Upload
gobernabilidad-democratica
View
233
Download
0
Embed Size (px)
Citation preview
7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.
1/42
7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.
2/42
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
2
7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.
3/42
Pabei c
Nkpikp~
7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.
4/42
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
7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.
5/42
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
7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.
6/42
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
1
>
7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.
7/42
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
7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.
8/42
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
7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.
11/42
^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~+
7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.
12/42
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.
13/42
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.
14/42
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
7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.
15/42
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
`rgsi ak` `iki gkklsapglk gk pfi xlre`~ ca~pi~p hrlxgkh maroip~% klpgkh pfap kiarew 6: mgeeglk
zilzei ari dlgkgkh pfi mg``ei nea~~ gk imirhgkh maroip~ isirw ~gkhei wiar+19 Pfg~ ~flx~ pfi neiar
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~
Inlmahgkapglk
zrl`ynp~ rianf Y^$
16 bgeeglk gk 2::7%
xgpf pfi nlmzakw
zri`gnpgkh risikyi
hrlxpf crlm pfi~i
zrl`ynp~ ap pxgni
pfi rapi lc pfi plpae
nlmzakw risikyi~
lsir pfi si wiar~
pl 2:19+16
7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.
16/42
By~gki~~i~ ari gk pfi zl~gpglk pl zrlanpgsiew nriapi ak` ~fazi nlk~ymir `imak` ak` bll~p rieapi` ~aei~+ Clr
ivamzei% Dazaki~i gk~yrakni nlmzakw ^lzl nriapi` ak gkklsapgsi gk~yrakni zrl`ynp pfap ikabei~ Pfag carmir~
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>
^LYrNI4 Zrizari` bw A~a` Kaqsg% Zrapwaknfa Zar`i~fg ba~i` lk pfi `apa crlm ^aflpa% A+ &2::7'+ Ngpi` gk Hriik Inlklmw Rizlrp &YKIZ 2:11'% z 07+
YK
Cghyri 0+ Helbae pra`i gk lrhakgn cll` ak` `rgko~ &1777-2::7'+
1777
19+2
:
1:
2:
>:
0:
9:
3:
Y^$
bgeeglk
2::1
2:+7
2::>
29+9
2::9
>>+2
2::8
03+1
2::7
90+7
7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.
17/42
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~+
Iksgrkmikpae,^ngae Saeyi4 Gk~yrakni ~leypglk~ ~ynf a~ pfi~i ari ikabegkh nlmmykgpgi~ pl makahi rg~o
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
Gk~yrakni pl ivzak` gp~ by~gki~~ pl lpfir zrlsgkni~+
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
7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.
18/42
Kix maroip~
Nlk~g`irabei kix maroip lzzlrpykgpgi~ egi gk `isielzgkh ~y~pagkabei by~gki~~ ml`ie~ pfap fiez
gmzrlsi pfi egsi~ ak` iksgrlkmikp~ lc elx-gknlmi nlk~ymir~+ Clyr bgeeglk zilzei ap pfi ba~i
lc pfi zwramg`% xgpf akkyae gknlmi~ bielx Y^$ >%::: gk elnae zyrnfa~gkh zlxir% egsi gk rieapgsi
zlsirpw wip rizri~ikp a maroip lc Y^$ 9 prgeeglk+ Nlmbgki` xgpf pfi hrlxgkh acyikni lc pfi kix
mg``ei nea~~i~% imirhgkh inlklmgi~ rizri~ikp oiw maroip hrlxpf lzzlrpykgpgi~+ Ykgeisir% clr
ivamzei% ivzinp~ 8: zir nikp lc gp~ by~gki~~ pl nlmi crlm A~ga xgpfgk 1: wiar~+
Iksgrlkmikpae zlegngi~ ak` rihyeapglk~ ari ae~l nriapgkh kix nlmmirngae lzzlrpykgpgi~% clr
gk~pakni pfrlyhf narblk ak` inl~w~pim ~irsgni maroip~+ Maroip~ clr bgl`gsir~gpw lcc~ip~ ari
zri`gnpi` pl hrlx pl Y^$ 1: bgeeglk bw 2:2:% ak` helbae risikyi~ clr nlmzakgi~ gkslesi` gk pfi
xgk`% ~lear ak` bglcyie~ maroip~ fasi ~iik a pik-cle` rg~i pl Y^$ 113 bgeeglk lsir pfi si wiar~
pl 2::6+ @i~zgpi pfi ~ipbano gk 2::7% `yi pl pfi helbae rini~~glk% pfi elkh-pirm zrlhkl~g~ g~
~pgee clr a razg` rg~i% pl mlri pfak Y^$ >:: bgeeglk akkyaeew bw 2:2:+2: A~ pfi ^giik~ na~i ~py`w
geey~prapi~% mlri icngikp neiak pinfkehgi~ ap ~naei ari gknria~gkhew nlmzipgpgsi ak` `rgsgkh
~aei~ hrxpf ak` `yrapgk+
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
Zrlgha~% Nembga
gmzrsi~ ny~pmir~
abgegp p za cr
hriik zr`ynp~ ak`
~irsgni~+ Ba~i`
lk gp~ ivzirgikni
lc zrlsg`gkh kapyrae
ha~ nlkkinpglk~ pl
pfly~ak`~ lc elx-
gknlmi fly~ifle`~
gk Nlelmbga pfrlyhf
a `lxkzawmikp
~nfimi% Zrlmgha~
gkprl`yni` a kix
kakngkh zrl`ynp pl
lccir negikp~ nri`gp
clr maogkh flmi
gmzrlsimikp~% ~ynfa~ gknria~gkh ikirhw
icngiknw+ Zrlmgha~
fa~ anfgisi` kip
risikyi~ lc Y^$ >:
mgeeglk gk 2:1:% yz
crlm Y^$ 1+9 mgeeglk
gk 2::8 xfik pfi kix
kakngkh zrl`ynp xa~
~parpi`% ak` Iarkgkh~
biclri Gkpiri~p% Pavi~%
@izringapglk% ak`
Amlrpgtapglk &IBGP@A'
lc Y^$ 10 mgeeglk+17
g^plnozflpl
7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.
19/42
^INPlR4
@gsir~gi`Gk`y~prgae~
AKKYAE ^AEI^4
Y^$ 76 bgeeglk &2:11'
KYMBIR lC
IMZElwII^4
>3:%:::
HIlHRAZFGNAE ZRI^IKNI4
172 nlykprgi~
Na~i4 ^gimik~ AH%Hirmak lcc~fri Xgk`
Pfi Hriik Inkm ccir~ hrxpf zpikpgae ak` imzemikp zzrpykgpgi~
pfryhf pfi gknria~i` izemikp c kix neiak pinfkehgi~+
Zrdinp Ivamzei4 Mlri pfak faec lc pfi gk~paeei` nazangpw lc lcc~flri xgk` pyrbgki~
xlre`xg`i nlmi~ crlm ^gimik~ &2%:::MX'+ Pfg~ nazangpw ~asi~ ablyp 0 mgeeglk plkki~ lcNL2 akkyaeew% rieapgsi pl nlksikpglkae zlxir hikirapglk+ A rinikp zrldinp g~ Hykiip ak`~
gk pfi Ykgpi` Ogkh`lm+ Pfi plpae nazangpw lc 18> MX g~ iqygsaeikp pl pfap hikirapi` bw a
earhi nlksikpglkae zlxir zeakp ak` gp nak nlsir ~yzzew zlxir pl ablyp 12:%::: fly~ifle`~+
Nlmzari` pl cl~~ge cyie-`irgsi` zlxir% pfi xgk` zaro ~asi~ ablyp 0::%::: plkki~ lc NL2
isirw wiar+ Pfrlyhf pfi in-gkksapgk lc neiakir pinfkehgi~ ^gimik~ g~ ~inyrgkh
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:>:+
Cgkakngae Saeyi @rgsir~4 ^aei~ hrxpf ak` `yrapgk+ Pfi ivzak`gkh lcc~flri xgk`
gk`y~prw g~ ak ivamzei lc ak ivpik~gsi maroip lzzlrpykgpw% xgpf Hirmakw gkpik`gkh pl fasi
1:%::: HX nazangpw gk~paeei` bw 2:2: pfg~ g~ 2+9 pgmi~ pfi helbae amlykp pl`aw+ Pfi
akkyae hrxpf rapi lc gk~paeei` nazangpw lsir pfi za~p `ina`i fa~ biik 09 zir nikp+ Gk
2:11% gimik~ akklykni` gksi~pmikp~ lc 19: mgeeglk pl lcc~flri xgk` R#@ anpgsgpgi~ ak`
pfi ivzak~glk lc gp~ xgk` by~gki~~+
Nfaeeikhi~4 Gmzlrpakp ~piz~ ~pgee kii` pl bi paoik plxar`~ nl~p-icngikp gk~paeeapglk ak`
ak gk`y~prgaegtapglk lc aee zrlni~~i~ gk lr`ir pl rianf bikip~ lc ~naei+ Gk a``gpglk% pfi rghfp
zlegnw eak`~nazi% gkney`gkh zlegngi~ pfap nriapi prak~zariknw% elkhisgpw ak` nirpagkpw% kii`~
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
Rizrp k
Rikixabei
Ikirh+ Pfi nl~p
lc rikixabei ikirhw
g~ gknria~gkhew
nlmzipgpgsi xgpf pfap
`irgsi` crlm cl~~ge
cyie~+ Gmzrlsi` nl~p-
nlmzipgpgsiki~~ g~
`yi pl razg` R#@
zrlhri~~% inlklmgi~
lc ~naei% eiarkgkh
iccinp~ pfrlyhf
hriapir nymyeapgsi
`izelwmikp
ak` gknria~i`
nlmzipgpglk amlkh
~yzzegir~+21
^gimik~
7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.
20/42
Na~i4 ASGSA YO
Zrdinp Ivamzei4 ASGSA eayknfi` gp~ gk~yrakni zrl`ynp clr Elx-Narblk ak` Iksgrlkmikpae Hll`~ ak`
^irsgni~ &ENIH^' gk 2:11+ Pfi ENIH^ ~inplr g~ nlmzrg~i` lc nlmzakgi~ pfap zrlsg`i zrl`ynp~ lr ~irsgni~agmgkh pl nlmzew xgpf iksgrlkmikpae rihyeapglk~ ak` mgkgmgti kihapgsi iksgrlkmikpae gmzanp% ~ynf a~
rikixabei zlxir-hikirapglk pinfklelhgi~% iksgrlkmikpae akaew~g~ ak` nlk~yepaknw% xa~pi makahimikp lr
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
7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.
21/42
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
&2:1:'
KYMBIR lC
IMZElwII^4
1%693 &2:1:'Z
RlCGEI
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~+
7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.
22/42
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
7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.
23/42
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
Rizrp k
^y~pagkabei
Ahrgnyepyri4
^naegkh yz hriik
ahrgnyepyri fa~
pfi zlpikpgae pl bi
a kip nriaplr lc
dlb~ pfap zrlsg`i~
fghfir ripyrk lk
eablyr gkzyp~
pfak nlksikpglkae
ahrgnyepyri+ Pfg~
nak fazzik
pfrlyhf ivzak`gkh
~maeefle`ir
zrl`ynpglk pfrlyhf
hriik ahrgnyepyraezranpgni~% hriapir
nlmmirngaegtapglk%
ak` gkpihrapgkh
~maeefle`ir~ gkpl
~yzzew nfagk~
ak` nriapgkh mlri
rixar`gkh dlb~ gk
ryrae aria~+2>
g^plnozflpl
7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.
24/42
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
Ykgeisir~ zrl`ynp~ ak` ~lyrngkh 1:: zir nikp lc ahrgnyepyrae rax mapirgae~ ~y~pagkabew bw 2:2:+ Mia~yri~ gkney`i
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
lc ~yzzew-~g`i rg~o~ ak` icngikp y~i lc ri~lyrni~+ Ri`ynpglk~ fasi aeria`w biik ma`i pfrlyhf a rakhi lc
gkgpgapgsi~% gkney`gkh pfi gkprl`ynpglk% bipxiik 2::6 ak` 2:11% lc nlmbgki` fiap ak` zlxir &NFZ' ~w~pim~ gk
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
nlk~pragki` ri~lyrni~ fa~ prak~eapi` gkpl nlmmirngae hagk~+ Clr ivamzei% a cabrgn nlk`gpglkir xa~ `isielzi`clr fak`xa~fgkh eayk`rw% Lki Rgk~i% xfgnf ri`yni` pfi amlykp lc xapir riqygri` pl rgk~i `ipirhikp crlm
nelpfi~ bw pxl-pfgr`~+ Pfg~ ~asi~ ak asirahi lc >: egpri~ lc xapir zir xa~f+ Gk 2:11 pfiw eayknfi` ^yrc Lki
Rgk~i gk pfi Zfgegzzgki~ ak` ivzak`i` pfi Nlmclrp Lki Rgk~i rakhi gk Gk`lki~ga% Pfageak` ak` Sgipkam+
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`~
HIlHRAZFGNAE ZRI^IKNI4@g~prgbypglk lc zrl`ynp~ gk mlri pfak
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
7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.
25/42
Gmzrlsi`brak`
rizypapglk
Gknria~i`nlmzipgpgsia`sakpahi
Anni~~pl kix
maroip~
Gknria~i`marhgk~
lr maroip~fari `yi pl
~y~pagkabgegpwzl~gpglkgkh
Ri`yni`nl~p~ yipl ikirhwiccgngiknw
Bippirgkklsapglklc by~gki~~
ml`ie~
ak`zrlni~~i~
Bippirgkklsapglklc zrl`ynp,
~irsgni
lccirgkh~
Gmzrlsi`zirnizpglklc flx xieenlmzakw g~
makahi`
Ri`yni`nl~p~`yi pl
mapirgae~
lr xa~piiccgngikngi~
Gmzrlsi`rihyeaplrw
nlmzegakni
Gmzrlsi`abgegpw pl
appranp ak`ripagk plz
paeikp
Ikfakni`~paoifle ir,gksi~plrrieapglk~
Ri`yni`rg~o
Gknria~i`imzelwiizrl`ynpgsgpw
Pfiriari kl
bikicgp~
Cghyri 9+ ^y~pagkabgegpw bikip~ brak` rizypapgkap pfi plz gk a ~yrsiw+
Pfiri g~ isg`ikni lc a nlrrieapglk bipxiik a nlmzakw~ sg~gbei nlmmgpmikp pl iksgrlkmikpae ak` ~lngl-inlklmgn
nlmmgpmikp ak` zrgkngzei~% ak` pfi saeyi lc pfap nlmzakw~ nlrzlrapi ak` zrl`ynp brak`~+ 23 ^gkni brak` saeyi
g~ syekirabei pl rizypapglkae rg~o~% gkney`gkh% clr gk~pakni% fymak rghfp~% brgbirw ak` nlrryzpglk lr iksgrlkmikpae
gkng`ikp~% prak~gpglkgkh pl a ri~lyrni icngikp ak` Hriik Inlklmw g~ ivzinpi` pl fasi a zl~gpgsi gmzanp lk brak`
saeyi+
Pfi helbae `ghgpae risleypglk fa~ gmzrlsi` anni~~ pl gkclrmapglk rihar`gkh nlmzakgi~ ak` pfigr brak`~ ak` pfg~ fa~
pfi zlpikpgae pl maoi lr briao a nlmzakw~ rizypapglk+ Zllr rizypapglk~ paoi a elkh pgmi pl v ak` hll` rizypapglk~
ari ~prlkhew egkoi` pl ri~gegikni ak` ik`yrgkh lrhakgtapglkae ~ynni~~+ Cghyi 9 fghfeghfp~ flx brak` rizypapglk g~
lcpik ~iik a~ pfi ml~p gmzlrpakp ria~lk clr lrhakgtapglkae ri~zlk~i pl ~y~pagkabgegpw+
23 ^y~pagkAbgegpw ak` YKIZ &2::1'+ Bygi` Pia~yi4 Ynligh pfi By~gi~~ Na~i cl Nlzlapi y~pagabi @iilzmip+ Elk`lk4 ^y~pagkAbgegpw+
22
^LYrNI4 Makahimikp Risgix ak` Pfi Bl~plk Nlk~yepgkh Hrlyz &2:11'+ ^y~pagabggp4 Pfi Imbani~ igti A`apahi+ Bl~plk4 Ma~~anfy~ipp~Gk~pgpypi lc Pinfklelhw ak` BNH+
Ykgeisir
) ri~zlk`gkha~ plz pfriibikicp
3:)
0:)
2:)
:)
Blpf hrlyz~ ~iibrak` rizypapglka~ plz bikip Imbranir~ ~ii nlmzipgpgsi
a`sakpahi a~ mynf
mlri gmzlrpakp bikip lc~y~pagkabgegpw pfak naypgly~a`lzpir~
Naypgly~ a`lzpir~~ii bikip~ ml~pew
gk ri`yni` nl~p~`yi pl ikirhw ak`mapirgae icngiknw ak`gk rg~o mgpghapglk
Imbranir~
Naypgly~ A`lzpir~
Xfap ari pfi hriapi~p bikip~p yr rhakgtapgk gka``ri~~gkh ~y~pagkabgegp
7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.
26/42
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
7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.
27/42
Pfg~ na~i ~py`w lc pfi Gk`gak nlmzakw ^frii Niikp`imlk~prapi~ flx xa~pi fiap rinlsirw eia`~ pl nlk~g`irabei
narblk% ~yezfyr ak` zarpgnyeapi img~~glk~ ri`ynpglk~ xgpf a ripyrk lk gksi~pmikp lc ~isik pl ighfp wiar~+ Lzirapgkh gk
a nazgpae-gkpik~gsi gk`y~prw% pfg~ g~ ak annizpabei ripyrk clr pfi nlmzakw xgpf elkhir-pirm ~ynni~~ gk mgk`+CIm^A~
^marp ^plri ikirhw icngiknw mlkgplrgkh iqygzmikp% xfgnf gp rleei` lyp pl gp~ LVVL nlksikgikni ~plri~ anrl~~
Mivgnl ak` Nlelmbga% ri`yni` ikirhw y~i bw 10 zir nikp% `iegsirgkh a ripyrk lk gksi~pmikp lc 2+7 wiar~+ Pfi na~i
~py`w lc Hryzl Bgbl &~ii kivp zahi'% pfi Mivgnak Cll` zrl`ynp~ nlmzakw% ~flx~ flx gp fa~ `lki aee lc pfi~i
pfgkh~+ Gp gksi~pi` gk pfi earhi~p xgk` carm gk pfi cll` gk`y~prw xlre`xg`i pl nlsir pfi ieinprgngpw kii`~ lc ml~p lc gp~zrl`ynpglk% ri`yngkh cyie nlk~ymzpglk bw 89 zir nikp% maogkh ~asgkh~ lc aeml~p Y^$ 0 mgeeglk+ Gp~ xapir ri`ynpglk
zrlhrammi fa~ ~asi` azzrlvgmapiew Y^$ 8::%::: xgpf a ripyrk lk gksi~pmikp lc pfrii wiar~ ak` gp~ xa~pi ri`ynpglk
zrlhrammi fa~ ri`yni` gp~ NL2
img~~glk~ bw 1%>07 plkki~+
Na~i4 ^frii Nimikp% Gk`ga
Xgk-xgk zzrpykgpgi~ ivg~p gk ne~i`-nnei makycanpyrgkh
bw hikirapgkh icngikngi~ gk nl~p ak` ri~lyrni y~i+
Zrdinp Ivamzei4 ^frii Nimikp~ Xa~pi Fiap Rinlsirw &XFR' zrldinp maoi~ y~i lc pfi fghf amlykp lc pfirmae
ikirhw nlkpagki` gk pfi yi ha~i~ hikirapi` yrgkh pfi negkoirg~apglk zrlni~~ lc gp~ nimikp zeakp~+ Pfg~ nlksir~glk
lc xa~pi gkpl ikirhw g~ zarp lc a hriik zlxir zrldinp agmgkh pl ~asi xapir ak` hikirapi ieinprgngpw+ Ceyi ha~i~
hikirapi` `yrgkh pfi zrlni~~ nlkpagk a sirw fghf amlykp lc pfirmae ikirhw+ Pfg~ ikirhw fa~ pfi zlpikpgae pl biri-y~i`% nlk~irsgkh ae~l earhi amlykp~ lc xapir pfap xlye` lpfirxg~i bi riqygri` clr nllegkh zyrzl~i~+
Iksgrkmikpae,^ngae Saeyi4 ^frii Nimikp~ nel~i`-nwnei makycanpyrgkh mipfl` ~ghkgnakpew ri`yni~ pfi
kihapgsi gmzanp~ nimikp zrl`ynpglk fa~ lk pfi iksgrlkmikp ak` zybegn fiaepf+ Clr a 03 MX XFR ykgp% pfg~
gkney`i~ icngiknw gk pfi amlykp lc xapir y~i` pl nlle xa~pi ha~i~ &ri`ynpglk lc 1%29: oe,`aw'% a ri`ynpglk gk NL2
img~~glk~ bw ablyp 1%>12 plkki~,`aw% ri`ynpglk gk LV img~~glk~ bw >: plkki~,`aw ak` a ri`ynpglk gk zarpgnyeapi
mappir img~~glk~ bw :+92: plkki~,`aw+
Cgkakngae Saeyi @rgsir~4Ri`yni` Nazgpae Ivzik`gpyri # Gknria~i` Zrlp Marhgk+ Bw ~asgkh lk xapir ak`
ieinprgngpw nl~p~ ^frii Nimikp g~ klp lkew ri`yngkh nazgpae ivzik`gpyri% byp ae~l `inria~gkh gp~ `izik`iknw
lk kapyrae ri~lyrni~ lsir pfi elkh-pirm+ Pfi nazgpae nl~p lc ~ippgkh yz a XFR zeakp g~ Y^$ 1+6 mgeeglk,MX ak`
aepflyhf pfi ripyrk lk gksi~pmikp g~ acpir ~isik pl ighfp wiar~% ^frii Nimikp g~ ~ippgkh gp~iec yz clr elkh-pirm
bikip~ ~ghkgnakpew hriapir pfak pfi by~gki~~-a~-y~yae ~nikargl+ Gp g~ ae~l maogkh y~i lc lzzlrpykgpgi~ ~ynf
a~ pfi Neiak @isielzmikp Minfakg~m &N@M' bw rihg~pirgkh pfi zrldinp xgpf pfi Ykgpi` Kapglk~ Cramixlro
Nlksikpglk lk Negmapi Nfakhi &YKCNNN'+>: Pfi ivzinpi` N@M bikip~ xgee cyrpfir ~prikhpfik pfi by~gki~~
na~i+ Pl`aw ^frii Nimikp g~ pfi earhi~p hikiraplr lc zlxir y~gkh xa~pi fiap rinlsirw gk pfi helbae nimikp
gk`y~prw lyp~g`i lc Nfgka+
Nfaeeikhi~4 Pfi ~ghkgnakp nfaeeikhi gk ~ynni~~cye ivinypglk lc pfg~ zrldinp xa~ makahgkh pfi pgmi gp pllo pl
lzpgmgti pfi ngrnygp pl cyee zlpikpgae+ ^frii Nimikp ~ynnii`i` gk nlmzeipgkh pfi zrldinp gk 18 mlkpf~% ahagk~p ak
gk`y~prw ~pak`ar` lc 20 mlkpf~+
20
>: Ykgpi` Kapglk~ &2:11'+ Camixl Nlipgl l Ngmapi Nfahi+ @yrbak4 YKCNNN+
Ivamzei lc4 Inl-Gkklsapglk% Ri~lyrni Icngiknw% Neiak Pinfklelhw+
^frii Nimikp
7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.
28/42
Na~i4 Hryz Bgmb% Mivgn
Gksi~pmikp gk ri`yngkh pfi iksgrkmikpae cpzrgkp c a nmzak zrsg`i~
gknria~i` zirapgkh marhgk a~ xiee a~ gmzrsi` rizypapgk ak` brak`gkh+
Zrdinp Ivamzei4 Hryzl Bgmbl g~ agmgkh pl ri`yni gp~ narblk% xapir ak` xa~pi cllpzrgkp~+ Gp g~ nlk~prynpgkh
Zgi`ra Earha% pfi earhi~p xgk` carm gk pfi cll` gk`y~prw xlre`xg`i+ Pfi carm g~ `yi pl hikirapi aeml~p aee lcpfi ieinprgngpw nlk~ymi` bw Hryzl Bgmbl gk Mivgnl+ Pfi nlmzakw fa~ ae~l gksi~pi` gk xapir ~asgkh iqygzmikp
xgpf pfi gmzeimikpapglk lc rw ak` ~img rw neiakgkh gk zrl`ynpglk egki~ ak` 8: zir nikp riy~i lc priapi` xapir
clr grrghapglk ak` sifgnei xa~fgkh+ Hryzl Bgmbl rizlrp~ gp~ ~y~pagkabgegpw zrlhri~~ y~gkh pfi HRG Hyg`iegki~+
Iksgrkmikpae,^ngae Saeyi4 Pfi Zgi`ra Earha xgk` carm~ gk~paeei` nazangpw lc 7: Mihaxapp~ g~ ivzinpi`
pl hikirapi >>> HXf% eia`gkh pl pfi ri`ynpglk lc 16:%::: plkki~ lc NL2 zir wiar rizri~ikpgkh mlri pfak 0:
zir nikp lc img~~glk~ crlm aee cangegpgi~ gk Mivgnl+ Anpgkh lk gp~ xapir cllpzrgkp% Hryzl Bgmbl fa~ anfgisi`
a ri`ynpglk lc >>6%0:: m> lc xapir nlk~ymzpglk gk pfrii wiar~+ Hryzl Bgmbl fa~ ae~l ri`yni` gp~ cyie
nlk~ymzpglk bw 89 zir nikp gk pfrii wiar~+ Gk ~leg` xa~pi makahimikp% Hryzl Bgmbl fa~ biik `isielzgkh
`gccirikp zrldinp~ pl ri`yni zanoahgkh mapirgae~+ ^gkni 2::7 pfi Hrlyz rianfi` a helbae ri`ynpglk lc 63:+6
plkki~ lc zea~pgn mapirgae ak` a rieapi` ri`ynpglk lc 1%>07 plkki~ lc NL2 img~~glk~+
Cgkakngae Saeyi @rgsir~4Ri`yni` Lzirapgkh Ivzik`gpyri # Gknria~i` Zrlp Marhgk+ Hryzl Bgmbl fa~
ri`yni` gp~ lzirapglkae nl~p~ pfrlyhf ri~lyrni icngiknwxfgnf eia`~ pl ak gknria~i` zrlp marhgk+ Pfiw ari
ae~l zl~gpglkgkh pfigr by~gki~~ pl bi ei~~ `izik`ikp lk kapyrae ri~lyrni~ clr zrl`ynpglk xfgnf gmzrlsi~ pfi
rg~o zrlei ak` ik~yri~ pfi kakngae ~y~pagkabgegpw lc pfi nlmzakw ahagk~p pfi by~gki~~-a~-y~yae ~nikargl+
^l car% pfi ri`ynpglk gk cyie nlk~ymzpglk bw 89 zir nikp riazi` ~asgkh~ lc Y^$ >%73:%813+ Clr pfi ri`ynpglk
lc gp~ xapir cllpzrgkp Hryzl Bgmbl riazi` ~asgkh~ lc Y^$ 812%::: xgpf a zl~gpgsi ripyrk lk gksi~pmikp acpir
pfrii wiar~+
^INPlR4
Cll`
Zrl`ynp~
FIA@qYARPIR^4
Mivgnl
AKKYAE ^AEI^4
Y^$ 11 bgeeglk
&2:11'
KYMBIR lC
A^^lNGAPI^4
123%:::
HIlHRAZFGNAE ZRI^IKNI4
17 nlykprgi~ gkney`gkh Y^A% Mivgnl%Bratge% Nfgei% Nlelmbga% Ziry%Zarahyaw% Sikityiea% Yryhyaw%Arhikpgka% Nfgka% ^zagk ak` ZlrpyhaeZ
RlCGEI
29
Ivamzei lc4 @i~ghk clr ^y~pagkabgegpw% Ri~lyrni Icngiknw% Neiak Pinfklelhgi~% Ikhahimikp ak` Rizlrpgkh+
Pfi lzzlrpykgpgi~ clr aee ~naei~ lc ikpirzrg~i ari iklrmly~+ Clr ivamzei% Cghyi 3 fghfeghfp~ pfi rakhi lc
zr`ynpgsgplzzlrpykgpgi~ pfrlyhf ikirhw icngiknw clr ^MI~ gk Nfgka+
Hryzl Bgmbl
7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.
29/42
Cghyri 3+ Ikirhw icngiknw lzzlrpykgpgi~ clr MI~ gk Nfgka &B^R 2:1:'
Pfi ivzak~glk gk ~nlzi lc pfi Hriikfly~i Ha~ &HFH' Zrlplnle pl zrl`ynp~ ak` gk`grinp ^nlzi > img~~glk~
geey~prapi~ flx nleeablrapgsi plle~ ari ikabegkh ~yzzew ak` saeyi nfagk gmzanp~ pl bi yk`ir~pll` ak` makahi`+
Pfi~i plle~ paoi a egci-nwnei azzrlanf pl hriikfly~i ha~ annlykpgkh% xfgnf nak `rax appikpglk pl yz~priam lr
`lxk~priam lzzlrpykgpgi~+ Clr gk~pakni% Ziz~gNl `g~nlsiri` ivpik~gsi hriikfly~i ha~ img~~glk~ a~~lngapi`xgpf pfi cirpgegtir azzegi` pl pfi lrakhi~ hrlxk clr gp~ Prlzgnaka dygni+ A~ a ri~yep% gp xlroi` xgpf gp~ lrakhi hrlxir~
pl a`azp pfi cirpgegtir~ y~i` pfiribw ri`yngkh img~~glk~+
Gkklsapgsi annlykpgkh zranpgni~ nak fiez g`ikpgcw ak` clny~ zr`ynpgsgplzzlrpykgpgi~+ Pfi na~i ~py`w ivzak`~ lk
pfi ivamzei crlmZYmA &~ii kivp zahi'% pfi Hirmak ~zlrp~ azzarie ak` cllpxiar nlmzakw% xfgnf fa~ isielzi`
ak iksgrlkmikpae zrlp ak` el~~ annlykp &IZ#E' pl qyakpgcw pfi saeyi lc inl~w~pim ~irsgni~ ak` gmzanp~+ Pfi
IZ#E zrlsg`i~ gk~ghfp gkpl ~prapihgn iksgrlkmikpae rg~o~ anrl~~ gp~ lzirapglk~ ak` ~yzzew nfagk% fiezgkh pl clny~
zr`ynpgsgpicclrp~ xfiri pfiw nak bi ml~p iccinpgsi+
23
^LYrNI4 By~gki~~ clr lngae Ri~zlk~gbgegpw &2:1:'+ Ykelnogkh Ikirhw Icngiknw gk Nfgka4 A Hyg`i pl Zarpkirgkh xgpf yzzegir~+
g^plnozflpl
Pz 1: Rieapgsi lzzrpykgpgi~
KipZri~ik
pSaeyi
PwzgnaeRieapgsiRako
Zabano
Pwzgnae Rieapgsi Rako
Bybbei~ rizri~ikp rieapgsi criqyiknw lclnnyrrakni~ xfiri pfi earhi~p bybbeig~ pfi ml~p criqyikp rieapgsi lzzlrpykgpwlnnyrrikni% ak` pfi ~maeei~p g~ pfi eia~p+
Lb~irsapglk ablyp pwzgnae lzzlrpykgpgi~ bwneiak zrl`ynpglk nlk~yepakp xgpf ivzirgikni`gahkl~gkh ikirhw makahimikp lzzlrpykgpgi~gk lsir 2:: ^MI canplrgi~ gk Nfgka+
Zrl`ynpglk zrlni~~ ~w~pim mlplr~
Sikpgeapglk
^lear pfirmae
Fw`rayegn~
Wgie` gmzrlsimikp sga bippir `apanleeinpglk ak` akaew~g~
Zymz ~w~pim~
Fiapgkh% nllegkh ak` nfgeegkh
Gmzrlsi` zrlni~~ nlkprle sga bippir mlkgplrgkh
1:
7
6
8
3
90
>
2
1
:
: 1:768390>21
Eghfpgkh
Nlmzri~~i` agr
7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.
30/42
eia`gh by~gi~~i~
ai ~papgh pl ipfg
pfig by~gi~~ a`
izlpgh ml`i~+
Pfi ai a~gh
flx pfi `gi
~y~pagkabei% zrlpabei
hlxpf% a` flx
pfi mia~yi lpfi
ngpgna gclmapgl
ii`i` pl maahi
g~ a` lzzlpygp%
gi pfi IZ#e+ Pfg~
a``gpgla gclmapgl
g~ ii`i` pl y`izg
flx ayi g~ a` xg
bi niapi`% hggh a
bla`i zi~zinpgi
lc a nlmza~~papih% flx gp byg`~
nlmzipgpgi a`apahi
ifangh ba`%
~yzzlpgh ix
zl`ynp `iilzmip
a` ypgmapi pfi
abggp lc a nlmza
pl ipag gp~ lh-pim
gni~i pl lziapi+
Na~i4 ZYMA IksgrkmikpaeZrlp ak` El~~ Annlykp
Zrdinp Ivamzei4 ZYMA nleeablrapi` xgpf Zrgnixapirfly~iNllzir~ ak` Prynl~p pl
nlk`ynp pfi r~p Iksgrlkmikpae Zrlp ak` El~~ Annlykp &IZ#E' clr 2:1:% zybeg~fi` gk 2:11+
Pfi IZ#E ~irsi~ a~ a ~prapihgn% rg~o makahimikp ak` prak~zariknw plle+ Pfi annlykp
qyakpgi~ pfi saeyi lc inl~w~pim ~irsgni~ ak` pfi kihapgsi gmzanp~% clny~gkh lk HFH
img~~glk~% xapir y~i% eak` nlksir~glk% lpfir agr zleeypglk ak` xa~pi ri~yepgkh crlm nlri
lzirapglk~ ak` aelkh gp~ ikpgri ~yzzew nfagk+ Iksgrlkmikpae gmzanp~ xiri saeyi` ap 109
mgeeglk clr 2:1:+ Lkew 6 mgeeglk lc pfg~ plpae `irgsi` crlm ZYMA~ nlri lzirapglk~% ak` pfi
rimagkgkh 1>8 mgeeglk crlm ZYMA~ ivpirkae ~yzzegir~+ ZYMA azzarie g~ fiasgew riegakp
lk pfi y~i lc xapir clr pfi zrl`ynpglk lc rax mapirgae~ ak` pfigr zrlni~~gkh+ ^y~pagkabei
~lyrngkh lc rax mapirgae~ ak` ri~lyrni icngiknwanrl~~ pfi pgir~ xgee byge` a mlri ri~gegikp
~yzzew nfagk ak` prak~eapi gkpl a ~prlkhir by~gki~~ ml`ie pl ~ynnii` lsir pgmi+ Pfg~
~ghkgnakpew gmzrlsi~ pfi nlmzakw~ rg~o zrlei+
Iksgrkmikpae,^ngae Saeyi4 Bw rinlhkgtgkh pfi ivpikp lc inlklmgn rg~o `irgsi` crlm
kihapgsi iksgrlkmikpae gmzanp ZYMA g~ abei pl qyakpgcw pfi bikip~ lc gkpihrapgkh
~y~pagkabgegpw gkpl gp~ helbae ~yzzew nfagk+ Xgpf ri~lyrni egmgpapglk~ neiarew gk gp~ ~ghfp~%
ZYMA g~ ~lyrngkh mlri ~y~pagkabei mapirgae~ gk lr`ir pl mgpghapi ak` makahi pfg~ rg~o+
Cgkakngae Saeyi @rgsir~4 Ri`yni` Nazgpae Ivzik`gpyri # Gknria~i` Zrlp Marhgk+ Pfi
magk lypzyp crlm pfi IZ#E g~ pfi qyakpgnapglk lc pfi saeyi lc pfi iksgrlkmikpae gmzanp~
& 109 mgeeglk clr 2:1:'% xfgnf zri~ikp ak inlklmgn rg~o crlm iksgrlkmikpae canplr~ ~ynf
a~ xapir asageabgegpw% rg~gkh rax mapirgae nl~p~ ak` cyrpfir nlk~pragkp~ gk zrl`ynpglk narrwgkh
~ghkgnakp ~prapihgn gmzegnapglk~+ Gk zranpgnae pirm~ pfg~ amlykp xlye` prak~eapi a~ a kihapgsi
kakngae gmzanp lk by~gki~~+ Y~gkh pfi plle aeelx~ ZYMA pl ri`yni pfg~ kakngae el~~ pfy~
~prikhpfikgkh gp~ zirapgkh marhgk pfrlyhf ak iarew sgix lc imirhgkh rg~o~% ikabegkh pfi
nlmzakw pl ri~zlk` ~prapihgnaeew pl zrlpinp ekh-pirm ~farife`ir saeyi+ ZYMA fa~
zybegnew nlmmgppi` gp~iec pl fasgkh 9: zir nikp lc pfi gkpirkapglkae nleeinpglk~ >1 ma`i lc
mlri ~y~pagkabei mapirgae~ bw 2:19 ak` g~ nyrrikpew xiee zl~gpglki` pl `l ~l+
>1 Nleeinpglk~ ricir~ pl Cllpxiar% Azzarie ak` Anni~~lrgi~+
Rinlhkgtgkh pfi saeyi lc inl~w~pim~ aeelx~ qyakpgnapglk
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
7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.
31/42
>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
7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.
32/42
>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~+
7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.
33/42
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
7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.
34/42
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
7/31/2019 El caso de los negocios para la economa verde: rendimiento sostenible de la inversin.
35/42
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