ESTUDIO DE ECONOMÍA VERDE URUGUAY DIAGRAMAS DE
Transcription
ESTUDIO DE ECONOMÍA VERDE URUGUAY DIAGRAMAS DE
ESTUDIO DE ECONOMÍA VERDE URUGUAY DIAGRAMAS DE FLUJOS Y NIVELES DE LOS SECTORES DEL MODELO T21 DE URUGUAY Sociedad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conomía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edio Ambiente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ectores a “enverdecer” )UHLJKW7UDQVSRUW )UHLJKW 7UDQVSRUW UDLOLQIUDVWUXFWXUH H[SHQGLWXUH 32/,&<JRYHUQPHQW ,PSOHPHQW*( SROLF\ H[SHQGLWXUHLQUDLO LQIUDVWUXFWXUH UHDOUDLOLQIUDVWUXFWXUH H[SHQGLWXUH LQLWLDOWRWDOYROXPH WUDQVSRUWHGIUHLJKW HODVWLFLW\RIDJULFXOWXUH SURGXFWLRQRQWUDQVSRUWHG IUHLJKW DYHUDJHOLIHWLPHUDLO LQIUDVWUXFWXUH JGSGHIODWRU! UDLOLQIUDVWUXFWXUH FDSLWDO ,QLWLDOUDLO LQIUDVWUXFWXUHFDSLWDO ,QLWLDODJULFXOWXUH SURGXFWLRQ DJULFXOWXUH SURGXFWLRQ! LQLWLDOOLYHVWRFN SURGXFWLRQ UHDOUDLOLQIUDVWUXFWXUH GHSUHFLDWLRQ RWKHUUDLO LQIUDVWUXFWXUHFDSLWDO UHODWLYHFDSLWDOUDLO LQIUDVWUXFWXUH UHODWLYHDJULFXOWXUH SURGXFWLRQ HIIHFWRIDJULFXOWXUH SURGXFWLRQRQWUDQVSRUWHG IUHLJKW HODVWLFLW\RIOLYHVWRFN SURGXFWLRQRQ WUDQVSRUWHGIUHLJKW UHODWLYHOLYHVWRFN SURGXFWLRQ HIIHFWRIOLYHVWRFNSURGXFW LRQRQWUDQVSRUWHGIUHLJKW OLYHVWRFN SURGXFWLRQ! )XHOFRQVXPSWLRQRI WUDQVSRUWHGIUHLJKWRQURDG SHUWRQ WRWDOYROXPH WUDQVSRUWHGIUHLJKW 6KDUHRIWUDQVSRUWHG IUHLJKWRQUDLO 7UDQVSRUWHG IUHLJKWRQUDLO WUDQVSRUWHGIUHLJKW RQURDG HODVWLFLW\RIFDSLWDOUDLO LQIUDVWUXFWXUHRYHUVKDUHRI WUDQVSRUWHGIUHLJKWRQUDLO ,1,7,$/VKDUHRI WUDQVSRUWHGIUHLJKWRQUDLO )XHOFRQVXPSWLRQRI WUDQVSRUWHIUHLJKWRQUDLO SHUWRQ 7RWDOIXHOFRQVXPSWLRQRI WUDQVSRUWHGIUHLJWKRQUDLO SHU\HDU 7RWDOIXHOFRQVXPSWLRQRI WUDQVSRUWHGIUHLJKWRQURDG SHU\HDU 3DVVHQJHU7UDQVSRUW ,QLWLDODGXOW SRSXODWLRQ WRWDODGXOW SRSXODWLRQ! UHODWLYHDGXOW SRSXODWLRQ HIIHFWRISRSXODWLRQRQ SULYDWHYHKLFOHVSXUFKDVH (ODVWLFLW\WR GLVSRVDEOHLQFRPHSF UHODWLYHSFUHDO GLVSRVDEOHLQFRPH! 3DVVHQJHU 7UDQVSRUW HODVWLFLW\WR SRSXODWLRQ 7RWDO3ULYDW ,QLWLDOSULYDW H9HKLFOHV FDUSDUN 32/,&<(IIHFWLYHQHV VRISXEOLFWUDQVSRUW SULYDWHYHKLFOH OLIHWLPH 3ULYDWHYHKLFOHV SXUFKDVH 7LPH! 3ULYDWHYHKLFOHV 3ULYDWHYHKLFOHV GHSUHFLDWLRQ /2:()),&,(17 DYHUDJHJKJ HPLVVLRQVSHUNP +,*+()),&,(17 DYHUDJHJKJ HPLVVLRQVSHUNP 7LPHWRFRPPXWH LQSXEOLFWUDQVSRUW 6KDUHRISULYDWH YHKLFOHLQFLW\ JKJHPLVVLRQIURP SULYDWHWUDQVSRUWLQ *+*HPLVVLRQVGLIIHUHQFH IURPSULYDWHWUDQVSRUW EHWZHHQDQG JKJHPLVVLRQVIURP SULYDWHWUDQVSRUW 3ULYDWHYHKLFOH GHQVLW\ &LW\DUHD ,QLWLDOSULYDWH YHKLFOHGHQVLW\ LQLWLDOUDWLRRIWLPHEHWZHHQ FRPPXWHLQSULYDWHYVSXEOLF WUDQVSRUW 5DWLRRIWLPHEHWZHHQ FRPPXWHLQSULYDWHYVSXEOLF WUDQVSRUW 7LPH! 7LPH! LQLWLDODWWUDFWLYHQHVV RISXEOLFWUDQVSRUW ,QLWLDOWLPHWRFRPPXWH LQSXEOLFWUDQVSRUW ,QLWLDOFDU SXUFKDVH HIIHFWRIGLVSRVDEOHLQFRPHSF RQSULYDWHYHKLFOHVSXUFKDVH 32/,&<6+$5(2)727$/ 35,9$7(9(+,&/(6:,7+ /2:(5$9(5$*((0,66,216 3(5.0 VKDUHRIKLJKHIILFLHQF\ SULYDWHYHKLFOHV 5HODWLYH SULYDWHYHKLFOH GHQVLW\ 7LPHWRFRPPXWH LQSULYDWHWUDQVSRUW UHODWLYHSXEOLF WUDQVSRUWDWLRQQHWZRUN ([WHQVLRQRISXEOLF WUDQVSRUWDWLRQQHWZRUN LQLWLDOSXEOLF WUDQVSRUWDWLRQ QHWZRUN (IIHFWRIUHGXFHYHKLFXODUWUDIILF FRQJHVWLRQRQIXHOFRQVXPSWLRQ (ODVWLFLW\RIUHGXFHYHKLFXODU SHUYHKLFOHSHU\HDU WUDIILFFRQJHVWLRQRQIXHO FRQVXPSWLRQ ,QLWLDONPGULYHSHU YHKLFOHSHU\HDU DYHUDJHIXHOFRQVXPSWLRQ SHUYHKLFOHSHU\HDU (ODVWLFLW\RIWULSVLQSXEOLF WUDQVSRUWRYHUNPGULYHSHU YHKLFOH SULYDWHIXHOFRQVXPSWLRQSHU NP/RZHIILFLHQWYHKLFOHV UHODWLYHWULSVLQ SXEOLFWUDQVSRUW UHODWLYHDYHUDJHIXHO FRQVXPSWLRQSHU YHKLFOHVSHU\HDU LQLWLDOIXHO FRQVXPSWLRQ SULYDWHIXHOFRQVXPSWLRQSHU NP+LJKHIILFLHQWYHKLFOHV WRWDOSULYDWHYHKLFOHVIXHO FRQVXPSWLRQLQXUEDQDUHDV 7,0(723(5&(,9( $775$&7,9(1(662) 38%/,&29(535,9$7( 75$163257 FKDQJHLQ SHUFHSWLRQ 3HUFHLYHGDWWUDFWLYHQHVV RISXEOLFRYHUSULYDWH WUDQVSRUW (IIHFWRISXEOLF WUDQVSRUWDWLRQQHWZRUN 5HODWLYHUDWLRQRIWLPH EHWZHHQSULYDWHDQGSXEOLF WUDQVSRUW (ODVWLFLW\RISULYDWHYHKLFOH GHQVLW\RYHUWLPHWR FRPPXWH (ODVWLFLW\RINPGULYHSHU YHKLFOHRYHUWLPHWRFRPPXWH $WWUDFWLYHQHVVRISXEOLF RYHUSULYDWHWUDQVSRUW (IIHFWRIFRPPXWLQJWLPHRI SULYDWHYVSXEOLFWUDQVSRUW ,QLWLDOWLPHWRFRPPXWH LQSULYDWHWUDQVSRUW UHODWLYHNPGULYH SHUYHKLFOHSHU\HDU .PGULYHSHU YHKLFOHSHU\HDU (ODVWLFLW\RIWLPHWR FRPPXWHRQ DWWUDFWLYHQHVV LQLWLDOSHUFHLYHG DWWUDFWLYHQHVV 5HODWLYHSHUFHLYHG DWWUDFWLYHQHVV (ODVWLFLW\RISXEOLF WUDQVSRUWDWLRQQHWZRUNRQ DWWUDFWLYHQHVV ,QLWLDOVKDUHRIWULSVLQ SXEOLFWUDQVSRUW (IIHFWRISULYDW( IXHOFRQVXPSWLRQ (ODVWLFLW\RISULYDWHIXHO FRQVXPSWLRQRYHU DWWUDFWLYHQHVV 6KDUHRIWULSVLQ SXEOLFWUDQVSRUW SRSXODWLRQFRPPXWLQJ LQFLW\DUHD WRWDOWULSVSULYDWHDQG SXEOLFWUDQVSRUWSHU\HDU WULSVLQSXEOLF WUDQVSRUWSHU\HDU ,1,7,$/WULSVLQSXEOLF WUDQVSRUWSHU\HDU (ODVWLFLW\RISHUFHLYHG DWWUDFWLYHQHVVWRVKDUHRI WULSVLQSXEOLFWUDQVSRUW 727$/ SRSXODWLRQ! 6KDUHRISHRSOHOLYLQJLQ FLW\DUHDIURPWRWDO SRSXODWLRQ $9(5$*(WULSVSHU SHUVRQSHU\HDU 7RXULVP WRXULVPRXWSXWSHUODERURYHU DYHUDJHJHQHULFVHUYLFHV JHQHULFVHUYLFHV SURGXFWLRQ! 7RXULVP JHQHULF6HUYLFHV (PSOR\PHQW! JHQHULFVHUYLFHV RXWSXWSHUODERU ,1,7,$/52: 7285,60'(0$1' WRXULVPRXWSXW SHUODERU 7RWDO\HDUO\QXPEHURI LQFRPLQJWRXULVW URZUHDOJGS JURZWKUDWH (/$67,&,7<2) 180%(52)7285,676 7252:*'3 7,0(723(5&(,9( &+$1*(6LQ DWWUDFWLYHQHVV $'9(57,6,1* ())(&7WLPHVHULHV 7LPH! DGYHUWLVLQJHIIHFWRQ DWWUDFWLYHQHVV UHODWLYHWRWDODYHUDJH \HDUVRIVFKRROLQJ! LQGLFDWHG DWWUDFWLYHQHVV EHDFKDYDLODELOLW\ HIIHFW PD[LPXP DWWUDFWLYHQHVV ,1)5$6758&785( ())(&7WDEOH 727$/ SRSXODWLRQ! VROLGZDVWHSHU SHUVRQ VROLGZDVWH JHQHUDWLRQ 7RWDOH[WHQWLRQRI EHDFKHVGHGLFDWHGWR WRXULVP VKDUHRISHRSOHOLYLQJ XQGHUODQGXVH PDQDJHPHQW VROLGZDVWHDYHUDJH GHFRPSRVLWLRQWLPH XQFROOHFWHGVROLGZDVWH VROLGZDVWHQDWXUDO GHFRPSRVLWLRQ VROLGZDVWHORVVLQWKH HQYLURQPHQW VROLGZDVWHORVVLQWKH HQYLURQPHQWSHUXQLW SURGXFHGLQWRXULVP SURSRUWLRQRIVROLGZDVWH FRUUHFWO\PDQDJHG 7LPH! WRXULVP SURGXFWLRQ! $YHUDJHOLIHWLPHFDSLWDO KRWHODQGUHVWDXUDQWV UHODWLYHQXPEHURI LQFRPLQJWRXULVW LQYHVWPHQWLQKRWHOV DQGUHVWDXUDQWV 7LPHWRLPSOHPHQWGHVLU HGFDSLWDOLQYHVWPHQWV $YDLODEOHH[WHQWLRQRI EHDFKSHUXQLWRIFDSLWDO &RHTXL DEDWHPHQWFRVW ,QLWLDODYDLODEOHH[WHQWLRQ RIEHDFKSHUXQLWRIFDSLWDO LQLWLDOXQFROOHFWHG VROLGZDVWH LQLWLDOFDSLWDOKRWHOVDQG UHVWDXUDQWV 7LPH! (ODVWLFLW\RIDWWUDFWLYHQH VVWREHDFKDYDLODELOLW\ UHODWLYHXQFROOHFWHG VROLGZDVWH GHVLUHGFDSLWDOLQYHVWPHQW LQKRWHOVDQGUHVWDXUDQWV ODERUIRUFH DYDLODELOLW\! EHDFKWKDWLVHQHUJ\HIILFLHQW 3ROLF\6KDUHRIODQGXVH PDQDJHPHQWGHGLFDWHGWR LQYHVWLQJLQKRWHODQG UHVWDXUDQWVRYHUWKHEHDFK 7LPH! (ODVWLFLW\RIGHVLUHGFDSLWDOLQ YHVWPHQWWRDUHDDYDLODELOLW\ LQLWLDOQXPEHURI LQFRPLQJWRXULVW XQFROOHFWHGZDVWHHIIHFW 5HODWLYHEHDFKH[WHQWLR RQDWWUDFWLYHQHVV QSHUXQLWRIFDSLWDO HODVWLFLW\RIDWWUDFWLYHQHVVWR XQFROOHFWHGZDVWH WDUJHWWRXULVP HPSOR\PHQW LQLWLDODYDLODEOHDUHDIRU LQYHVWLQJLQKRWHODQG UHVWDXUDQWV UHODWLYHDYDLODEOHDUHDIRU LQYHVWLQJLQKRWHODQG UHVWDXUDQWVRYHUWKHEHDFK DYDLODEOHDUHDIRULQYHVWLQJLQ KRWHODQGUHVWDXUDQWVRYHUWKH 3ROLF\6KDUHRILQYHVWPHQWVFDSLWDO EHDFK LQKRWHODQGUHVWDXUDQWVRYHUWKH 7RWDO\HDUO\QXPEHURI 3HUFHLYHG SHUFHLYHGDWWUDFWLYHQHVV $WWUDFWLYHQHVV LQFRPLQJWRXULVWORZYDOXH DGMXVWPHQW ,1,7,$/GHVLUHGFDSLWDO LQYHVWPHQWLQKRWHOVDQG UHVWDXUDQWV WRXULVP WRXULVPQHWKLULQJ HPSOR\PHQW WRXULVPSURGXFWLRQ 7RWDO\HDUO\QXPEHURI LQFRPLQJWRXULVWKLJKYDOXH LQIUDVWUXFWXUHHIIHFWRQ DWWUDFWLYHQHVV UHODWLYHLQIUDVWUXFWXUH GHQVLW\! <($5/<180%(52) ,1&20,1*7285,676 ,1,7,$/ $775$&7,9(1(66 ODERUTXDOLW\HIIHFW (ODVWLFLW\RILQGLFDWHGDWWUDFWLY HQHVVWR\HDUVRIVFKRROLQJ WRWDOSRWHQWLDO GHPDQG JURZWKLQSRWHQWLDO GHPDQG YDOXHDGGHG SHUWRXULVW (ODVWLFLW\RIGHVLUHGFDSLWDO LQYHVWPHQWWRQXPEHURI LQFRPLQJWRXULVWV WLPHWRDGMXVW WRXULVPHPSOR\PHQW 7RWDO DEDWHPHQWFRVW &2 HTXL DEDWHPHQW &DSLWDO+RWHOV DQG5HVWDXUDQWV 7RWDOHQHUJ\FRQVXPSWLRQ SHU\HDULQKRWHOVDQG UHVWDXUDQWV &2HTXLHPPLWHG E\HQHUJ\ FRQVXPSWLRQ*( &2HTXLYHPLVVLRQ IDFWRUSHU.:K FDSLWDO GHSUHFLDWLRQ (QHUJ\FRQVXPSWLRQSHUXQLW RIFDSLWDOZLWKORZHQHUJ\ HIILFLHQF\ (QHUJ\FRQVXPSWLRQSHUXQLW RIFDSLWDOZLWKKLJKHQHUJ\ HIILFLHQF\ &2HTXLHPPLWHGE\ HQHUJ\FRQVXPSWLRQ %$8 $JULFXOWXUH $JULFXOWXUH ),6+(5< SURGXFWLRQ ,1,7,$/&$3,7$/ $*5,&8/785( JGSGHIODWRU! QRPLQDO LQYHVWPHQW DJULFXOWXUH! LQYHVWPHQW DJULFXOWXUH $9(5$*(/,)(RI DJULFXOWXUH&$3,7$/ &DSLWDO $JULFXOWXUH DJULFXOWXUH ODQG! HODVWLFLW\RISURGXFWLYLW\WR JRYHUQDQFHDJULFXOWXUH LQLWLDOFDSLWDOSHU KHFWDUH UHODWLYH JRYHUQDQFHLQGH[! HIIHFWRIJRYHUQDQFHRQ SURGXFWLYLW\DJULFXOWXUH $*5,&8/785(&$3 ,7$/(/$67,&,7< ,1,7,$/ <,(/' DYHUDJH SUHFLSLWDWLRQSHUKD! HIIHFWRIKHDOWKRQ SURGXFWLYLW\DJULFXOWXUH HODVWLFLW\RISURGXFWLYLW\WROLIH H[SHFWDQF\DJULFXOWXUH UHODWLYHDYHUDJHOLIH H[SHFWDQF\! LQLWLDOSURSRUWLRQRIKDUYHVWHGDUHD LUULJDWHG HODVWLFLW\RI\LHOGWR LUULJDWLRQ OLYHVWRFN SURGXFWLRQE\ SURGXFW SHUFDSLWDFHUHDO SURGXFWLRQ HIIHFWRILQIUDVWUXFWXUH GHQVLW\RQSURGXFWLYLW\ DJULFXOWXUH HIIHFWRIHGXFDWLRQRQ SURGXFWLYLW\DJULFXOWXUH UHODWLYHDJULFXOWXUH HPSOR\PHQWSHUKHFWDUH ,QFUHDVHLQ\LHOGIURP ORZHUHURVLRQ UHODWLYHWRWDODYHUDJH HODVWLFLW\RISURGXFWLYLW\WRHGXFDWLRQ \HDUVRIVFKRROLQJ! DJULFXOWXUH 3ROLF\6KDUHRIKDUYHVWHG DUHDZLWKORZHUHURVLRQ 7LPH! DJULFXOWXUH HPSOR\PHQWSHU KHFWDUH! UHODWLYHLPSOHPHQWHG SXEOLFDJULFXOWXUHH[S UHODWLYHLQIUDVWUXFWXUH HQGLWXUHIRUFURSV! GHQVLW\! (/$67,&,7<2)352'8&7,9,7<72 ,1)5$6758&785('(16,7< $*5,&8/785( 727$/ SRSXODWLRQ! KDUYHVWHGDUHD HIIHFWRIVRLO HURVLRQRQ\LHOG /$%25(/$67,&,7< 21<,(/' H[WHQVLRQHIIHFWRISXEOLF DJULFXOWXUHH[SHQGLWXUHRQ\LHOG 5HODWLYHSURSRUWLRQRI KDUYHVWHGDUHDLUULJDWHG OLYHVWRFNYDOXH DGGHGSHUWRQ FURSV SURGXFWLRQ LQWRQV \LHOG UHODWLYHDYHUDJH SUHFLSLWDWLRQSHUKD HIIHFWRI LUULJDWLRQRQ \LHOG OLYHVWRFN SURGXFWLRQ OLYHVWRFN SURGXFWLRQLQWRQV! 7LPH! UHODWLYHFDSLWDO SHUKHFWDUH HIIHFWRIZDWHUDYDLODELOLW\ RQSURGXFWLYLW\DJULFXOWXUH LQLWLDODYHUDJH SUHFLSLWDWLRQSHUKD SURSRUWLRQRI KDUYHVWHGDUHD LUULJDWHG! FURSVSURGXFWLRQ E\FURS WRWDOIDFWRU SURGXFWLYLW\ DJULFXOWXUH HODVWLFLW\RI\LHOGWRZDWHU DYDLODELOLW\ DJULFXOWXUH SURGXFWLRQ FURSVSURGXFWLRQ GHSUHFLDWLRQ DJULFXOWXUH FDSLWDOSHU KHFWDUH )25(675< SURGXFWLRQ FURSYDOXH DGGHGSHUWRQ LQLWLDODJULFXOWXUHHPSOR\PHQWSHU KHFWDUH (/$67,&,7<2)<,(/'72 SXEOLFDJULFXOWXUHH[SHQGLWXUH &523,17(16,7< ,1'(; DUDEOHODQGDQG SHUPDQHQWFURSV! ODQGVKDUH E\FURSW\SH 6+$5(2) &(5($/ /$1' VKDUHRI RLOFURSODQG $QLPDO+XVEDQGU\ $QLPDO3URGXFWLRQ FURSVSURGXFWLRQ LQWRQV! FRHPLVVLRQVSHUWRQ RIFHUHDOVSURGXFHG VKDUHRIFHUHDOV IRUIHHG FHUHDOVSURGXFWLRQ IRUIHHG SURSRUWLRQRISDVWXUH IHHGHTXLYDOHQF\IDFWRU ODQGXQGHUZDWHU PDQDJHPHQW! DQLPDOPHDW SURGXFWLRQSHUKHDG FRHPLVVLRQVIURP FHUHDOVIRUIHHG &5236 352'8&7,21 IRUIHHGHTXLYDOHQW DQLPDOVWRFN DGMXVWPHQWWLPH JUDVVSURGXFWLRQ ZDWHUPDQDJHPHQWWRQRUPDO PDQDJHPHQWJUDVV\LHOGUDWLR SURSRUWLRQRISDVWXUHODQG XQGHUVXVWDLQDEOH PDQDJHPHQW! SDVWXUHODQG! DYDLODEOHIHHG GLUHFWFRHPLVVLRQV IURPDQLPDOKXVEDQGU\ &2DEDWHPHQWSHUKDRI SDVWXUHODQGXQGHUVXVWDLQDEOH PDQDJHPHQW &2DEDWHPHQWLQSDVWXUH ODQGXQGHUVXVWDLQDEOH PDQDJHPHQW WDUJHWDQLPDOVWRFN UHSURGXFWLRQUDWH OLYHVWRFN SURGXFWLRQLQWRQV $QLPDOVFDWHJRU\ EHHISHUKD DQLPDO VODXJKWHULQJUDWH PHWKDQHHPLVVLR QVSHUKHDG DQLPDOVWRFN DQLPDOVODXJKWHULQJ DQLPDO UHSURGXFWLRQ SURSRUWLRQRIIHHGE\ W\SHRIOLYHVWRFN EHHISDVWXUHUHTXLUHPHQW UDWLR SURSRUWLRQRISDVWXUH IRUPHDWSURGXFWLRQ DQLPDO UHSURGXFWLRQUDWH WDUJHWDQLPDOVWRFN GLUHFWFRHPLVVLRQVSHUKDIURP DQLPDOKXVEDQGU\XQGHUQRUPDO PDQDJHPHQW GLUHFWFRHPLVVLRQVSHUKDIURPDQLPDO KXVEDQGU\XQGHUVXVWDLQDEOH PDQDJHPHQW PHDWSURGXFWLRQSHU KDRISDVWXUH PD[LPXPDQLPDO UHSURGXFWLRQUDWH DYHUDJHIHHGFRQVXP SWLRQSHUKHDG DYHUDJHSDVWXUH \LHOG VXVWDLQDEOHPDQDJHPHQWWR QRUPDOPDQDJHPHQWJUDVV\LHOG UDWLR DQLPDOSURGXFWLRQ SHUKHDG SDVWXUHODQG! DQLPDOQDWXUDO GHDWK LQLWLDODQLPDO VWRFN PHWKDQHHPLVVLRQV IURPOLYHVWRFN DQLPDOQDWXUDO DYHUDJHOLIH FRHTXLYDOHQWRIPHWKDQH HPLVVLRQVIURPOLYHVWRFN WRWDOJURVVOLYHVWRFN FRHPLVVLRQV WRWDOQHWOLYHVWRFN &RHPLVVLRQV 7RWDOQHWOLYHVWRFN&2 HPLVVLRQVSHUXQLWSURGXFHG OLYHVWRFN SURGXFWLRQLQWRQV! PHWKDQHWRFRHTXLYDOH QWFRQYHUVLRQIDFWRU