHVWHVSURFHGLPHQWRVD&$1&RRUGHQDomRGR
$PELHQWH1DWXUDOGD60$0$&$1pFRQVWLWXtGDSRUSUR¿VVLRQDLVGDViUHDVGH
ELRORJLDHDJURQRPLD8PGRVWpFQLFRVGD&$1PHQFLRQRXDGL¿FXOGDGHGDHTXLSH
HPDYDOLDUWHFQLFDPHQWHSURMHWRVGHVVHWLSRSRLVFRQVLGHUDTXHHVVDVTXHVW}HVVmR
SHUWLQHQWHVDRVSUR¿VVLRQDLVGDiUHDGHHQJHQKDULD3RUH[HPSORQRDUWLJRFRQVWD
TXHRHPSUHHQGLPHQWRSRGHXVXIUXLUGRVEHQHItFLRVGR'HFUHWRQž
VHSHORPHQRVGHGHHQHUJLDFRQVXPLGDIRUVRODU2VWpFQLFRVLQIRUPDPTXH
D&$1QmRWHPFRQKHFLPHQWRGHFRPRFRQIHULUVHHVVHSHUFHQWXDOHVWiVHQGR
UHVSHLWDGR8PDVROXomRVHULDHQYROYHUD60296HFUHWDULD0XQLFLSDOGH2EUDV
H9LiULDQRSURFHVVR$6029SRVVXLFRUSRWpFQLFRFRPSHWHQWHSDUDDYDOLDUHVVH
WLSRGHSURMHWRHpUHVSRQViYHOSHODDSURYDomRH¿VFDOL]DomRGHSURMHWRVSUHGLDLV
1HVVHFDVRSRGHVHUDUWLFXODGDXPDDomRMXQWRj6029FRPRREMHWLYRGH
YHUL¿FDUDYLDELOLGDGHGHDSURYDomRGHXPDUHVROXomRGLUHFLRQDQGRHVVD6HFUHWDULD
SDUDDSURSULDUVHGHVVDTXHVWmRHVSHFt¿FD
(VWXGRGH&DVR,&/(,3RUWR$OHJUH%UDVLO
(VWtPXORj(QHUJLD5HQRYiYHOHRSDSHOGR&5(5
8PGRVSRQWRVSRVLWLYRVGR$UWLJRpRHVWtPXORDRXVRGHHQHUJLDVSURYHQLHQWHV
GHIRQWHVUHQRYiYHLVFRPRDHQHUJLDVRODUWpUPLFDSURPRYHQGRRDXPHQWRGD
GLYHUVLGDGHGDRIHUWDGHHQHUJLDQRPXQLFtSLRDVXVWHQWDELOLGDGHGDJHUDomR
GHHQHUJLDDORQJRSUD]RHDUHGXomRGDVHPLVV}HVDWPRVIpULFDVGHSROXHQWHV
$VIRQWHVGHHQHUJLDUHQRYiYHLVVHFRQ¿JXUDPFRPRDOWHUQDWLYDVSDUDFRQWHUR
DTXHFLPHQWRJOREDOHHYLWDURFDRVFOLPiWLFR
$OpPGLVVRDHQHUJLDVRODUWpUPLFDSURPRYHHFRQRPLDGHFRQVXPRH¿QDQFHLUD
SDUD TXHP D XWLOL]D 8P FDVR GH VXFHVVR VH DSUHVHQWD FRP D LQVWDODomR GH
DTXHFHGRUHV VRODUHV HP FRQMXQWRV KDELWDFLRQDLV HP %HWLP0* $ FRQWD GH
HQHUJLDFDLXHPSDUDXPDIDPtOLDGHDSHVVRDV
(QWUHVHXVREMHWLYRVR&5(5EXVFDGHVHQYROYHUHHVWLPXODUSROtWLFDVGHHQHUJLDV
UHQRYiYHLV'HQWURGHVWDDWXDomRR&HQWURHVWiHVWXGDQGRFRPRLQFHQWLYDUR
PHOKRUXVRGHVVHDUWLJREXVFDQGRDDUWLFXODomRFRPRVDWRUHVHQYROYLGRV
2&5(5EXVFDHQYROYHUDWRUHVUHOHYDQWHVHPVXDVDWLYLGDGHVSRUPHLRGHVHX
*&*UXSR&RQVXOWLYRTXHpFRPSRVWRSRUUHSUHVHQWDQWHVGHWRGRVRVVHWRUHV
GDVRFLHGDGH2&5(5WHPGLVFXWLGRHVWDVLWXDomRFRPR*&HR*UXSRWHP
FRORFDGRHPVHXSODQRGHWUDEDOKRFRPRDOHJLVODomRSRGHVHUPDLVSUiWLFD2
&HQWURHQWHQGHTXHpQHFHVViULRSULPHLURWUDEDOKDULQWHUQDPHQWHSDUDLGHQWL¿FDU
FRPRDOHLGHYHVHU¿VFDOL]DGD$OFDQoDQGRXPDVROXomRSDUDHVWHGHVD¿RR
&5(5FRPHoDUiDWUDEDOKDUFRPVHX*&HRXWURVSDUDHVWDEHOHFHUPHLRVGH
GLYXOJDomRGHORQJRSUD]RGDOHLHVHXVEHQHItFLRVSDUDDVRFLHGDGH
0DWHULDLVGR3URMHWR5HGH(OR
ËQGLD
5HODWyULRV)LQDLVGDV&LGDGHVGH%KXEDQHVZDU1DJSXUH&RLPEDWRUH
(VWXGRGH&DVR3LRQHLULVPRQDDSOLFDomRGHHQHUJLDVUHQRYiYHLVHH¿FLrQFLDHQHUJpWLFDQRVHWRUGDVD~GHQRPXQL
FtSLR
GH%KXEDQHVZDU
(VWXGRGH&DVR,QVWDODomRGHLOXPLQDomRH¿FLHQWHQR7HPSOR/RUG/LQJDUDMHP%KXEDQHVZDU
(VWXGRGH&DVR$XGLWRULDGRVHWRUGHUHFXUVRVKtGULFRVSRVVLELOLWDRXVRH¿FLHQWHGHiJXDHHQHUJLDHP1DJSXU
(VWXGRGH&DVR5HGX]LQGRHPLVV}HVGHFDUERQRFRPPHOKRULDVQRVVHUYLoRVS~EOLFRVPXQLFLSDLVHP&RLPEDWRUH
%UDVLO
5HODWyULRV)LQDLVGDV&LGDGHVGH%HWLPH3RUWR$OHJUH
(VWXGRGH&DVR&HQWURGH5HIHUrQFLDHP(QHUJLDV5HQRYiYHLVHP%HWLP%HWLP%UDVLO
(VWXGRGH&DVR3URJUDPD(FRyOHR±*HVWmRGH(ÀXHQWHVH5HVtGXRV6yOLGRVHP9ROWD5HGRQGD9ROWD5HGRQGD%UDVLO
(VWXGRGH&DVR3URMHWRGH*iVSDUD(QHUJLDGR$WHUUR%DQGHLUDQWHVHP6mR3DXOR
(VWXGRGH&DVR(QYROYLPHQWRGHJUXSRVGHDWRUHVLQWHUHVVDGRVSDUDUHQRYiYHLVORFDLVHP%HWLPH3RUWR$OHJUH
(VWXGRGH&DVR3RUWXJXrV(QHUJLD6RODUp,QFHQWLYDGDHP/HLVREUH&RPSHQVDomR9HJHWDOHP3RUWR$OHJUH
(VWXGRGH&DVR3RUWXJXrV&HPLJOHYD(QHUJLD(OpWULFDHOpWULFDFKHJDDFRPXQLGDGHGHEDL[DUHQGDFRPDSRLRGR&5(5
%HWLP
*OREDO
(VWXGRGH&DVR)UHLEXUJ$OHPDQKD(VWUDWpJLDVGHORQJRSUD]RSDUDSURWHomRFOLPiWLFDQD&LGDGH9HUGHGH)UHLEXUJ
(VWXGRGH&DVR9l[M|6XpFLD$WLJLQGRDLQGHSHQGrQFLDGHFRPEXVWtYHLVIyVVHLVFRPSDUWLFLSDomRFLGDGmHGHDWRUHV
LQWHUHVVDGRV
(VWXGRGH&DVR0LODQ,WiOLD0HOKRUDQGRVLVWHPDGHDTXHFLPHQWRGRGLVWULWRFRP(5H((
2XWURVHVWXGRVGHFDVRVREUHH¿FLrQFLDHQHUJpWLFDHHQHUJLDVUHQRYiYHLVQDËQGLD%UDVLOH&RPXQLGDGHVGH5HFXUVR(XURSHLDV
EHPFRPRUHODWyULRV¿QDLVGHFLGDGHVSDUDR3URMHWR5HGH(ORHVWmRGLVSRQtYHOVQRVLWHGRSURMHWR
ZZZLFOHLRUJORFDOUHQHZDEOHV
(VWXGRGH&DVR,&/(,3RUWR$OHJUH%UDVLO
5HVXOWDGRV
$WUDYpVGR3URMHWR5HGH(ORHGRWUDEDOKRGHSHVTXLVDGR&5(5IRLSURPRYLGR
XPOHYDQWDPHQWRGHOHJLVODomRH[LVWHQWHSDUDIRPHQWRGDLQVWDODomRHXVRGH
DTXHFHGRUHVVRODUHVQRkPELWRORFDOGDTXDOID]SDUWHR&DS9,,$UWGR
'HFUHWRQžTXHLQFRUSRUDjOHLGHFRPSHQVDomRYHJHWDOLQFHQWLYRj
LQVWDODomRGHDTXHFHGRUHVVRODUHVHPQRYDVFRQVWUXo}HV,QGRXPSDVVRDGLDQWH
R&5(5YHUL¿FRXDLQGDRFXPSULPHQWRHH¿FiFLDGDVOHLVYLJHQWHVSURFHVVR
DWUDYpVGRTXDOSRGHFRQVWDWDUTXHWDOOHLHVWDYDVHQGRVXEDSURYHLWDGD
&RPR SDUWH GH VXD PLVVmR GH SURPRYHU 5HQRYiYHLV /RFDLV R &5(5 Mi
LGHQWLILFRX DOJXQV GHVWHV SUREOHPDV H HVWi WUDEDOKDQGR DWXDOPHQWH SDUD
VROXFLRQiORVHVSHUDQGRDVVLPH[SDQGLUDLQVWDODomRGHDTXHFHGRUHVVRODUHVHQWUH
DVQRYDVFRQVWUXo}HVQRPXQLFtSLR
)RUDPLGHQWL¿FDGRVDVVLPDIDOWDGHFRQKHFLPHQWRWpFQLFRGRyUJmRDWXDOPHQWH
HQFDUUHJDGRGH¿VFDOL]DUDVFRQVWUXo}HVDEDL[DDGHVmRGDVFRQVWUXWRUDVDHVWH
LQFHQWLYR
2FRQKHFLPHQWRGRVSUREOHPDVpQHFHVViULRSDUDTXHVHSRVVDEXVFDUVROXo}HV
1HVWDHWDSDMiHPDQGDPHQWRR&5(5HVWiHQWUDQGRHPFRQWDWRFRPRXWURV
yUJmRVPXQLFLSDLVGRWDGRVGHFRPSHWrQFLDWpFQLFDSDUDDYDOLDURFXPSULPHQWR
GRVFULWpULRVOHJDLVHVWDEHOHFLGRVSDUDYHUL¿FDUDSRVVLELOLGDGHGHWUDQVIHUrQFLD
GHFRPSHWrQFLDOHJDODXPGHOHV2&5(5SURJUDPDWDPEpPOHYDUDTXHVWmR
LGHQWL¿FDGDDFRQKHFLPHQWRGHVHXJUXSRFRQVXOWLYRSDUDGLVFXWLUHHQFRQWUDU
HQWUHRVDWRUHVUHOHYDQWHVVROXo}HVFULDWLYDV$GLVFXVVmRQHVVHIRURIDFLOLWDUiD
LPSOHPHQWDomRGDVVROXo}HVHQFRQWUDGDVXPDYH]TXHPXLWRVGRVDWRUHVGRWDGRV
GH SRGHU SDUD FRORFiODV HP SUiWLFD IDUmR SDUWH GDV GLVFXVV}HV VHQGR DVVLP
LQFHQWLYDGRVDDGRWDUVXDVFRQFOXV}HV
/HYDU TXHVW}HV FRPR HVWD D FRQKHFLPHQWR S~EOLFR H HP HVSHFLDO GRV DWRUHV
UHOHYDQWHVID]FRPTXHR&5(5VHUHD¿UPHFRPRFHQWURGHFRQKHFLPHQWRH
SURPRomR GDV HQHUJLDV UHQRYiYHLV H LJXDOPHQWH SDVVH D VHU FRQKHFLGR H
UHFRQKHFLGRFRPRWDOSRUWRGRVHVWHVDWRUHV
/Lo}HV$SUHQGLGDV
(VWHSURFHVVRWUD]jOX]DLPSRUWkQFLDGHSURPRYHUHVWXGRVVREUHDSOLFDELOLGDGH
RXSURFXUDUFHQWURVTXHRIDoDPWDLVFRPRR&5(5QRPRPHQWRGDUHGDomR
GHOHJLVODomRVREUHWHPDVTXHUHTXHUHPFRQKHFLPHQWRWpFQLFRRXTXHVHMDPGH
FDUiWHUYROXQWiULRWRUQDQGRQHFHVViULDDDGHVmRGHRXWURVVHWRUHVGDVRFLHGDGH
SDUDHQWUDGDHPSUiWLFDeQHFHVViULROHYDUHPFRQWDDVSRVVLELOLGDGHVUHDLVGH
LPSOHPHQWDomRGDOHJLVODomRDWUDYpVGDJDUDQWLDGH¿VFDOL]DomRSRUWpFQLFRV
FRPSHWHQWHVHFRQKHFLPHQWRGRPHUFDGRORFDO&RPRVHYLXQmRSURFHGHUGHVWD
IRUPDSRGHSHQDOL]DUDH¿FiFLDGDQRUPDWRUQDQGRDLUUHOHYDQWH
1DPHVPDOLQKDpLPSRUWDQWHDFRPSDQKDUHGLYXOJDURVUHVXOWDGRVGHXPDQRUPD
LPSOHPHQWDGD5HVXOWDGRVSRVLWLYRVPRWLYDPRVDWRUHVHQYROYLGRVQRSURFHVVR
DRSDVVRTXHUHVXOWDGRVQHJDWLYRVLQGLFDPHVSDoRVSDUDPHOKRUD,QGHSHQGHQWHGR
TXHIRUHQFRQWUDGRVHLQLFLDXPFLFORYLUWXRVRGHDSUHQGL]DJHPTXHEHQH¿FLDUi
IXWXURVOHJLVODGRUHV
5HQRYiYHLV/RFDLV±WHUPRXVDGRSHOR,&/(,TXHVHUHIHUHDHQHUJLDVUHQRYiYHLVTXHVmRJHUDGDVORFDOPHQWHHH¿FLrQFLD
HQHUJpWLFD
(VWXGRGH&DVR,&/(,3RUWR$OHJUH%UDVLO
2XWURSRQWRLPSRUWDQWHpRHQYROYLPHQWRGRVDWRUHVUHOHYDQWHVQDVGLVFXVV}HV
VREUHVROXo}HV'HEDWHVSURPRYLGRVHPIRURPXOWLVHWRULDODOpPGHDJUHJDUHP
GHQVLGDGHjVVROXo}HVDWUDYpVGDLQFRUSRUDomRGHGLIHUHQWHVSRQWRVGHYLVWDH
FRQFLOLDomR GH LQWHUHVVHV GLVWLQWRV WUD]HP PDLRU DSOLFDELOLGDGH jV VROXo}HV
DOFDQoDGDVXPDYH]TXHDWRUHVFRPSRGHUGHGHFLVmRVmRHQYROYLGRVQRSURFHVVR
5HSOLFDELOLGDGH
$V OLo}HV DSUHQGLGDV FRP HVWH FDVR SRGHP VHU DPSODPHQWH UHSOLFDGDV HQWUH
OHJLVODGRUHVHPWRGRVRVQtYHLVGHJRYHUQR
,JXDOPHQWH D SURYLVmR GH LQFHQWLYRV j LQVWDODomR GH DTXHFHGRUHV VRODUHV HP
OHJLVODomRVREUHFRPSHQVDomRDPELHQWDOSRUREUDVSRGHVHUIDFLOPHQWHUHSOLFDGD
HP RXWURV PXQLFtSLRV XPD YH] TXH PXLWRV PXQLFtSLRV QR SDtV FRQWDP FRP
OHJLVODomRSDUHFLGD$H[SHULrQFLDIXWXUDGR&5(5SDUDWRUQDUHVWDOHJLVODomR
H¿FD]SRGHUiHQVLQDURFDPLQKRDRXWURVLQWHUHVVDGRV
2UoDPHQWRH)LQDQoDV
1mRKRXYHJDVWRVLGHQWL¿FiYHLVHVSHFt¿FRVSDUDHVWDDomR(TXLSHHGHVSHVDV
DGPLQLVWUDWLYDVGR&5(5±3RUWR$OHJUHVmR¿QDQFLDGDVSHOD3UHIHLWXUD0XQLFLSDO
GH3RUWR$OHJUH
&RQWDWRV
&5(5&HQWURGH5HIHUrQFLD
HP(QHUJLDV5HQRYiYHLVH
(¿FLrQFLD(QHUJpWLFD
6HFUHWDULD0XQLFLSDOGR0HLR
$PELHQWHGH3RUWR$OHJUH
$Y&DUORV*RPHV
3RUWR$OHJUH56%UDVLO
(PDLO
FUHU#VPDPSUHISRDFRPEU
KWWSZZZSRUWRDOHJUH
UVJRYEUVPDPGHIDXOWSKS"SB
VHFDR ,&/(,6HFUHWDULDGRSDUD
$PpULFD/DWLQDH&DULEH
(VFULWyULRGH3URMHWRV
$YHQLGD4XDUWR&HQWHQiULR
6DOD
3RUWmR$GR3DUTXH
,ELUDSXHUD
6mR3DXOR63
%UD]LO
7HO
)D[
(PDLOLFOHLODFVEUDVLO#LFOHLRUJ
ZZZLFOHLRUJODFVSRUWXJXHV
,&/(,6HFUHWDULDGR0XQGLDO
&HQWURGH&DSDFLGDGH
.DLVHU)ULHGULFK6WUDVVH
'%RQQ$OHPDQKLD
7HO
)D[
(PDLO
ORFDOUHQHZDEOHV#LFOHLRUJ
ZZZLFOHLRUJORFDOUHQHZDEOHV
5HFRQKHFLPHQWR
$XWRULD)DELDQD%DUEL%UXQD&HUTXHLUD,&/(,%UDVLO
(GLomR3DXOD*DEULHOD)UHLWDV,&/(,%UDVLO'LDJUDPDomR*LRUJLD5DPEHOOL
7KLVFDVHVWXG\LVDOVRDYDLODEOHLQ
(QJOLVK
2 ,&/(, *RYHUQRV /RFDLV SHOD 6XVWHQWDELOLGDGH p XPD DVVRFLDomR LQWHUQDFLRQDO GH JRYHUQRV ORFDLV
FRPSURPHWLGRVFRPRGHVHQYROYLPHQWRVXVWHQWiYHO$PLVVmRGR,&/(,pFRQVWUXLUHVHUYLUXPPRYLPHQWRJOREDOGH
JRYHUQRVORFDLVSRUPHOKRULDVWDQJtYHLVQDVXVWHQWDELOLGDGHJOREDODWUDYpVGHDo}HVFXPXODWLYDVFRPIRFRSULQFLSDO
HPFRQGLo}HVDPELHQWDLV
(VWHHVWXGRGHFDVRpSDUWHGHXPDVpULHIRFDGDQDVDWLYLGDGHVGRVPHPEURV,&/(,DRUHGRUGRPXQGR
,&/(,6HFUHWDULDGR0XQGLDO(PDLOSXEOLFDWLRQV#LFOHLRUJ
‹SRU,&/(,*RYHUQRV/RFDLVSHOD6XVWHQWDELOLGDGH7RGRVRVGLUHLWRVUHVHUYDGRV-XQKR
ZZZLFOHLRUJ
Download

114 Porto Alegre, Brasil