2

5
5
7$
0((

)
2
1
3
,
(
5

352&(626
'(&$3785$
'(&2
7H[WR-XDQ2WHURGH%HFHUUD
'LUHFWRUGH'LYLVLyQGH&RPEXVWLyQ\*DVLILFDFLyQ
'HSDUWDPHQWRGH(QHUJtD&,(0$7

DDSOLFDFLyQGHORVFRPSUR
PLVRV DGTXLULGRV FRQ OD ILUPD GHO
3URWRFROR GH .LRWR KD VXSXHVWR XQ
UHSODQWHDPLHQWR HQ ODV WHFQRORJtDV
GH XWLOL]DFLyQ GH ORV FRPEXVWLEOHV
IyVLOHV  FRPR IXHQWH HQHUJpWLFD /D
LQHYLWDEOH QHFHVLGDG GH XWLOL]DFLyQ
GH ORV FRPEXVWLEOHV IyVLOHV FRPR
IXHQWH GH HQHUJtD SDUD ODV SUy[L
PDV GpFDGDV KDFH QHFHVDULR LP
SOHPHQWDU SURFHVRV TXH SHUPLWDQ
VX FDSWXUD SUHYLR D VX XWLOL]DFLyQ
\RDOPDFHQDPLHQWR
/D DSOLFDFLyQ GH ORV FRPSURPL
VRV GH .LRWR OOHYD DSDUHMDGD XQD
UHGXFFLyQ GH HPLVLRQHV GH &2 \
SDUDVXDSOLFDFLyQVHKDSURFHGLGR
D DVLJQDU D ORV JUDQGHV HPLVRUHV
GH &2 XQDV FXRWDV GH HPLVLyQ D
FUHDU XQ UHJLVWUR GH GHUHFKRV GH
HPLVLyQ \ D UHJXODU HO PHUFDGR GH
GHUHFKRV
(OGHVDUUROORGHORVVLVWHPDVGH
FRPEXVWLyQHQJHQHUDFLyQGHHQHU
JtDKDLGRHYROXFLRQDQGRDORODUJR
GHORVDxRV$VtHQORVDxRVORV
REMHWLYRVVHFHQWUDEDQHQXQDFRP
EXVWLyQ FRPSOHWD FRQ XQ PtQLPR
H[FHVR GH DLUH \ OD FDSDFLGDG GH
HVFDODU HVD WHFQRORJtD 3RVWHULRU
PHQWH VH FHQWUy HQ OD UHGXFFLyQ
GHODFRQWDPLQDFLyQJHQHUDGDHQOD
FRPEXVWLyQ\KR\GtDORVREMHWLYRV
VRQ XQD FRPELQDFLyQ GH FRPEXV
WLyQ OLPSLD \ HOHYDGD HILFDFLD GHO
FLFORWpUPLFRVLHQGRHVWHIDFWRULP

 DPELHQWD
(QHUR

SUHVFLQGLEOHSDUDGLVPLQXLUODVHPL
VLRQHV GH &2 \ DEDUDWDU HO FRVWH
GHODHQHUJtDSURGXFLGD
/DVDFWXDFLRQHVTXHHQODDFWXD
OLGDG VH HVWiQ GHVDUUROODQGR SDUD
UHGXFLU ODV HPLVLRQHV GH &2 SUR
FHGHQWHVGHODJHQHUDFLyQGHHQHU
JtD XWLOL]DQGR FRPEXVWLEOHV IyVLOHV
VH FHQWUDQ HQ DFWXDFLRQHV GLUHFWDV
VREUH ORV SURFHVRV GH JHQHUDFLyQ
GH ODV PLVPDV FRPEXVWLyQJDVLIL
FDFLyQ R D SRVWHULRUL SDUD HQ XQR
X RWUR FDVR SRGHU SURFHGHU D VX
FDSWXUD 7DOHV DFWLYLGDGHV VH SXH
GHQ GLYLGLU HQ FXDWUR JUDQGHV JUX
SRV
 $XPHQWR GH OD HILFDFLD QHWD GH
XWLOL]DFLyQGHOFRPEXVWLEOH
 8WLOL]DFLyQ FRQMXQWD FRQ FRP
EXVWLEOHV ELRPiVLFRV &RFRP
EXVWLyQ
 1XHYDV WHFQRORJtDV GH JHQH
UDFLyQ SDUD FRQFHQWUDFLyQ GHO
&2HQJDVHVUHVLGXDOHV
 &DSWXUDGHO&2

7(&12/2*$6$9$1=$'$6'(
&20%867,1'(/&$5%1
/DV WHFQRORJtDV DYDQ]DGDV GH
FRPEXVWLyQ GHO FDUEyQ RIUHFHQ
PpWRGRV GH XVDU HO FDUEyQ FRPR
FRPEXVWLEOH SDUD JHQHUDFLyQ GH
HOHFWULFLGDG FRQ HPLVLRQHV UHGXFL
GDV PD\RUHV HILFLHQFLDV WpUPLFDV
\ FRVWHV UHGXFLGRV FRPSDUDGRV
FRQHOPpWRGRWUDGLFLRQDOFDOGHUDV

GH FDUEyQ SXOYHUL]DGR FRQ YDSRU

VXEFUtWLFR$GHPiVODPHMRUDGHOD
HILFLHQFLD GH ORV SURFHVRV LQIOXLUi
QRWDEOHPHQWH HQ OD UHGXFFLyQ GH
ODV HPLVLRQHV GH &2 \ pVWD VyOR
SXHGHVHUFRQVHJXLGD
 $ FRUWR SOD]R FRQ ODV WHFQROR
JtDV H[LVWHQWHV ODV SODQWDV FRQ
FLFOR GH YDSRU \ FRQ FLFOR FRP
ELQDGR
 $ PHGLR SOD]R FRQ ORV SURFH
VRV FRPELQDGRV EDVDGRV HQ HO
FDUEyQTXHHVWiQHQGHVDUUROOR
7DOHV WHFQRORJtDV VRQ OD JDVLIL
FDFLyQLQWHJUDGDFRQFLFORFRP
ELQDGR ,*&& OD FRPEXVWLyQ
GHFDUEyQSXOYHUL]DGRDSUHVLyQ
33& OD FRPEXVWLyQ HQ OHFKR
IOXLGL]DGR D SUHVLyQ FRQ JDVLIL
FDFLyQSDUFLDO3)%&\ORVSUR
FHVRVGHR[LFRPEXVWLyQ
 $ ODUJR SOD]R OD LQFOXVLyQ HQ
WRGRVpVWRVGHODWHFQRORJtDGHO
KLGUyJHQR
/DXWLOL]DFLyQIXWXUDGHFRPEXV
WLEOHV IyVLOHV HVWi GLULJLGD D LQV
WDODFLRQHV FRQ HPLVLyQ FHUR OR
TXH VXSRQH DWUDSDU HO &2  SDUD
QRHPLWLUORDODDWPyVIHUDLQWHJUDQ
GR ORV GHQRPLQDGRV SURFHVRV GH
FDSWXUD
(VWRV SURFHVRV GH FDSWXUD LQ
WHJUDGRV HQ ODV LQVWDODFLRQHV GH
JHQHUDFLyQ HOpFWULFD QHFHVLWDQ GHO
HVWXGLR \ GHVDUUROOR GH ODV FDSDFL
GDGHV GH VX DOPDFHQDPLHQWR HQ

/DXWLOL]DFLyQIXWXUD
GHFRPEXVWLEOHV
IyVLOHVHVWiGLULJLGD
DLQVWDODFLRQHVFRQ
HPLVLyQFHURORTXH
VXSRQHDWUDSDUHO&2
SDUDQRHPLWLUORDOD
DWPyVIHUDLQWHJUDQGR
ORVGHQRPLQDGRV
SURFHVRVGH
FDSWXUD

FRQGLFLRQHV VHJXUDV OR TXH HVWi

GDQGR OXJDU DO HVWXGLR GH ODV FRQ
GLFLRQHV DGHFXDGDV HQ HO VXEVXHOR
\ EXVFDQGR ODV IRUPDFLRQHV JHR
OyJLFDV TXH SXHGDQ JDUDQWL]DU VX
HVWDQTXHLGDG  GXUDQWH PX\ ODUJRV
SHULRGRVGHWLHPSR

/$&$3785$'(&2

/DFDSWXUDGH&2QRHVXQSUR
FHVR QRYHGRVR GH KHFKR VH YLHQH
SUDFWLFDQGR HQ GHWHUPLQDGRV SUR
FHVRV TXH OR UHTXLHUHQ IDEULFDFLyQ
GH DPRQtDFR WUDWDPLHQWR GHO JDV
QDWXUDO SDUD DXPHQWDU VX SRGHU FD
ORUtILFRHWF
/D FRQFHQWUDFLyQ GH &2 HQ ORV
JDVHV GH FRPEXVWLyQ SURFHGHQWHV
GH XQD LQVWDODFLyQ GH JHQHUDFLyQ
GHHQHUJtDFRQYHQFLRQDOHVGHO
HQ YROXPHQ SDUD LQVWDODFLRQHV GH
FDUEyQ SXOYHUL]DGR &RPR FRQVH
FXHQFLD GH HVWD EDMD FRQFHQWUDFLyQ
\ GHO HOHYDGR YROXPHQ GH JDVHV D
WUDWDU  OD DSOLFDFLyQ GH ODV WHFQROR
JtDV H[LVWHQWHV GH FDSWXUD GH &2
D HVWDV LQVWDODFLRQHV VXSRQH XQ
HOHYDGR WDPDxR GH ORV VLVWHPDV GH
WUDWDPLHQWR \ XQ DOWR FRVWH 8QD GH
ODV DOWHUQDWLYDV SDUD PHMRUDU OD HIL
FDFLD \ HO FRVWH GH ORV VLVWHPDV GH
FDSWXUDGH&2GHVSXpVGHODFRP
EXVWLyQJDVLILFDFLyQ HV DXPHQWDU OD
FRQFHQWUDFLyQ GH HVWH FRPSRQHQ

WH HQ ORV JDVHV SURFHGHQWHV GH OD

FRPEXVWLyQJDVLILFDFLyQ
/D LPSOHPHQWDFLyQ GH SURFHVRV
GH FDSWXUD \ SRVWHULRU DOPDFHQD
PLHQWRGH&2LPSOLFDQXQDXPHQWR
HQORVFRVWHVGHLQYHUVLyQ\GHRSH
UDFLyQ DGHPiV GH XQD UHGXFFLyQ
QHWD GHO UHQGLPLHQWR HQHUJpWLFR GH
OD LQVWDODFLyQ OR FXDO VXSRQGUi TXH
SDUDPDQWHQHUXQDSURGXFFLyQQHWD
GHHQHUJtDKDEUiTXHLQFUHPHQWDUHO
FRQVXPRGHOUHFXUVRHQHUJpWLFR

(6&(1$5,26'(
&$3785$'(&2

/DV SROtWLFDV HQHUJpWLFDV GH

XQ DPSOLR Q~PHUR GH SDtVHV GH OD
8QLyQ (XURSHD HVWiQ UHODFLRQDGDV
FRQ OD FRQFHQWUDFLyQ \ FDSWXUD GH
&2  FRPR XQD GH ODV VROXFLRQHV
SDUD UHGXFLU ODV HPLVLRQHV GH &2
SURFHGHQWHVGHFRPEXVWLEOHVIyVLOHV
FRPRSULQFLSDOIXHQWHHQHUJpWLFD(Q
ORV~OWLPRVDxRVODLQYHVWLJDFLyQHQ
FRQFHQWUDFLyQ \ FDSWXUD GH &2 IL
QDQFLDGDVSRUJRELHUQRVQDFLRQDOHV
SRUORVGLIHUHQWHV3URJUDPDV0DUFRV
GH ,' GH OD 8QLyQ (XURSHD \ SRU
OD LQGXVWULD KDQ GHPRVWUDGR TXH
DPEDV VRQ RSFLRQHV WpFQLFDPHQWH
YLDEOHV SDUD OD UHGXFFLyQ GH GLFKDV
HPLVLRQHV (Q HO FDVR FRQFUHWR GH
ODVFHQWUDOHVWpUPLFDVGHFDUEyQHV
SDxRODV OD FDSWXUD GH &2  VH KD

DPELHQWD 
(QHUR

-(

7$

(3

/DVSROtWLFDV
HQHUJpWLFDVGHXQ
DPSOLRQ~PHURGH
SDtVHVGHOD8QLyQ
(XURSHDHVWiQ
UHODFLRQDGDVFRQ
ODFRQFHQWUDFLyQ\
FDSWXUDGH&2FRPR
XQDGHODVVROXFLRQHV
SDUDUHGXFLUODV
HPLVLRQHVGH&2
SURFHGHQWHVGH
FRPEXVWLEOHVIyVLOHV

 DPELHQWD
(QHUR

SURSXHVWR UHFLHQWHPHQWH FRPR XQD

GH ODV WHFQRORJtDV GH XVR OLPSLR GH
FDUEyQ VLQ HPEDUJR VH HQFXHQWUD
HQ ODV HWDSDV LQLFLDOHV GH GHVDUUR
OOR /D PD\RU SDUWH GH OD WHFQRORJtD
UHTXHULGD SXHGH VHU DGDSWDGD GH
OD GLVSRQLEOH HQ LQGXVWULDV TXtPL
FDV R UHILQHUtDV HWF 6LQ HPEDUJR
OD WHFQRORJtD GH FDSWXUD WRGDYtD QR
VH KD JDQDGR HO UHFRQRFLPLHQWR LQ
WHUQDFLRQDO FRPR WHFQRORJtD VHJXUD
\HILFD]SDUDODPLWLJDFLyQGHOHIHFWR
LQYHUQDGHUR
(Q FXDQWR D ORV VLVWHPDV GH
FDSWXUD GH &2  VH GLVWLQJXHQ LQ
WHUQDFLRQDOPHQWH WUHV HVFHQDULRV
GLVWLQWRV 3URFHVRV SUHFRPEXVWLyQ
SURFHVRVGHR[LFRPEXVWLyQ\SURFH
VRVSRVWFRPEXVWLyQ
3URFHVRVSUHFRPEXVWLyQ
&RQVLVWHQ HQ OD HOLPLQDFLyQ GHO
&2 GH IRUPD SUHYLD DO GHVDUUROOR
HQHUJpWLFRFRPSOHWRGHOFRPEXVWLEOH
(VGHDSOLFDFLyQGLUHFWDDOSURFH
VRGHJDVLILFDFLyQLQWHJUDGDHQFLFOR
FRPELQDGR*,&&GHOTXHODSODQWD
GH (/&2*$6 HQ 3XHUWROODQR HV
XQ UHIHUHQWH LQWHUQDFLRQDO (Q HVWH
WLSR GH LQVWDODFLRQHV HO FRPEXVWLEOH
VH VRPHWH D XQ SURFHVR GH JDVLIL
FDFLyQ PHGLDQWH R[LGDFLyQ SDUFLDO
SURGXFLpQGRVH XQ JDV FUXGR FRQ

XQD FRPSRVLFLyQ GH &2

+ &2 1
+6  MXQWR FRQ SDUWtFXODV \
RWURV FRQWDPLQDQWHV HQ PXFKD PH
QRU PHGLGD (VWH JDV FUXGR VH VR
PHWH D XQ SURFHVR GH OLPSLH]D UH
VXOWDQGR XQ JDV OLPSLR &2
+   &2  1  
+  6SSPY   (VWH JDV VH TXHPD
HQ XQD WXUELQD GH JDV SURGXFLHQGR
HQHUJtD HOpFWULFD \ XQ JDV GH FRP
EXVWLyQ FDOLHQWH TXH HQ XQD FDO
GHUD WUDQVIRUPD VX HQHUJtD HQ YD
SRU GH DJXD TXH VH DOLPHQWD D XQD
WXUELQD GH YDSRU SURGXFLHQGR PiV
HOHFWULFLGDG
(O SURFHVR GH FDSWXUD SUHFRP
EXVWLyQ VH UHDOL]D GHVSXpV GHO SUR
FHVR GH OLPSLH]D WUDQVIRUPDQGR HO
&2HQ&2\+SRUDGLFLyQGHDJXD
DOVRPHWHUHOJDVOLPSLRDXQSURFH
VR 6KLIW &DWDOtWLFR (VWH JDV IXQGD
PHQWDOPHQWH &2 \ + VH VRPHWH
D XQ SURFHVR GH DEVRUFLyQGHVRU
FLyQ FRQ DPLQDV SDUD SURGXFLU GRV
FRUULHQWHV XQD GH XQ JDV PX\ ULFR
HQ + TXH VH SXHGH TXHPDU HQ OD
WXUELQDRGHSXUDUORSDUDVXSRVWHULRU
XWLOL]DFLyQ GH 3LODV GH &RPEXVWLEOH
\RWUDFRQ&2FRQFHQWUDGR
3URFHVRVSRVWFRPEXVWLyQ
/RVJDVHVGHFRPEXVWLyQVHWUD

WDQ SDUD FDSWXUDU HO &2 FRQ SRV

WHULRULGDG DO GHVDUUROOR HQHUJpWLFR
FRPSOHWR GHO FRPEXVWLEOH (Q HVWH
FDVR ORV JDVHV TXH KD\ TXH WUDWDU
VRQ ORV JDVHV GH FRPEXVWLyQ VREH
ORVTXHVHSODQWHDQGRVDOWHUQDWLYDV
/D FDSWXUD FRQ DGVRUEHQWHV HQ FD
OLHQWHSRVWHULRUPHQWHRHQHOPLVPR
FHVR GH FRPEXVWLyQ XWLOL]DQGR DG
VRUEHQWHV VyOLGRV FRPR HO &D2 R
VXFDSWXUDDILQGHOtQHDGHVSXpVGH
ODOLPSLH]DItVLFD\TXtPLFDGHOJDV
3URFHVRVR[LFRPEXVWLyQ
&RQVLVWHQ HQ PRGLILFDU VXVWDQ
FLDOPHQWH HO SURFHVR GH FRPEXV
WLyQ TXHPDQGR HO FRPEXVWLEOH FRQ
R[LJHQRHQOXJDUGHHPSOHDUDLUH
6L HO FRPEXVWLEOH VH TXHPD FRQ
R[LJHQR SXUR OD WHPSHUDWXUD GH OOD
PD HV H[FHVLYDPHQWH DOWD SRU HOOR
SDUD FRQWURODU HVWD WHPSHUDWXUD HV
QHFHVDULRUHFLUFXODUSDUWHGHORVJD
VHVGHFRPEXVWLyQHQULTXHFLGRVFRQ
&2 6HJ~Q HVWXGLRV OOHYDGRV D FD
ER HQ $1/ 86$ VH REWLHQHQ DOWDV
HILFDFLDV GH FRPEXVWLyQ XWLOL]DQGR

UHODFLRQHV&22HQWUH\
/D ILJXUD PXHVWUD XQ HVTXHPD GHO
SURFHVR GH R[\FRPEXVWLyQ R FRP
EXVWLyQFRQ2&2
/RV JDVHV UHVXOWDQWHV SULQFLSDO
PHQWH&2\DJXDVHGHVHFDQSDUD
FRPSULPLU GLUHFWDPHQWH HO &2 UH
VXOWDQWH
'HSHQGLHQGR GH ODV HVSHFLILFD
FLRQHV GH SXUH]D GHO &2 SDUD VX
XVRRDOPDFHQDPLHQWRKD\TXHGH
SXUDUORVJDVHVGHVXVFRQWDPLQDQ
WHV PLQRULWDULRV SULQFLSDOPHQWH HO
62 TXH SXGLHUD SUHVHQWDU FRPR
FRQVHFXHQFLDGHOFRQWHQLGRHQD]X
IUHGHOFRPEXVWLEOH
/RV PD\RUHV HVIXHU]RV KD\ TXH
UHDOL]DUORVHQODVFRQGLFLRQHVHQTXH
VHWLHQHTXHUHDOL]DUHVDFRPEXVWLyQ
FRQ 2&2 \ HQ ORV VLVWHPDV GH
REWHQFLyQGHR[tJHQR
&KHPLFDO/RRSLQJ
/DWHFQRORJtDGHQRPLQDGD&KH
PLFDO /RRSLQJ &/& HV XQD DOWHU
QDWLYD D OD R[\FRPEXVWLyQ SODQ
WHDGD SDUD FRPEXVWLEOHV JDVHRVRV

\ GLVPLQXLU HO FRVWH GHO VLVWHPD GH

REWHQFLyQ GH R[tJHQR (O SURFHVR
&/& FRQVWD GH GRV HWDSDV TXH VH
UHDOL]DQ HQ GLVWLQWRV UHDFWRUHV (Q
HO SULPHU UHDFWRU HO FRPEXVWLEOH VH
R[LGD VH TXHPD PHGLDQWH XQ SRU
WDGRU GH R[tJHQR R[LGR PHWiOLFR
0H2 TXH D VX YH] VH UHGXFH D XQ
HVWDGRGHR[LGDFLyQPHQRUGHOPH
WDO 'H HVWD PDQHUD HO FRPEXVWLEOH
UHDFFLRQD FRQ R[tJHQR SXUR VLQ OD
XWLOL]DFLyQ GH VLVWHPDV GH VHSDUD
FLyQ GH DLUH /RV JDVHV SURFHGHQ
WHV GH HVWH UHDFWRU FRQWLHQHQ &2
\ YDSRU GH DJXD TXH VH FRQGHQVD
SDUD REWHQHU &2   SXUR (O PHWDO
UHGXFLGR VH UHFLUFXOD DO VHJXQGR
UHDFWRU HQ HO TXH PHGLDQWH OD DGLF
FLyQ GH DLUH VH R[LGD \ SRU OR WDQWR
VH UHJHQHUD SDUD VX SRVWHULRU XWLOL
]DFLyQ /RV JDVHV SURFHGHQWHV GHO
VHJXQGR UHDFWRU FRQWLHQHQ 1 \ 2
VLQUHDFFLRQDU/DFDQWLGDGGHFDORU
SURGXFLGD HQ WRGR HO SURFHVR HV
LJXDOTXHSDUDXQSURFHVRGHFRP
EXVWLyQFRQYHQFLRQDO

&2 +2UHFLUFXODFLyQGHJDVHV

$LUH

)UDFFLRQDPLHQWR
GHODLUH

5HFXSHUDFLyQGH1

2 

&0$5$'(
&20%867,1

&2 

&RPEXVWLEOH

(VTXHPDGHOSURFHVRGHR[\FRPEXVWLyQRFRPEXVWLyQFRQ2&2

DPELHQWD 
(QHUR

-(

7$

(3

1

1 0H2

9$325
$,5(
5($&725
'(
2;,'$&,21

&2

5($&725
'(
5('8&&,21

&20%867,%/(

+ 2

0H

(VTXHPDGHOSURFHVRGH&KHPLFDO/RRSLQJ

7(&12/2*$6'(&$3785$'(&2

(O SURFHVR GH FDSWXUD GH &2 VH FRQFUHWD VLHPSUH

HQXQDVHSDUDFLyQGHJDVHVGLIHUHQWHSDUDFDGDXQRGH
ORVHVFHQDULRVH[SXHVWRV$VtHQHOFDVRGHORVSURFHVRV
SUHFRPEXVWLyQKD\TXHSURFHGHUDVHSDUDU&2+HQ
ORV GH 2[LFRPEXVWLyQ ORV PD\RUHV HVIXHU]RV GH VHSD
UDFLyQ KD\ TXH UHDOL]DUORV HQ OD REWHQFLyQ GH R[tJHQR
\D VHD GHO DLUH R SRU QXHYRV GHVDUUROORV HOHFWUROtWLFRV
TXHSHUPLWDQREWHQHUORHFRQyPLFDPHQWHGHODJXD\HQ
ORV FDVRV GH ORV SURFHVRV GH SRVWFRPEXVWLyQ KD\ TXH
VHSDUDU &21 &RPR VH SXHGH REVHUYDU ORV SURFHGL
PLHQWRV WHQGUiQ TXH VHU HVSHFtILFRV SDUD FDGD XQR GH
ORVHVFHQDULRVSODQWHDGRV
(Q OD WDEOD VH UHVXPHQ ORV HVFHQDULRV QHFHVLGDGHV
GH VHSDUDFLyQ GH JDVHV  WHFQRORJtDV SUHIHUHQWHV HQ OD
DFWXDOLGDG SRU VX JUDGR GH GHVDUUROOR \ ORV GHVDUUROORV

 DPELHQWD
(QHUR

SURPHWHGRUHVSDUDFDGDXQRGHHOORV
/DLPSODQWDFLyQLQGXVWULDOGHODVWHFQRORJtDVGHFDS
WXUD\VHFXHVWURGHFDUEyQVHSUHYpQSDUDGHVSXpVGHO
DxR  $ FRUWR SOD]R OD VROXFLyQ VH EDVD HQ PHMRUDU
ORV SURFHVRV GH DEVRUFLyQ FRQYHQFLRQDO $Vt SRU HMHP
SORH[LVWHQSUR\HFWRVTXHHYDO~DQODHOLPLQDFLyQGH&2
HQXQDHWDSDGHODYDGRFRQDPLQDV$PiVODUJRSOD]R
VHEXVFDQWHFQRORJtDVGHOLPSLH]DSRUYtDVVHFD
/D UHGXFFLyQ GH &2 GH ODV SODQWDV GH JHQHUDFLyQ
HQHUJpWLFD SUHVHQWD GRV SUREOHPDV (Q SULPHU OXJDU OD
VHSDUDFLyQ GHO GLy[LGR GH FDUERQR GH ORV UHVWDQWHV JD
VHVGHFRPEXVWLyQJDVLILFDFLyQ([LVWHQGLYHUVRVSURFH
GLPLHQWRVTXHVHLQGLFDUDQDFRQWLQXDFLyQSHURQLQJXQR
WLHQHXQGHVDUUROORWHFQROyJLFRDFHSWDEOHSDUDVHUDGRS
WDGRFRPRSRVLEOHVROXFLyQ
/DSUHVHQFLDGHRWURVFRQWDPLQDQWHV+66212[
SDUWtFXODV KLGURFDUEXURV HWF \ VX FRQFHQWUDFLyQ HQ
UHODFLyQDODGH&2VRQWDPELpQIDFWRUHVGHFLVLYRVDOD
KRUDGHGHWHUPLQDUFXDOHVHOSURFHVRySWLPRGHFDSWXUD
GH &2 D DSOLFDU HQ FDGD FDVR \D TXH OD SUHVHQFLD GH
GLFKRV FRQWDPLQDQWHV SXHGH DIHFWDU DO UHQGLPLHQWR VH
OHFWLYLGDG \ RSHUDWLYLGDG GH ORV SURFHVRV GH FDSWXUD GH
&2
(QORVSURFHVRVGHFRPEXVWLyQVHJHQHUDQXQDVHULH
GHFRPSXHVWRVFRQWDPLQDQWHVQRGHVHDGRVFRPRPH
WDOHV SHVDGRV FRPR SORPR FDGPLR DUVpQLFR QtTXHO
PHUFXULR FURPR FREUH HWF JDVHV iFLGRV 62 62
+&O +) y[LGRV GH QLWUyJHQR FRPSXHVWRV RUJiQLFRV
DOJXQRVGHHOORVWy[LFRV\SDUWtFXODV7DPELpQVHJHQH
UDQRWURVJDVHVGHHIHFWRLQYHUQDGHUR&+12\&)&
(Q ORV SURFHVRV GH JDVLILFDFLyQ VH SURGXFH OD FRQ
YHUVLyQGHOFDUEyQHQJDVHVOLJHURV&2&+&2+
\ FHQL]DV IRUPiQGRVH FRPR VXESURGXFWRV FDQWLGDGHV

YDULDEOHV GH OtTXLGRV FRQGHQVDEOHV

\ DOTXLWUDQHV $GHPiV VH JHQHUDQ
XQD VHULH GH FRQWDPLQDQWHV QR GH
VHDGRVFRPRFRPSXHVWRVGHD]XIUH
+6&26&6KDOyJHQRV\KDOX
URV +&O +) 1D&O .&O FRPSXHV
WRVGHQLWUyJHQR1++&1
/RV REMHWLYRV GH OD OLPSLH]D GH
JDVHV HQ VLVWHPDV GH JHQHUDFLyQ
GH HQHUJtD HVWiQ PDUFDGRV SRU UH
TXHULPLHQWRV LQWHUQRV GHO SURFHVR
IHQyPHQRV GH HURVLyQ FRUURVLyQ
\ GHSRVLFLyQ \ SRU UHJXODFLRQHV
PHGLRDPELHQWDOHV SDUD PLQLPL]DU
ODV HPLVLRQHV DWPRVIpULFDV GH FRQ
WDPLQDQWHV (V GHFLU LQGHSHQGLHQ
WHPHQWH GHO VLVWHPD GH FDSWXUD GH
&2 HOHJLGR HV QHFHVDULR HVWXGLDU
ODV LPSOLFDFLRQHV ORV GHPiV FRQ
WDPLQDQWHV \D VHD SDUD HO FXP
SOLPLHQWR GH OD QRUPDWLYD YLJHQWH
SDUWtFXODV+662[12[HWF\R
GH ORV OtPLWHV GH WROHUDQFLD GH ORV
SURFHVRV \ HTXLSRV FRPR SLODV GH
FRPEXVWLEOH WXUELQDV UHDFWRU GH
FRQYHUVLyQ GH &2 HWF (VWR LP
SOLFD TXH FXDOTXLHU DFFLyQ TXH VH
HPSUHQGDSDUDOLPLWDUODVHPLVLRQHV
GH &2  KD GH LU DFRPSDxDGD GH
OLPLWDFLRQHV HVWULFWDV D OD SUHVHQFLD
GH RWURV FRQWDPLQDQWHV SRU OR TXH
OD SHQDOL]DFLyQ HQHUJpWLFD \ HFR
QyPLFD DVRFLDGD HVWULFWDPHQWH D OD
FDSWXUD GH &2 SXHGH YHUVH PRGL
ILFDGD
(Q JHQHUDO HQ ORV SURFHVRV GH
WUDWDPLHQWRGHJDVHVODWHQGHQFLDHV
DGHVDUUROODUVLVWHPDVDDOWDWHPSH
UDWXUD\TXHSHUPLWDQODHOLPLQDFLyQ
VLPXOWiQHD GH YDULRV FRQWDPLQDQWHV
GH IRUPD TXH VH UHGX]FDQ ODV SH
QDOL]DFLRQHV HQHUJpWLFDV \ HFRQy
PLFDV DVRFLDGDV D VX LQWHJUDFLyQ

HQ HO SURFHVR JOREDO GH JHQHUDFLyQ

HQHUJpWLFD
$EVRUFLyQ
(Q JHQHUDO ORV SURFHVRV GH DE
VRUFLyQ RSHUDQ HVHQFLDOPHQWH GH
OD PLVPD IRUPD SRU ODYDGR K~PHGR
GHOJDVUHVLGXDO(QWRUUHVGHDEVRU
FLyQVHVHSDUDHO&2\ODSRVWHULRU
UHJHQHUDFLyQ GHO VROYHQWH OR OLEHUD
/DDEVRUFLyQSXHGHVHUTXtPLFDHQ
OD FXDO HO &2 UHDFFLRQD FRQ HO DE
VRUEHQWHSDUDIRUPDUXQFRPSXHVWR
LQWHUPHGLR FRQ HQODFHV GpELOHV TXH
VHSXHGHQURPSHUSRUDSOLFDFLyQGH
FDORU OLEHUDQGR HO &2 /RV DEVRU
EHQWHVPiVXWLOL]DGRVVRQGLVROXFLR
QHVDFXRVDVGHPRQRHWDQRODPLQD\
FDUERQDWR SRWiVLFR FDOLHQWH 2 WDP
ELpQ DEVRUFLyQ ItVLFD HQ OD TXH HO
&2 HV ItVLFDPHQWH DEVRUELGR HQ HO
DEVRUEHQWH HO FXDO VH UHJHQHUD SRU
FDOHQWDPLHQWRRYDULDFLyQGHSUHVLyQ
OLEHUDQGR HO &2 /RV DEVRUEHQWHV
PiV XWLOL]DGRV VRQ VHOR[RO pVWHU GL
PHWtOLFR GH SURSLOHQJOLFRO \ 5HFWL
VRO PHWDQRO IUtR 7DPELpQ VH XVDQ
DEVRUEHQWHV KtEULGRV FRPELQDFLyQ
GH DEVRUEHQWHV ItVLFRV \ TXtPLFRV
FRPR SXHGHQ VHU $0'($ VXOILQRO
8&$562/HWF
/DV GHVYHQWDMDV GH ORV SURFH
VRV GH DEVRUFLyQ VRQ TXH WLHQHQ
XQDFDSDFLGDGGHUHWHQFLyQGH&2
OLPLWDGD \ SUHVHQWDQ HOHYDGRV UH
TXHULPLHQWRVHQHUJpWLFRV\GHHVSD
FLR'HKHFKRODVHSDUDFLyQGH&2
GH ORV JDVHV GH FRPEXVWLyQ SRU HO
SURFHVR GH DEVRUFLyQ SURGXFH XQD
GLVPLQXFLyQ PX\ LPSRUWDQWH GH OD
HILFLHQFLDGHODVFHQWUDOHV\XQLQFUH
PHQWRHQHOFRVWRGHJHQHUDFLyQGHO
DOGHSHQGLHQGRGHOWLSR
GH SODQWD /RV SURFHVRV GH DEVRU

(QORV~OWLPRVDxRV
ODLQYHVWLJDFLyQ
HQFRQFHQWUDFLyQ
\FDSWXUDGH&2
ILQDQFLDGDVSRU
JRELHUQRVQDFLRQDOHV
SRUORVGLIHUHQWHV
3URJUDPDV0DUFRV
GH,'GHOD8QLyQ
(XURSHD\SRU
ODLQGXVWULDKDQ
GHPRVWUDGRTXH
DPEDVVRQRSFLRQHV
WpFQLFDPHQWHYLDEOHV
SDUDODUHGXFFLyQGH
HPLVLRQHVGH&2

DPELHQWD 
(QHUR

-(

7$

(3

FLyQ ItVLFD VH FRQVLGHUDQ FRPSHWLWL

YRVSDUDDSOLFDFLRQHVDJUDQHVFDOD
\FXDQGRH[LVWHXQDHOHYDGDSUHVLyQ
SDUFLDO GH &2 HQ HO JDV \ pVWH VH
JHQHUD D DOWD SUHVLyQ 6LQ HPEDUJR
ORVJDVHVUHVLGXDOHVGHFRPEXVWLyQ
VH JHQHUDQ QRUPDOPHQWH D SUHVLyQ
DWPRVIpULFD GRQGH UHVXOWDQ PiV
HFRQyPLFRV ORV SURFHVRV GH DE
VRUFLyQ TXtPLFD (Q FXDOTXLHU FDVR
ORVJDVHVUHVLGXDOHVGHFRPEXVWLyQ
FRQWLHQHQRWURVJDVHV2KLGURFDU
EXURV 62[ 12[ SDUWtFXODV HWF
TXH SXHGHQ GHWHULRUDU R SHUMXGLFDU
VHULDPHQWHORVDEVRUEHQWHVDGHPiV
GHSURYRFDUSpUGLGDVGHDEVRUEHQWH
KDFLHQGR QHFHVDULD XQD SXULILFDFLyQ
SUHYLDGHOJDVTXHGHSHQGHGHOWLSR
GHDEVRUEHQWHHPSOHDGR
$GVRUFLyQJDVVyOLGR
(QHVWRVSURFHVRVHO&2TXHGD
DWUDSDGR SRU XQ VyOLGR 6H SXHGHQ
XWLOL]DU GLIHUHQWHV PDWHULDOHV FRPR
DGVRUEHQWHVFRPR]HROLWDVDO~PLQD
RFDUEyQDFWLYDGRSDUDODFDSWXUDD
ILQGHOtQHD/RVVyOLGRVDGVRUEHQWHV
JHQHUDOPHQWHVHGLVSRQHQHQOHFKRV
HPSDTXHWDGRV GH SDUWtFXODV PiV
R PHQRV HVIpULFDV /RV SURFHVRV
GH OLEHUDFLyQ SRVWHULRU GHO &2 VRQ
GLIHUHQWHV VHJ~Q VH XWLOLFH YDULDFLyQ
GH OD SUHVLyQ 36$ R YDULDFLyQ GH
OD WHPSHUDWXUD 76$ 3DUD HOLPLQDU
HO &2 GH ORV JDVHV GH FRPEXVWLyQ
PHGLDQWH SURFHVRV GH DGVRUFLyQ HV
QHFHVDULR FRPSULPLUORV \ UHGXFLU VX
WHPSHUDWXUD /DV WHFQRORJtDV H[LV

 DPELHQWD
(QHUR

WHQWHV GH VHSDUDFLyQ GH &2  SRU

DGVRUFLyQSUHVHQWDQHOLQFRQYHQLHQ
WHGHXQJUDQFRQVXPRGHHQHUJtD\
HOHYDGRFRVWHGHLQVWDODFLyQORFXDO
ODV KDFH SRFR DWUDFWLYDV SDUD VX
DSOLFDFLyQ HQ VLVWHPDV GH JHQHUD
FLyQHQHUJpWLFDSRUORTXHVHHVWiQ
HVWXGLDQGR SURFHVRV \ FRQGLFLRQHV
TXHSXHGDQKDFHUODYLDEOH$GHPiV
VHUtDQHFHVDULDXQDDGHFXDGDVHOHF
FLyQ \ RSWLPL]DFLyQ GHO DGVRUEHQWH
SXHV ORV DGVRUEHQWHV GLVSRQLEOHV
SUHVHQWDQEDMDFDSDFLGDGGHDGVRU
FLyQ\VHOHFWLYLGDGGH&2
/RVFLFORVGH&DUERQDWDFLyQ&DO
FLQDFLyQ SURSXHVWRV SRU HO ,1&$5
&6,& VH EDVD HQ OD VHSDUDFLyQ GH
&2   D DOWD WHPSHUDWXUD PHGLDQWH
&D2 (O SULQFLSLR GH VHSDUDFLyQ HV
XQ FLFOR VRUFLyQGHVRUFLyQ HO &2
GH ORV JDVHV GH FRPEXVWLyQ UHDF
FLRQD FRQ SDUWtFXODV GH &D2 SDUD
IRUPDU FDUERQDWR (O FDUERQDWR VH
VHSDUDGHORVJDVHVPHGLDQWHXQFL
FOyQ\VHVRPHWHDFDOFLQDFLyQSDUD
JHQHUDU&2SXUR/RVDQWHFHGHQWHV
GH HVWD WLSR GH VHSDUDFLyQ GH &2
VH UHPRQWDQ D SDWHQWHV GHO VLJOR
;,;\\DHQIXQFLRQyXQSODQWD
SLORWR  WRQHODGDVGtD EDVDGD HQ
HVWRV FLFORV SDUD REWHQHU JDVHV GH
PD\RU SRGHU FDORUtILFR \ FRQWHQL
GR HQ KLGUyJHQR D SDUWLU GH OD JD
VLILFDFLyQ GH FDUEyQ 6LQ HPEDUJR
SDUD FDSWXUD GH &2  HQ VLVWHPDV
GH FRPEXVWLyQ OD FRQVLGHUDFLyQ GH
HVWRV FLFORV  GH VHSDUDFLyQ KD VL

GR SURPRYLGD SRU HO &6,& GHVGH HO

DxR  3DUD VXPLQLVWUDU OD HQHU
JtD QHFHVDULD HQ HO FDOFLQDGRU VH
SODQWHDQ YDULDV DOWHUQDWLYDV VLHQGR
OD SULQFLSDO OD XWLOL]DFLyQ GH OHFKRV
IOXLGL]DGRV FLUFXODQWHV HQOD]DGRV
GH IRUPD TXH ORV VyOLGRV VHDQ ORV
SRUWDGRUHV GHO FDORU QHFHVDULR SDUD
HOSURFHVR6XSULQFLSDOYHQWDMDHVWi
HQ TXH HO SURFHVR VH UHDOL]D D XQD
WHPSHUDWXUD HOHYDGD \ SRU WDQWR HO
LQFUHPHQWR GH HQHUJtD  QHFHVDULR
SDUDODFDSWXUDGHO&2HVXWLOL]DEOH
SRVWHULRUPHQWH HQ HO FLFOR WpUPLFR
ORTXHQRRFXUUHFRQORVVLVWHPDVD
ILQ GH OtQHD 6X SULQFLSDO SUREOHPD
UHVLGH HQ OD GHVDFWLYDFLyQ GHO &D2
TXH SRU HO PRPHQWR VRSRUWD SRFRV
FLFOR \ REOLJD D UHDOL]DU XQD JUDQ
SXUJD\UHSRVLFLyQGHODGVRUEHQWH
6HSDUDFLyQFULRJpQLFD
(O GLy[LGR GH FDUERQR VH SXHGH
VHSDUDUGHXQDPH]FODJDVHRVDSRU
FRQGHQVDFLyQ R VROLGLILFDFLyQ GHO
PLVPR PHGLDQWH WpFQLFDV FULRJpQL
FDVTXHFRPSUHQGHQGLIHUHQWHVHWD
SDV GH FRPSUHVLyQ \ HQIULDPLHQWR
GHOJDVUHVLGXDO(VWHSURFHGLPLHQWR
WHQGUi XQD DOWD HILFLHQFLD FXDQGR
OD FRQFHQWUDFLyQ LQLFLDO GH &2 VHD
DOWD SRU OR TXH ODV WpFQLFDV FULRJp
QLFDV VyOR VH FRQVLGHUDQ RSFLRQHV
YLDEOHV HQ HO FDVR GH FRPEXVWLyQ
FRQ 2&2 \ GH JDVLILFDFLyQ LQWH
JUDGD HQ FLFOR FRPELQDGR ,*&&
FRQGHVSOD]DPLHQWRGH&26LQHP
EDUJRRWURVFRPSRQHQWHVSUHVHQWHV

HQ HO JDV UHVLGXDO +2 12[ 62[ HWF SXHGHQ

LQWHUIHULUHQHOSURFHVRGHHQIULDPLHQWRGDQGROXJDUD
SUREOHPDVGHGHSRVLFLRQHVFRUURVLRQHVHWF
7HFQRORJtDGHPHPEUDQDV
([LVWHQ GRV WLSRV GLIHUHQWHV GH WHFQRORJtDV GH
PHPEUDQDV SDUD VHSDUDFLyQ GH &2 /DV PHPEUD
QDV GH VHSDUDFLyQ GH JDVHV TXH SHUPLWHQ VHSDUDU
HO FRPSRQHQWH JDVHRVR GH LQWHUpV HQ HVWH FDVR
HO &2 GHO UHVWR GH FRPSRQHQWHV GHELGR D VX GL
IHUHQWH SHUPHDELOLGDG D WUDYpV GHO VyOLGR SRURVR
TXH FRQVWLWX\H OD PHPEUDQD \ ODV PHPEUDQDV GH
DEVRUFLyQ GH JDVHV TXH VRQ DTXHOODV TXH VHSDUDQ
XQD FRUULHQWH JDVHRVD GH XQD OtTXLGD SHUPLWLHQGR
HO SDVR VHOHFWLYR GH FLHUWRV FRPSRQHQWHV GHO JDV
&2 TXH VH DEVRUEHQ HQ HO OtTXLGR /D XWLOL]DFLyQ
GHPHPEUDQDVSDUDODVHSDUDFLyQGH&2UHTXLHUH
LQYHUVLRQHV JUDQGHV \ SURGXFH XQD UHGXFFLyQ GH
ODVHILFLHQFLDVGHODSODQWDFRQVLGHUDEOHSRUORTXH
ODRSFLyQPiVYLDEOHVHUtDODXWLOL]DFLyQGHPHPEUD
QDV FDSDFHV GH RSHUDU D DOWD WHPSHUDWXUD ([LVWHQ
GLIHUHQWHV WLSRV GH PHPEUDQDV GH VHSDUDFLyQ GH
JDVHV DOJXQDV GH HOODV VyOR VH KDQ HVWXGLDGR D
HVFDOD GH ODERUDWRULR (Q JUDGR GHVFHQGHQWH GH
GHVDUUROOR WHQGUtDPRV PHPEUDQDV SROLPpULFDV
GH SDODGLR GH WUDQVSRUWH IDFLOLWDGR \ WDPLFHV PR
OHFXODUHV /DV PHPEUDQDV GH DEVRUFLyQ HVWiQ D
SXQWR SDUD VX LQWURGXFFLyQ FRPHUFLDO (O HPSOHR
GHPHPEUDQDVGHDEVRUFLyQGHJDVXWLOL]DQGR0($
FRPR DEVRUEHQWH SDUHFH VHU OD PHMRU RSFLyQ SDUD
ODPD\RUSDUWHGHODVDSOLFDFLRQHVDH[FHSFLyQGH
ORV VLVWHPDV GH UHFLFODGR GH &2 GRQGH HO FRP
SRUWDPLHQWR GH ODV PHPEUDQDV GH VHSDUDFLyQ GH
JDVHVVXSHULRUHQWpUPLQRVGHFRVWHGHODHQHUJtD
JHQHUDGD &2   HOLPLQDGR \ FRVWH GHULYDGR GH OD

HPLVLyQ GH &2 HYLWDGD (VWR UHVXOWD HVSHFLDOPHQ

WH SURPHWHGRU \D TXH VH HVSHUD TXH D FRUWR SOD]R
HVWpQ GLVSRQLEOHV HQ HO PHUFDGR QXHYDV \ PHMRUHV
PHPEUDQDVGHDEVRUFLyQGHJDV

,03/(0(17$&,1(1(/
6,67(0$'(*(1(5$&,1
7RGDV HVWDV WHFQRORJtDV SUHVHQWDQ XQD VHULH GH
SUREOHPDV PiV R PHQRV FRPXQHV TXH VXSRQHQ
TXHORVVRUEHQWHVVHGHVDFWLYDQPX\UiSLGDPHQWH
/D GHVDFWLYDFLyQ VH DFHOHUD FRQ SUHVHQFLD GH D]X
IUH VX UHJHQHUDFLyQ UHTXLHUH PXFKD HQHUJtD ODV
PHPEUDQDV SLHUGHQ SHUPHDELOLGDG \ VHOHFWLYLGDG
OD SUHVHQFLD GH FRQWDPLQDQWHV SURFHGHQWHV GH OD
FRPEXVWLyQ SXHGH REOLJDU D XQD GHSXUDFLyQ H[
KDXVWLYDSUHYLDDODFDSWXUD\HOFRVWHTXHVXSRQH
VXLPSODQWDFLyQ
3DUD HO GHVDUUROOR GH ORV SURFHVRV GH FDSWXUD
HQ HO VLVWHPD GH JHQHUDFLyQ GH HQHUJtD VRQ QHFH
VDULRVORVVLJXLHQWHVSXQWRV
 ,QYHVWLJDFLyQ 'HVDUUROOR \ 'HPRVWUDFLyQ /DV
SRVLEOHV VROXFLRQHV VyOR SRGUiQ VHU DFHSWDGDV
SRU OD LQGXVWULD JRELHUQR \ S~EOLFR FXDQGR KD
\DQVLGRGHPRVWUDGDVHLPSOHPHQWDGDVDHVFDOD
UHDOLVWD 3RU WDQWR HV FUXFLDO UHODFLRQDU H LQWH
JUDU LQYHVWLJDFLyQ \ GHVDUUROOR HQ ORV SRVLEOHV
SUR\HFWRV GH LPSOHPHQWDFLyQ FRQ FRRSHUDFLyQ
GHOVHFWRUSXEOLFR\SULYDGR
 2SWLPL]DFLyQ GH OD HILFLHQFLD GH FDSWXUD SRU
DSOLFDFLyQ GH WHFQRORJtDV LQQRYDGRUDV FRQ XQD
UHGXFFLyQVLPXOWDQHDGHORVFRVWHV
 7UDQVIHUHQFLD GHO FRQRFLPLHQWR DGTXLULGR HQ
WHFQRORJtDKHUUDPLHQWDV\SURFHVRVSDUDVXLP
SOHPHQWDFLyQ,QGXVWULDOD

DPELHQWD 
(QHUR