Innovators who are working on ways to pull carbon dioxide out of the atmosphere to fight climate change are having a tough time lately.
Their biggest supporter, Microsoft, recently began telling partners that it is pausing its carbon removal purchases. To get a sense of how big of a deal this is, look at the numbers: The tech company alone has purchased approximately 80% of the contracted cumulative volume of carbon removals to date. Its retrenchment is viewed as potentially a major blow to the sector.
kAmw@H6G6C[ E96C6 >2J 36 2 3C:89E DA@E 7@C E9:D :?5FDECJ[ 2?5 :E 4@>6D 7C@> 2? F?6IA64E65 D@FC46i %96 &]$] t?G:C@?>6?E2= !C@E64E:@? p86?4J BF:6E=J k2 9C67lQ9EEADi^^HHH]6A2]8@G^>2C:?6\AC@E64E:@?\A6C>:EE:?8^>ACD2\C6D62C49\A6C>:E\42C3@?:76C@FD\:?4\C6D62C49\AC@;64EQm564:565 :? |2C49k^2m E@ 8C2?E 2 C6D62C49 A6C>:E F?56C E96 k2 9C67lQ9EEADi^^HHH]6A2]8@G^6?7@C46>6?E^>2C:?6\AC@E64E:@?\C6D62C49\2?5\D2?4EF2C:6D\24E\>ACD2\2?5\7656C2=\724:=:E:6DQm|2C:?6 !C@E64E:@?[ #6D62C49[ 2?5 $2?4EF2C:6D p4Ek^2m E@ 2 w@FDE@?\32D65 42C3@? C6>@G2= DE2CEFA]k^Am
kAm%96 4@>A2?J[ k2 9C67lQ9EEADi^^HHH]42C3@?:76C@FD]4@^Qmr2C3@?:76C@FDk^2m[ 2:>D E@ 2DD6DD E96 A@E6?E:2= E@ 5FC23=J =@4< FA 8C66?9@FD6 82D6D 3J 92CG6DE:?8 A=2?ED E92E E@@< :? 42C3@? 5:@I:56 @? =2?5 2?5 D:?<:?8 E96> E@ E96 3@EE@> @7 E96 @462?]k^Am
kAm%9:D 2AAC@249 :D @7E6? 42==65 “k2 9C67lQ9EEADi^^5C2H5@H?]@C8^6IA=@C6C^56A=@J\@462?\3:@>2DD\D:?<:?8Qm@462? 3:@>2DD D:?<:?8k^2m[” @C k2 9C67lQ9EEADi^^AFC@]62CE9^@FC\3=@8^bdh\E96\A2E9\E@H2C5D\D276\2?5\67764E:G6\42C3@?\C6>@G2=\3J\>2C:?6\2?@I:4\42C3@?\DE@C286Qm>2C:?6 2?@I:4 42C3@? DE@C286k^2m]k^Am
kAm~462? 3:@>2DD D:?<:?8 :D @?6 @7 D6G6C2= 42C3@? C6>@G2= 2AAC@2496D :?G@=G:?8 E96 @462? <?@H? 2D “k2 9C67lQ9EEADi^^@462?G:D:@?D]@C8^@462?\32D65\42C3@?\5:@I:56\C6>@G2=^Qm>2C:?6 42C3@? 5:@I:56 C6>@G2=k^2m]” ~E96C >2C:?6 2AAC@2496D :?4=F56 k2 9C67lQ9EEADi^^5@:]@C8^`_]`_`e^;]@?662C]a_a_]_f]_`eQm255:?8 2=<2=:?6 >2E6C:2=D E92E C624E H:E9 D62H2E6Ck^2m E@ :?4C62D6 E96 FAE2<6 @7 42C3@? 5:@I:56[ D665:?8 @462?D H:E9 :C@? E@ DE:>F=2E6 E96 8C@HE9 @7 A9JE@A=2?<E@? k2 9C67lQ9EEADi^^HHH]H9@:]65F^@462?\=62C?:?8\9F3^@462?\E@A:4D^4=:>2E6\H62E96C^@462?\32D65\4=:>2E6\D@=FE:@?D^:C@?\76CE:=:K2E:@?^QmE92E 42? E2<6 FA 42C3@? 5:@I:56k^2m[ 2?5 k2 9C67lQ9EEADi^^HHH]657]@C8^D:E6D^5672F=E^7:=6D^a_aa\`_^r2C3@?Ta_$6BF6DEC2E:@?Ta_3JTa_$62H665]A57Qm72C>:?8 D62H665k^2m E@ 2=D@ E2<6 FA 42C3@? 5:@I:56 2?5 D:?< :E]k^Am
kAm%96 x?E6C8@G6C?>6?E2= !2?6= @? r=:>2E6 r92?86[ H9:49 4@>A:=6D C6D62C49 @? 4=:>2E6 492?86 7C@> D4:6?E:DED 2C@F?5 E96 H@C=5[ 42==D 42C3@? 5:@I:56 C6>@G2= “k2 9C67lQ9EEADi^^HHH]:A44]49^C6A@CE^2Ce^H8b^C6D@FC46D^DA>\9625=:?6\DE2E6>6?ED^QmF?2G@:523=6k^2m” :7 E96 H@C=5 9@A6D E@ <66A C:D:?8 E6>A6C2EFC6D :? 4964< 2?5 249:6G:?8 E96 E2C86ED @7 E96 k2 9C67lQ9EEADi^^F?7444]:?E^AC@46DD\2?5\>66E:?8D^E96\A2C:D\28C66>6?EQm!2C:D 4=:>2E6 28C66>6?Ek^2m]k^Am
kAmqFE :D D:?<:?8 3:@>2DD :? E96 @462? E96 2?DH6Cnk^Am
kAmx 2> E96 k2 9C67lQ9EEADi^^D49@=2C]8@@8=6]4@>^4:E2E:@?DnFD6Clp%f@yIgppppyU2>Aj9=l6?Qm4@\7@F?5:?8 5:C64E@Ck^2m @7 E96 k2 9C67lQ9EEADi^^HHH]2>6C:42?]65F^D:D^46?E6CD^42C3@?\C6>@G2=^Qmx?DE:EFE6 7@C #6DA@?D:3=6 r2C3@? #6>@G2=k^2m 2E p>6C:42? &?:G6CD:EJ[ 2?5 x 92G6 C6G:6H65 D6G6C2= @7 E96D6 AC@;64ED] x D66 3@E9 AC@D 2?5 4@?D E@ @462? 42C3@? C6>@G2= E649?:BF6D]k^Am
k9amw@H @462? 3:@>2DD D:?<:?8 H@C<Dk^9am
kAmr2C3@?:76C@FD A=2?D E@ 42CCJ @FE :ED 7:6=5 6IA6C:>6?E :? E96 ~C42 q2D:? @77 E96 4@2DE @7 {@F:D:2?2] %96 32D:? :D 2?@I:4[ >62?:?8 56G@:5 @7 @IJ86?[ 2?5 92D 2 9:896C 4@?46?EC2E:@? @7 D2=E E92E >@DE D62H2E6C] %96 t!p A6C>:E =6ED E96 4@>A2?J D:?< a_ 3FC=2A D24<D k2 9C67lQ9EEADi^^HHH]6A2]8@G^>2C:?6\AC@E64E:@?\A6C>:EE:?8^>ACD2\C6D62C49\A6C>:E\42C3@?:76C@FD\:?4\C6D62C49\AC@;64EQm4@?E2:?:?8 DF82C42?6 C6D:5F6 2?5 >@?:E@C:?8 6BF:A>6?Ek^2m E@ E96 3@EE@> @7 E96 D62 E96C6 E@ DEF5J H92E 92AA6?D]k^Am
kAmv=@32==J[ =2?5 G686E2E:@?[ :?4=F5:?8 EC66D 2?5 4C@AD[ D6BF6DE6CD k2 9C67lQ9EEADi^^5@:]@C8^`_]``ge^`fd_\_eg_\b\`Qm2AAC@I:>2E6=J e_ 3:==:@? E@?D @7 42C3@? A6C J62Ck^2m] w@H6G6C[ 2 =2C86 A@CE:@? @7 E9:D 42C3@? :D BF:4<=J C6=62D65 324< :?E@ E96 2E>@DA96C6 – k2 9C67lQ9EEADi^^:==F>:?6>]4@>^:==F>:?6>G@:46D^>2C:?6\3:@>2DD\42C3@?\C6>@G2=\2?5\DE@C286\D:?<\:E\2?5\7@C86E\:EQm@7E6? H:E9:? >@?E9D E@ J62CDk^2m – H96? E96 G686E2E:@? 5:6D 2?5 564@>A@D6D[ @C :D 3FC?65]k^Am
kAm~462? 3:@>2DD D:?<:?8 2:>D E@ =@4< FA E92E 42C3@? @? E96 @462? 7=@@C :? =@H\@IJ86? 2C62D[ H96C6 564@>A@D:E:@? :D >F49 D=@H6C] p?26C@3:4 AC@46DD6D[ DF49 2D 76C>6?E2E:@?[ k2 9C67lQ9EEADi^^F?6D5@4]F?6D4@]@C8^2C<i^cgaab^A7____bhbg`fQm>2J =62G6 E96 3:@>2DD =2C86=J :?E24E 7@C 46?EFC:6D @C >:==6??:2k^2m] k2 9C67lQ9EEADi^^HHH]3CJ466?6C8JD6CG:46D]4@>^a_ac^_h^a_^42C3@?\Qmr@=56C H2E6C 6?G:C@?>6?EDk^2m 42? 2=D@ D=@H E96 C2E6 @7 3:@>2DD 5642J]k^Am
k7:8FC6mk:>8 2=ElQp? :==FDEC2E:@? @7 42C3@? DE@C286]Q DC4lQ9EEADi^^:>286D]E964@?G6CD2E:@?]4@>^7:=6D^fbcbgh^@C:8:?2=^7:=6\a_ae_d_e\df\9a:daD];A8n:I=:3lC3\c]`]_U2>AjBlcdU2>Aj2FE@l7@C>2EU2>AjHlfc_U2>Aj7:El4=:AQ ^mk7:842AE:@?m!=2?E C6D:5F6 42? 36 DF?< :?E@ @I:4 2?5 2?@I:4 C68:@?D @7 E96 D627=@@C[ H:E9 5:776C6?E C6DF=ED] q@E9 364@>6 5:DD@=G65 :?@C82?:4 42C3@? WsxrX[ >6E92?6 WrwcX 2?5 5:DD@=G65 @C82?:4 >2EE6C Ws~|X] %9:D 42C3@? 6G6?EF2==J C62496D E96 @462? DFC7246 2?5 2E>@DA96C6[ 3FE E96 AC@46DD 42? E2<6 9F?5C65D @7 J62CD 7C@> 2?@I:4 6?G:C@?>6?ED[ H9:49 =24< @IJ86? W~aX] k2 9C67lQ9EEADi^^5@:]@C8^`_]`_ah^a_abp'___hd_Qm|] #] #2G6?[ 6E 2=][ a_ack^2m[ k2 9C67lQ9EEAi^^4C62E:G64@>>@?D]@C8^=:46?D6D^3J^c]_^Qmrr q*k^2mk^7:842AE:@?mk^7:8FC6m
k9am%96 4@?46C?Dk^9am
kAm%H@ BF6DE:@?D E92E 2C:D6 2C6 H96E96C E9:D 2AAC@249 H@F=5 36 67764E:G6 2E E96 D42=6 ?66565 2?5 H92E C:D<D :E >:89E A@D6 E@ @462? 64@DJDE6>D]k^Am
kAm#646?E DEF5:6D 92G6 6DE:>2E65 E92E @462? 3:@>2DD DE@C286 AC@;64ED k2 9C67lQ9EEADi^^5C2H5@H?]@C8^4=FDE6C\a_ad^3:@>2DD\42C3@?\C6>@G2=\DE@C286Qm4@F=5 5FC23=J DE@C6k^2m D@>6H96C6 k2 9C67lQ9EEADi^^2>3C@@<]4@>^@77C2?86^DFDE2:?23:=:EJ^;FDE\E9C@H\:E\:?\E96\@462?Qm36EH66? _]` 2?5 ` 8:82E@?D @7 42C3@? 5:@I:56 2??F2==Jk^2m] %92E D@F?5D =:<6 2 =@E[ 3FE 9F>2?:EJ >2J ?665 E@ C6>@G6 k2 9C67lQ9EEADi^^HHH]4=:>2E6]8@G^?6HD\762EFC6D^F?56CDE2?5:?8\4=:>2E6^42C3@?\5:@I:56\C6>@G2=\?@22\DE2E6\D4:6?46\724ED966EQmf E@ h 8:82E@?D @7 42C3@? 5:@I:56 6249 J62Ck^2m 7C@> E96 2E>@DA96C6 3J E96 >:55=6 @7 E96 46?EFCJ 2?5 k2 9C67lQ9EEADi^^HHH]4a6D]@C8^4@?E6?E^42C3@?\5:@I:56\C6>@G2=^QmFA E@ a_ 8:82E@?D A6C J62C 3J a`__k^2m E@ >66E 8=@32= 4=:>2E6 8@2=D 2?5 2G@:5 52?86C@FD=J 9:89 E6>A6C2EFC6D]k^Am
kAmp 3:886C 4@?46C? :D E92E DF3DE2?E:2==J :?4C62D:?8 @C82?:4 >2EE6C :? 566A @462? 6?G:C@?>6?ED >:89E DE:>F=2E6 E96 8C@HE9 @7 2?26C@3:4 324E6C:2[ H9:49 k2 9C67lQ9EEADi^^HHH]3CJ466?6C8JD6CG:46D]4@>^a_ac^_h^a_^42C3@?\Qm42? AC@5F46 >6E92?6k^2m[ 2 A@E6?E 8C66?9@FD6 82D E92E 4@F=5 @77D6E >F49 @7 E96 36?67:ED @7 E9:D 2AAC@249]k^Am
kAm!C@A@?6?ED @7 @462? 3:@>2DD DE@C286 4@F?E6C E92E E96 k2 9C67lQ9EEADi^^HHH]42?2CJ>65:2]4@>^2CE:4=6D^42C3@?\42AEFC6^42?\H6\7:89E\4=:>2E6\492?86\3J\D:?<:?8\42C3@?\:?E@\E96\D62Qm23D6?46 @7 G6CE:42= >:I:?8 2>@?8 E96 H2E6C =2J6CD :? @462? 64@DJDE6>Dk^2m H@F=5 AC6G6?E 2?J 255:E:@?2= >6E92?6 C6=62D6D 7C@> F=E:>2E6=J 6D42A:?8 E@ E96 2E>@DA96C6] uFCE96C C6D62C49 :D 4=62C=J C6BF:C65 E@ <?@H E96 C:D<D]k^Am
kAm~462? 3:@>2DD DE@C286 >:89E 2=D@ A@D6 6?G:C@?>6?E2= 2?5 64@?@>:4 C:D<D] pD 3:@>2DD 56D46?5D :? E96 H2E6C 4@=F>?[ :E 92D E96 A@E6?E:2= E@ C6=62D6 A2CE:4F=2E6D @C @C82?:4 >2EE6C[ H9:49 4@F=5 2=E6C E96 24E:G:E:6D @7 >:4C@36D 2D H6== 2D k2 9C67lQ9EEADi^^5@:]@C8^`_]``ae^D4:6?46]256fda`QmE96 7@@5 DFAA=J 2?5 @IJ86?k^2m :? E96 @462? k2 9C67lQ9EEADi^^HHH]H9@:]65F^@462?\=62C?:?8\9F3^@462?\E@A:4D^9@H\E96\@462?\H@C<D^@462?\K@?6D^EH:=:89E\K@?6^Qm>6D@A6=28:4 K@?6k^2m] %96 K@?6 :D 2 3FDJ C68:@? @7 k2 9C67lQ9EEADi^^HHH]7C@?E:6CD:?]@C8^;@FC?2=D^4=:>2E6^2CE:4=6D^`_]bbgh^74=:>]a_ab]``eheed^7F==Qm9:89 AC@5F4E:G:EJ 2?5 9@>6 E@ 2 >:==:@? F?56D4C:365 DA64:6Dk^2m] %96 C6DF=E 4@F=5 92C> k2 9C67lQ9EEADi^^:==F>:?6>]4@>^:==F>:?6>G@:46D^>2C:?6\3:@>2DD\42C3@?\C6>@G2=\2?5\DE@C286\D:?<\:E\2?5\7@C86E\:EQm4@>>6C4:2= 7:D96C:6Dk^2m 2?5 @E96C DA64:6D]k^Am
kAmxE’D 2=D@ F?4=62C 9@H k2 9C67lQ9EEADi^^5@:]@C8^`_]`_ab^pi`_`_fed_`b`_cQmD627=@@C 4@>>F?:E:6Dk^2m[ DF49 2D 324E6C:2[ @E96C >:4C@36D 2?5 7F?8:[ >:89E C6DA@?5 E@ E96 :?EC@5F4E:@? @7 >2DD:G6 2>@F?ED @7 3:@>2DD]k^Am
kAmp?5 E96 :?EC@5F4E:@? @7 =2C86 2>@F?ED @7 255:E:@?2= 3:@>2DD :? 566A\@462? C68:@?D >:89E 2EEC24E k2 9C67lQ9EEADi^^5@:]@C8^`_]`__a^3:6D]a_`c__`__QmDA64:6D E92E 7665 @? 5625 A=2?E >2E6C:2=k^2m[ @C E96:C AC652E@CD[ k2 9C67lQ9EEADi^^HHH\D4:6?46\@C8]=:3AC@IJ]36C<6=6J]65F^5@:^6A57^`_]``ae^D4:6?46]256fda`QmH9:49 4@F=5 2=E6C DA64:6D :?E6C24E:@?Dk^2m :? 64@DJDE6>D E92E D4:6?E:DED <?@H G6CJ =:EE=6 23@FE] %9@D6 67764ED 4@F=5 36 7FCE96C 6I246C32E65 3J 5642J:?8 3:@>2DD C65F4:?8 @IJ86? :? D627=@@C 6?G:C@?>6?ED 2?5 A@E6?E:2==J :?4C62D:?8 E96 C6=62D6 @7 k2 9C67lQ9EEADi^^=:?<]DAC:?86C]4@>^2CE:4=6^`_]`_ab^pi`_`e`bea_ab_hQm9J5C@86? DF=7:56[ >6E92?6[ ?:EC@FD @I:56 2?5 ?:EC@86? 2?5 A9@DA9@CFD 4@>A@F?5Dk^2m]k^Am
k7:8FC6mk:7C2>6 H:5E9lQcc_Q 96:89ElQae_Q DC4lQ9EEADi^^HHH]J@FEF36]4@>^6>365^B0Cq:8b>9|_nH>@56lEC2?DA2C6?EU2>AjDE2CEl_Q 7C2>63@C56ClQ_Q 2==@H7F==D4C66?lQQmk^:7C2>6mk7:842AE:@?m$:?<:?8 D62H665 :? E96 @462? E@ DE@C6 42C3@?]k^7:842AE:@?mk^7:8FC6m
k9am~E96C H2JD E@ DE@C6 42C3@? :? E96 @462?Dk^9am
kAmr2C3@?:76C@FD :D ?@E E96 @?=J 4@>A2?J 7@4FD65 @? @462? 3:@>2DD DE@C286] k2 9C67lQ9EEADi^^HHH]C6H:?5]62CE9^QmxDC26=\32D65 #6H:?5k^2m :D 4FCC6?E=J 6IA6C:>6?E:?8 H:E9 3FCJ:?8 H2DE6 A=2?E >2EE6C 7C@> 72C>D 2?5 4:E:6D k2 9C67lQ9EEADi^^HHH]C6H:?5]62CE9^AC@;64ED^AC@;64E\>24D\C@>2?:2Qm:? 2? 2?@I:4 q=24< $62 C68:@? @77 E96 4@2DE @7 #@>2?:2k^2m[ 2D H6== 2D 36?62E9 D62365 D65:>6?ED :? E96 |65:E6CC2?62? $62 k2 9C67lQ9EEADi^^HHH]C6H:?5]62CE9^AC@;64ED^AC@;64E\>24D\>65\D62Qm@77 E96 4@2DE @7 w2:72 :? xDC26=k^2m] %96 4@>A2?J 36=:6G6D E92E :E 4@F=5 D:?< k2 9C67lQ9EEADi^^HHH]C6H:?5]62CE9^72BQm` >:==:@? E@?D @7 3:@>2DD C6D:5F6k^2m 2??F2==J 3J a_b_]k^Am
kAmp?@E96C xDC26=: 4@>A2?J[ k2 9C67lQ9EEADi^^3=F68C66?H2E6CE649]4@>^Qmq=F6vC66? (2E6C %649?@=@8:6Dk^2m[ E2<6D 2 G6CJ 5:776C6?E 2AAC@249] x?DE625 @7 4@==64E:?8 3:@>2DD 7C@> E6CC6DEC:2= D@FC46D[ k2 9C67lQ9EEADi^^3=F68C66?H2E6CE649]4@>^?6E\3=F6Qm:E FD6D 2 D@=FE:@? @7 9J5C@86? A6C@I:56k^2m E@ <:==[ 2?5 F=E:>2E6=J D:?<[ E@I:4 92C>7F= 2=82= 3=@@>D >256 FA @7 4J2?@324E6C:2[ 2=D@ <?@H? 2D 3=F6\8C66? 2=826] %9:D 2AAC@249 >2J 2=D@ k2 9C67lQ9EEADi^^HHH]42?2CJ>65:2]4@>^2CE:4=6D^42C3@?\42AEFC6^42?\H6\7:89E\4=:>2E6\492?86\3J\D:?<:?8\42C3@?\:?E@\E96\D62Qm6=:>:?2E6 3=@@>Dk^2m E92E 42? 56G2DE2E6 2BF2E:4 6?G:C@?>6?ED 3J 4C62E:?8 =@H\@IJ86? 5625 K@?6D] p?5 3642FD6 2=826 D6BF6DE6C DF3DE2?E:2= 2>@F?ED @7 42C3@?[ E96 4@>A2?J 4=2:>D E92E E9:D 2AAC@249 4@F=5 2=D@ k2 9C67lQ9EEADi^^3=F68C66?H2E6CE649]4@>^?6E\3=F6QmC6>@G6 3:==:@?D @7 E@?D @7 42C3@? 7C@> E96 2E>@DA96C6 :? @462? 2?5 7C6D9H2E6C 64@DJDE6>Dk^2m]k^Am
kAm%96 H@C=5’D @462?D 2C6 3J 72C t2CE9’D =2C86DE 42C3@? D:?<[ DE@C:?8 C@F89=J k2 9C67lQ9EEADi^^@462?\4=:>2E6]@C8^6?^2H2C6?6DD^E96\@462?\2\42C3@?\D:?<^Qmd_ E:>6D >@C6 42C3@? E92? E96 2E>@DA96C6k^2m 2?5 k2 9C67lQ9EEADi^^HHH]H67@CF>]@C8^DE@C:6D^a_ab^_f^42C3@?\D:?<D\7:89E\4=:>2E6\4C:D:D^Qma_ E:>6D >@C6 E92? E6CC6DEC:2= 7@C6DED 2?5 D@:=Dk^2m 4@>3:?65] %9:D AC@G:56D 2 4@>A6==:?8 42D6 E@ 6IA=@C6 >2C:?6 42C3@? C6>@G2= @AE:@?D]k^Am
kAmw@H6G6C[ 2D :D E96 42D6 H:E9 2== >2C:?6\32D65 2AAC@2496D[ @462? 3:@>2DD DE@C286 C2:D6D 2? 2CC2J @7 BF6DE:@?D E92E ?665 E@ 36 C6D@=G65 367@C6 E96 H@C=5 42? 4@?D:56C 56A=@J:?8 :E @? 2 =2C86 D42=6] r2C3@?:76C@FD’ C6D62C49 AC@8C2> :D @?6 A:646 @7 E9:D AFKK=6]k^Am
kAmk6>m%9:D 2CE:4=6 :D C6AF3=:D965 7C@> k2 9C67lQ9EEAi^^E964@?G6CD2E:@?]4@>^FDnFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?lC6=2E65\=:?<\_U2>AjFE>04@?E6?El2CE:4=6\agabe`Qm%96 r@?G6CD2E:@?k^2m[ 2 ?@?AC@7:E[ :?56A6?56?E ?6HD @C82?:K2E:@? 3C:?8:?8 J@F 724ED 2?5 ECFDEH@CE9J 2?2=JD:D E@ 96=A J@F >2<6 D6?D6 @7 @FC 4@>A=6I H@C=5] xE H2D HC:EE6? 3Ji k2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^AC@7:=6D^H:=\3FC?D\ab`afanFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?l3J=:?6\=:?<U2>AjFE>04@?E6?El2CE:4=6\agabe`Qm(:= qFC?Dk^2m[ k6>mk2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^:?DE:EFE:@?D^2>6C:42?\F?:G6CD:EJ\D49@@=\@7\:?E6C?2E:@?2=\D6CG:46\aggenFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?l3J=:?6\=:?<U2>AjFE>04@?E6?El2CE:4=6\agabe`Qmp>6C:42? &?:G6CD:EJ $49@@= @7 x?E6C?2E:@?2= $6CG:46k^2mk^6>mk^6>mk^Am
kAmkDEC@?8m#625 >@C6ik^DEC@?8mk^Am
kF=mk=:mk2 9C67lQ9EEAi^^E964@?G6CD2E:@?]4@>^4=:>2E6\6?8:?66C:?8\H@F=5\2=E6C\E96\@462?D\C6D92A:?8\>2C:?6\=:76\?6H\DEF5J\6I2>:?6D\6249\>6E9@5D\C:D<D\af_edhnFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?lC6=2E65\=:?<_U2>AjFE>04@?E6?El2CE:4=6\agabe`Qmr=:>2E6 6?8:?66C:?8 H@F=5 2=E6C E96 @462?D[ C6D92A:?8 >2C:?6 =:76 – ?6H DEF5J 6I2>:?6D 6249 >6E9@5’D C:D<Dk^2mk^=:mk=:mk2 9C67lQ9EEAi^^E964@?G6CD2E:@?]4@>^D4:6?E:DED\6?G:D:@?\2?\:?E6C?6E\@7\E96\@462?\H:E9\D6?D@CD\2?5\2FE@?@>@FD\G69:4=6D\E92E\42?\6IA=@C6\E96\566A\D62\2?5\>@?:E@C\:ED\G:E2=\D:8?D\`hf`bcnFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?lC6=2E65\=:?<`U2>AjFE>04@?E6?El2CE:4=6\agabe`Qm$4:6?E:DED 6?G:D:@? 2? ‘:?E6C?6E @7 E96 @462?[’ H:E9 D6?D@CD 2?5 2FE@?@>@FD G69:4=6D E92E 42? 6IA=@C6 E96 566A D62 2?5 >@?:E@C :ED G:E2= D:8?Dk^2mk^=:mk=:mk2 9C67lQ9EEAi^^E964@?G6CD2E:@?]4@>^86@6?8:?66C:?8\E96\@462?\E@\7:89E\4=:>2E6\492?86\C2:D6D\D6C:@FD\6?G:C@?>6?E2=\;FDE:46\BF6DE:@?D\`ggbc_nFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?lC6=2E65\=:?<aU2>AjFE>04@?E6?El2CE:4=6\agabe`Qmv6@6?8:?66C:?8 E96 @462? E@ 7:89E 4=:>2E6 492?86 C2:D6D D6C:@FD 6?G:C@?>6?E2= ;FDE:46 BF6DE:@?Dk^2mk^=:mk^F=m
kA 4=2DDlQ7:?6\AC:?EQmk6>mkDA2?m(:= qFC?D 5@6D ?@E H@C< 7@C[ 4@?DF=E[ @H? D92C6D :? @C C646:G6 7F?5:?8 7C@> 2?J 4@>A2?J @C @C82?:K2E:@? E92E H@F=5 36?67:E 7C@> E9:D 2CE:4=6[ 2?5 92D 5:D4=@D65 ?@ C6=6G2?E 277:=:2E:@?D 36J@?5 E96:C 24256>:4 2AA@:?E>6?E]k^DA2?mk^6>mk^Am
kAmk:>8 DC4lQ9EEADi^^4@F?E6C]E964@?G6CD2E:@?]4@>^4@?E6?E^agabe`^4@F?E]8:7n5:DEC:3FE@Cl=66Q DEJ=6lQ96:89Ei`AIjH:5E9i`AIjQ 2=ElQQ ^mk^Am
