78

From Workplace to Anyplace Final Documentd2ouvy59p0dg6k.cloudfront.net/downloads/wwf_from... · from workplace to anyplace assessing the opportunities to reduce greenhouse gas emissions

Embed Size (px)

Citation preview

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!"#$%&'((

"#$%&'!

()*+,!-.//)00,12!345)6!)./7,*8!

916*5)!:,;;2!

<<%!'=5651!

>5112;!?)@421!!

#$AA"#$:"!

'.0)115!?)74@)1!

!

!

B72;!*5;5)*+7!=);!;.CC,*/56!DE!)!F*)1/!G*,@!(2+*,;,G/H!#,*C,*)/2,1I!

FROM WORKPLACE TO ANYPLACE ASS ESSI NG THE OPP ORTUNI TI ES

TO REDU CE GREE NHOUSE GAS EM I S SI ONS WI TH VI RTUAL ME ETI N GS AND TELECOM M UTI NG

(!

!

! !

!

! J

!

"#$%&'$!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!)!

*+$',-./$!0,11&#2!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!3!

45-#67,'-.65!((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!88!

8! 9&':;#6,57!((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!8<!

KIK! B545=,*L21F!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!KJ!

KIKIK! B545=,*L21F!M!>)/)!)N)24)D242/E!)16!6)/)O+,445+/2,1!2;;.5;!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!KJ!

KIKIP! B545=,*L21F!M!?515/*)/2,1!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!KQ!

KIKIR! B545=,*L21F!M!"S2;/21F!D)**25*;!)16!F*,=/7!C,/51/2)4!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!KT!

KIP! U2*/.)4!@55/21F;!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!KV!

KIPIK! U2*/.)4!@55/21F;!M!>)/)!)N)24)D242/E!)16!6)/)O+,445+/2,1!2;;.5;!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!KV!

KIPIP! U2*/.)4!@55/21F;!M!"S2;/21F!42/5*)/.*5!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!PW!

KIPIR! U2*/.)4!@55/21F;!M!"S2;/21F!D)**25*;!)16!F*,=/7!C,/51/2)4!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!PP!

KIR! $./4,,L!M!B545=,*L21F!)16!N2*/.)4!@55/21F;!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!PJ!

KIJ! ?)/7;!,G!XYX!2@C)+/!G,*!/545=,*L21F!)16!/545+,1G5*51+21F!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!PJ!

<! =,-,#$!>6#?70!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!<3!

PIK! #)*D,1!=,*46!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!PZ!

PIP! ?,42+E!=,*46!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!PZ!

PIR! B5+7!=,*46!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!PT!

PIJ! '@)*/!=,*46IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!PT!

@! A,&5-.-&-./$!&5&?20.0!B!C$-D676?6;2!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!@E!

RIK! [5E!);;.@C/2,1;!M!9CC*,)+7!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!RK!

F! A,&5-.-&-./$!&5&?20.0!B!G.1,?&-.65!#$0,?-0!&57!7.0',00.65!((((((((((((((((((((((((((((((((((((((((((!@)!

JIK! B545=,*L21F!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!RQ!

)! "6?.'.$0!&57!0-#&-$;.$0!((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!)F!

3! HII$57.+!8!B!H00,1I-.65!-&J?$0!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!)K!

\IK! B545=,*L21F!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!QZ!

\IP! U2*/.)4!@55/21F;!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!\\!

K! HII$57.+!<L!G,11&#2!7&-&!%6#!*M!'6,5-#.$0!((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!KE!

N! HII$57.+!@L!M5$1I?62$7!I$6I?$!.5-$#$0-$7!.5!-$?$>6#:.5;!((((((((((((((((((((((((((((((((((((((((!KF!

O! 9.J?.6;#&ID.'!#$%$#$5'$0!(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((!K)!

!

! Q

Preface 944!/,,!,G/51!/75!62;+.;;2,1!)D,./!*56.+/2,1!,G!F*5517,.;5!F);5;!2;!+).F7/!21!)1!,46!62+7,/,@E!=75*5!

21+*5);56!].)42/E!,G!42G5!2;!C*5;51/56!);!2G!2/!2;!21!+,1G42+/!=2/7!/75!1556!/,!@,N5!)=)E!G*,@!)!65C51651+E!

,1!G,;;24!G.54I!B,6)E!15=!)16!211,N)/2N5!;,4./2,1;!5S2;/!/7)/!+)1!D,/7!C*,N265!)!D5//5*!].)42/E!,G!42G5!)16!

+,1/*2D./5!/,!6*)@)/2+)44E!*56.+56!5@2;;2,1;I!B75;5!;,4./2,1;!)*5!C)*/2+.4)*4E!2@C,*/)1/!D./!)4;,!

+7)4451F21F!=751!)CC*,)+721F!/75!+42@)/5!+7)4451F5!G*,@!)!F4,D)4!C5*;C5+/2N5^!D5+).;5!/75!1556!/,!754C!

D2442,1;!,G!C5,C45!@,N5!].2+L4E!,./!,G!C,N5*/E!)16!/75!1556!/,!C*,N265!;,4./2,1;!/7)/!+)1!754C!C5,C45!21!

/75!65N54,C56!=,*46!/,!*56.+5!/752*!5+,4,F2+)4!G,,/C*21/!@.;/!D5!;.CC,*/56!)/!/75!;)@5!/2@5I!

!

B=,!,G!/75!@,;/!21/5*5;/21F!)16!211,N)/2N5!+42@)/5!;,4./2,1;!/7)/!+)1!+,1/*2D./5!/,!)!72F75*!].)42/E!,G!42G5!

)16!65+*5);56!5+,4,F2+)4!G,,/C*21/!)*5!N2*/.)4!@55/21F;!)16!/545+,@@./21FI!_)/54E!/75;5!;,4./2,1;!7)N5!

D5F.1!/,!D5!.;56!,1!)!=265*!;+)45^!D./!/75!C,/51/2)4!2;!51,*@,.;!)16!7);!1,/!E5/!D551!*5+,F12056^!);!

/72;!*5C,*/!;7,=;I!`1+*5);21F!N2*/.)4!@55/21F;!)16!/545+,@@./21F!/,6)E!+,.46^!=2/7,./!)1E!6*)@)/2+!

@5);.*5;^!754C!/,!;)N5!@,*5!/7)1!R!D2442,1!/,1;!,G!#$P!5@2;;2,1;!21!)!G5=!65+)65;a!/72;!2;!5].2N)451/!/,!

)CC*,S2@)/54E!7)4G!,G!/75!+.**51/!b'!#$P!5@2;;2,1;I!B75!L5E!/,!/)C!21/,!/75!*5)4!C,/51/2)4!425;!21!

+,44)D,*)/2,1!D5/=551!F,N5*1@51/;!)16!D.;215;;^!);!=544!);!+,44)D,*)/2,1!D5/=551!$"#>!)16!5@5*F21F!

5+,1,@25;!;.+7!);!#721)!)16!`162)I!Y,C5G.44E!/72;!*5C,*/!+)1!754C!21;C2*5!+,1+*5/5!)+/2,1;^!);!/75*5!2;!1,!

*5);,1!/,!=)2/!D5G,*5!=5!5@D)*L!,1!)1!211,N)/2N5!4,=O+)*D,1!65N54,C@51/!C)/7!M!)!C)/7!/7)/!5@D*)+5;!

211,N)/2,1^!5].2/E^!)16!45)65*;72CI!B72;!*5C,*/!;7,=;!/7)/!=5!+)1!6,!2/!2G!=5!=)1/!/,I!A,=!2;!/75!/2@5!G,*!

)+/2,1I!

!

>5112;!?)@421^!X4,D)4!?,42+E!96N2;,*^!<<%!'=5651!

()*+7!PWWV!

!

! \

Executive summary

B72;!*5C,*/!G,+.;5;!,1!/75!,CC,*/.12/25;!/,!*56.+5!/75!F*5517,.;5!F);!3XYX8!5@2;;2,1;!21!=,*LO*54)/56!

+,1/5S/;^! /7)1L;! /,! /75! 65C4,E@51/! ,G! `B! ;,4./2,1;! /7)/! 51)D45! ,15! ,*! @,*5! 2162N26.)4;! /,! =,*L! ,*!

+,44)D,*)/5! *5@,/54EI! `1! C)*/2+.4)*! /75! *5C,*/! )1)4E05;! /75! C,/51/2)4! );;,+2)/56! =2/7! /545=,*L21F! )16!

N2*/.)4!@55/21F;!/,!*56.+5!+)*D,1!5@2;;2,1;!G*,@!6)24E!+,@@./21F!DE!+)*!)16!D.;215;;!)2*!/*)N54^!)16!/75!

+,162/2,1;! .165*! =72+7! ;.+7! C,/51/2)4! +,.46! D5! *5)42056I! B75! F,)4! ,G! /75! *5C,*/! 2;! /,! F)21! )1!

.165*;/)1621F!,G!/75!;+)45!,G!/75!,CC,*/.12/25;!)N)24)D45!=7245!2651/2GE21F!/75!L5E!6*2N5*;!/7)/!@)E!51)D45!

,*!72165*!/75!G.44!)+725N5@51/!,G!;.+7!,CC,*/.12/25;I!-E!)1)4E021F!62GG5*51/!/*)c5+/,*25;!,G!C,;;2D45!G./.*5!

65N54,C@51/;^! /72;! *5C,*/! C*,N265;! 21;2F7/! 21/,! )! G./.*5! 21! =72+7! @)S2@.@! XYX! 5@2;;2,1! *56.+/2,1;!

+,.46!D5!)+725N56I!

B75!C*5@2;5! G,*! /75!)1)4E;2;! 2;! /7)/! `B! 2;!D5;/!;551!);!)! +)/)4E;/! /7)/! +)1!52/75*!D5!.;56! 21!=)E;! /7)/!

*56.+5! ,.*! 51N2*,1@51/)4! G,,/C*21/! ,*! +)1! D5! 65C4,E56! =2/721! ;E;/5@;! /7)/! .4/2@)/54E! *5;.4/! 21! )1!

21+*5);56!51N2*,1@51/)4!G,,/C*21/I!-5+).;5!/75!C,42+E!)16!5+,1,@2+!51N2*,1@51/!21!=72+7!`B!/5+71,4,FE!

2;!65C4,E56! 4)*F54E!65/5*@215;! 2/;!15/! 2@C)+/!,1!XYX!5@2;;2,1;^! /72;! *5C,*/!,./4215;! G,.*! ;+51)*2,;! G,*!

C,;;2D45! G./.*5! 65N54,C@51/;^! +7)*)+/5*2056! DE! 62GG5*51/! *,45;! )16! )//2/.65;! 21! C,42+E! @)L5*;! )16! `B!

216.;/*E!3;55!/)D45!D54,=8I!

B75!G2*;/!C)*/!,G!/75!*5C,*/!C*,N265;!)!D)+LF*,.16(,1!+.**51/!/*516;!21!/545=,*L21F!)16!N2*/.)4!@55/21F;!

21!L5E!*5F2,1;!)*,.16!/75!=,*46I!B72;!2;!G,44,=56!DE!/75!65;+*2C/2,1!,G!G,.*!C,/51/2)4!dG./.*5!=,*46;e!/7)/!

=,.46! *5;.4/! 21!62GG5*51/!,./+,@5;! G,*!F4,D)4!XYX!5@2;;2,1;I!B75! G21)4!C)*/!,G! /75!*5C,*/!62;+.;;5;! /75!

C,42+25;! )16! ;/*)/5F25;! /7)/! +)1! D5! 65C4,E56! c,21/4E^! DE! C,42+E! @)L5*;! )16! `B! C*,N265*;! )16! .;5*;^! /,!

G,;/5*!/75!)6,C/2,1!,G!;,4./2,1;!;.+7!);!/545=,*L21F!)16!N2*/.)4!@55/21F;!)16!/,!@)S2@205!/752*!D515G2/;!

21!/5*@;!,G!XYX!5@2;;2,1!*56.+/2,1;I!

!

! )*(+,-"'#&.(/0$12+%&(

!

`B!216.;/*E!)16!.;5*;!6,!1,/!)66*5;;!515*FE!)16!+42@)/5!+7)1F5!2;;.5;!;C5+2G2+)44E(

`B!216.;/*E!)16!.;5*;!)FF*5;;2N54E!C.*;.5!)16!,GG5*!+42@)/5!G*25164E!

;,4./2,1;(

3%4+5.(

-%61+,(

"GG5+/2N5!+42@)/5!+7)1F5!C,42+E^!21+4.621F!;.CC,*/!G,*!4,=O+)*D,1!`B!;,4./2,1;!

3%4+5.(7%&4-(((

861&#(7%&4-((

<5)L!+42@)/5!+7)1F5!C,42+E^!2F1,*21F!/75!*,45!,G!4,=O+)*D,1!`B!

91&/%,(7%&4-((

(

*05$(7%&4-((

(

*1/40(:;(<20&2+07(%=(="#"&0(7%&4-'(

'/*)/5F2+!+7,2+5;!,G!C,42+E!@)L5*;!)16!51/5*C*2;5;!=244!65/5*@215!=72+7!G./.*5!=,*46!=5!=244! 42N5!21I!B75!

62GG5*51/! G./.*5!=,*46;! )1)4E056! 21! /75! *5C,*/! 6,! 1,/! *5C*5;51/! G,*5+);/;! ,G! G./.*5! 65N54,C@51/a! /75E!

*5C*5;51/!21;/5)6!)!C,*/G,42,!,G!,C/2,1;!)N)24)D45!/,!/75!F4,D)4!+,@@.12/EI!!

%,*! 5)+7! ,G! /75! C,;;2D45! /*)c5+/,*25;^! /75! XYX! 5@2;;2,1;! );;,+2)/56! =2/7! D.;215;;! )2*! /*)N54! )16! +)*!

+,@@./21F!)*5!5;/2@)/56!].)1/2/)/2N54E!/,!+,1/*);/!)16!+,@C)*5!62GG5*51/!G./.*5!=,*46;^!)16!/,!)1)4E05!

/75!*56.+/2,1!21!XYX!5@2;;2,1;!/7)/!@)E!D5!51)D456!DE!`B!/7*,.F7!N2*/.)4!@55/21F;!)16!/545+,@@./21FI!!

<20&2+07(%=(

>="#"&0(7%&4-'?(

!

! Z

b/242021F! 62GG5*51/! C*,c5+/2,1;! ,G! G./.*5! =,*46;^! /75! *5C,*/! )1)4E05;! 1,/! ,14E! /75! 62*5+/! 5GG5+/! ,G! /75;5!

/5+71,4,F25;! D./!)4;,!62GG5*51/! /EC5;!,G! 2162*5+/!5GG5+/;! G*,@! /75!.C/)L5!,G! /75;5! /5+71,4,F25;! /7)/! +)1!

*5;.4/!21!D,/7!65+*5);56!)16!21+*5);56!XYX!5@2;;2,1;I!B75;5!+)1!D5!+7)*)+/5*2056!21!/=,!=)E;f!

• _,=O+)*D,1!G556D)+L^!2G!)!;,4./2,1!/7)/!62*5+/4E!45)6;!/,!XYX!5@2;;2,1!*56.+/2,1;!)4;,!F515*)/5;!

+7)1F5;!21!D57)N2,*^!5+,1,@2+!)+/2N2/25;^!C*,+5;;5;^!,*!;,+25/)4!,*F)120)/2,1;!/7)/!21!/.*1!45)6!/,!

)662/2,1)4!XYX!*56.+/2,1;I!

! Y2F7O+)*D,1!G556D)+L^! 2G!)!;,4./2,1!/7)/!62*5+/4E!45)6;!/,!XYX!5@2;;2,1!*56.+/2,1;!)4;,! 45)6;!/,!

+7)1F5;!21!D57)N2,*^!5+,1,@2+!)+/2N2/25;^!C*,+5;;5;^!,*!;,+25/)4!,*F)120)/2,1;!/7)/!21!/.*1!45)6!/,!

)662/2,1)4!XYX! 5@2;;2,1;^!=72+7!@)E! 15F)/5^! 21! G.44! ,*! C)*/2)44E^! /75!XYX! 5@2;;2,1! *56.+/2,1;!

212/2)44Eg62*5+/4E!)+725N56I!

!

@0.(=+,-+,A'(

• B75! )1)4E;2;! 72F742F7/;! /7)/! /75! N,4.@5! ,G! XYX! 5@2;;2,1! *56.+/2,1;! C,/51/2)44E! 6542N5*56! DE!

/545=,*L21F! 2;! 4)*F5*! /7)1! /75! N,4.@5! C,/51/2)44E! 6542N5*56! DE! N2*/.)4! @55/21F;! 3;55! F*)C7;!

D54,=8I! B545=,*L21F! 2;! 1,/! /75! ;)@5! );! d7,@5! =,*Lea! 21+*5);21F4E! C5,C45! =,*L! 21! N)*2,.;!

4,+)/2,1;!,./;265!/75!=,*LC4)+5I!

• ()S2@.@!D515G2/;!+)1!D5!)+725N56!21!)!;@)*/!=,*46!=75*5!D,/7!C,42+E!@)L5*;!)16!C*2N)/5O;5+/,*!

+,@C)125;! C*,6.+5! )16! .;5! `B! K8! =,*L! /,F5/75*! /,! 45N5*)F5! /545=,*L21F! )16! N2*/.)4! @55/21F!

;,4./2,1;! );! /,,4;! /,! 6542N5*! XYX! 5@2;;2,1! *56.+/2,1;! =7245! P8! 2@C45@51/21F! ;/*)/5F25;! /7)/!

*56.+5! /75! *2;L;! ,G! 15F)/2N5! *5D,.16! 5GG5+/;! )16! 21+*5);5! /75! ,CC,*/.12/25;! /,! )+725N5! N2*/.)4!

+E+45;! ,G! 4,=O+)*D,1! G556D)+L! 3;55! /)D45! P^! D54,=8I! %,*! 5S)@C45^! /72;! @2F7/! ,++.*! =75*5! /75!

F)21;! G*,@! 21+*5);56! .;5! ,G! 4,=O+)*D,1! `B! ;,4./2,1;! /*2FF5*! G.*/75*! )+/2,1;! /7)/! *56.+5! XYX!

5@2;;2,1;I! 3`1+*5);56! .;5! ,G! /545=,*L21F! +)1^! G,*! 5S)@C45^! 21+*5);5! +,115+/2N2/E! )16! @)L5! 2/!

5);25*! G,*! C5,C45! /,! 7)N5! )! ;@)*/! 7,.;5! ,*! /,! D.E! 4,+)4! F,,6;! ,14215! 21;/5)6! ,G! 6*2N21F! /,! )!

;.C5*@)*L5/!/,!D.E!F,,6;!=2/7!)!72F7!+)*D,1!G,,/C*21/8I!!

• B75! 62GG5*51+5! 21! 5@2;;2,1! ;)N21F;! D5/=551! /75! +)*D,1!=,*46! 34,=5;/! ;)N21F;! ,N5*)448! )16! /75!

;@)*/!=,*46!372F75;/!;)N21F;!,N5*)448!2;!;2F12G2+)1/!M!5IFI^!G,*!/545=,*L21F!)D,./!K!D2442,1!/,1;!,G!

#$P!5@2;;2,1;!62GG5*51/2)/5!/75!/=,!;+51)*2,;!21!E5)*!PWRW!3)CC*,S2@)/54E!5].2N)451/!/,!/75!/,/)4!

+.**51/! #$P! 5@2;;2,1;! G*,@! b[! )16! `/)4E! +,@D21568! )16! )4@,;/! RIQ! D2442,1! /,1;! 21! E5)*! PWQW!

3)4@,;/! );! @.+7! );! /75! "bh;! /,/)4! #$P! 5@2;;2,1;! ,*! @,*5! /7)1! 7)4G! ,G! /75! b'h;! +.**51/! #$P!

5@2;;2,1;8I!!

• B75!,/75*!/7*55!G./.*5!=,*46;!6,!1,/!6542N5*!+)*D,1!*56.+/2,1;!);!;2F12G2+)1/!);!/7,;5!,GG5*56!DE!

/75!;@)*/!=,*46!D5+).;5!K8!/75E!);;.@5!)!4,=5*!.C/)L5!,G!/545=,*L21F!)16!N2*/.)4!@55/21F;!,*!P8!

/75!F)21;!G*,@!21+*5);56!.;5!,G!4,=O+)*D,1!`B!;,4./2,1;!)*5!,GG;5/!DE!,/75*!)+/2,1;!/7)/!.4/2@)/54E!

21+*5);5! XYX! 5@2;;2,1;! 32I5I^! 15F)/2N5! *5D,.16! 5GG5+/;8I! %,*! 5S)@C45^! /75! 21+*5);56! .;5! ,G!

/545=,*L21F! +)1! *5;.4/! 21! C5,C45! D.E21F! D2FF5*! +)*;! )16! 6*2N21F!@,*5!,*! 5N51! 4,1F5*! 62;/)1+5;!

/7)1!/75E!626!=751!/75E!=5*5!+,@@./21F!/,!/75!,GG2+5^!,*!21!/75@!)CC4E21F!;)N21F;!G*,@!*56.+56!

+,@@./21F!/,!72F7O+)*D,1!F,,6;!)16!;5*N2+5;!;.+7!);!N)+)/2,1;!/7)/!*5].2*5!4,1F!G42F7/;I!!

• `1;/5)6!,G!4,,L21F!)/!*5D,.16!5GG5+/;!);!;,@5/721F!15F)/2N5^!2/!2;!2@C,*/)1/!/,!*5+,F1205!/7)/!21!

/75! *2F7/! C,42+E! 51N2*,1@51/^! *5D,.16! 5GG5+/;! +)1! 754C! *56.+5! /75! 5@2;;2,1;! 5N51! G.*/75*^! )!

;2/.)/2,1! L1,=1! );! 4,=O+)*D,1! G556D)+LI! U2*/.,.;! +E+45;! ,G! 4,=O+)*D,1! G556D)+L! +)1! ,14E! D5!

)+725N56!=751!C,42+E!@)L5*;^!`B!.;5*;^!)16!/75!`B!216.;/*E!=,*L!/,F5/75*!/,!65C4,E!)CC*,C*2)/5!

C,42+E!@5);.*5;!)16!;/*)/5F25;I!

!

! T

• <75*5);!$"#>!+,.1/*25;!@)E!6542N5*!/75!@)c,*2/E!,G!XYX!5@2;;2,1!*56.+/2,1;!21!/75!;7,*/!/5*@^!

65N54,C21F! )16! 5@5*F21F! +,.1/*25;! +)1! C*,N265! )! F*,=21F! ;7)*5! ,G! G./.*5! *56.+/2,1;! )16!=244^!

G*,@!)D,./!E5)*!PWRW^!6542N5*!/75!@)c,*2/E!,G!15=!5@2;;2,1!*56.+/2,1;I!B545=,*L21F!)4,15!+,.46!

)+725N5!,N5*!KIR!D2442,1!/,1;!,G!*56.+/2,1;!21!65N54,C21F!+,.1/*25;!D5/=551!PWRW!)16!PWQW!3JPK!

(/#$P!21!#721)!)4,158!+,@C)*56!/,!TZ\!(/#$P!21!$"#>!+,.1/*25;!G,*!/75!;)@5!/2@5!C5*2,6I!

• 9!=5D+)@O5].2CC56!4)C/,C!)16!@,D245!)16!=2*545;;!+,115+/2N2/E^!);!=544!);!5GG5+/2N5!)16!;5+.*5!

;,G/=)*5^!)*5!/75!L5E!/5+712+)4!*5].2*5@51/;!G,*!/545=,*L21FI!B75;5!;,4./2,1;!)4*5)6E!5S2;/^!)16!

/75!;,,15*!)!D*,)6!65C4,E@51/!+)1!/)L5!C4)+5!/75!G);/5*!;2F12G2+)1/!*56.+/2,1;!+)1!D5!)+725N56I!9!

+*2/2+)4!G)+/,*!/,!;.CC,*/!D*,)6!65C4,E@51/!2;!,*F)120)/2,1)4!D.EO21!G,*!/545=,*L21FI!

• >5;C2/5! /75! *5D,.16! 5GG5+/;^! /75! C*5N)451/! +,1;51;.;! 21! /75! 42/5*)/.*5! 2;! /7)/! ,N5*)44!

/545+,@@./21F! *56.+5;! /75! 62;/)1+5! /*)N5456! )16! /75! XYX! 5@2;;2,1;! /7)/! *5;.4/! G*,@!

/*)1;C,*/)/2,1I!(

!

!

!

!B&1C$(:D(9<E(06+''+%,'(=&%6(5%66"#+,A(1,-(/"'+,0''(1+&(#&1204(+,(C&%F05#+%,'(%=(="#"&0(7%&4-';(

"

#""

$""

%""

&""

'"""

'#""

'$""

'%""

'&""

#""" #""( #"'" #"'( #"#" #"#( #")" #")( #"$" #"$( #"("

!"#$%

&'"()*#$% +,-..-'/.*01',*#',,2"-/34*56"*'0*7',6*8'19-/34*

:,;(<"*(/=*>6?'2/=*+006<".

*+,-./

0.1234

5637

89+,:

"

("

'""

'("

#""

#("

)""

)("

$""

$("

#""( #"'" #"'( #"#" #"#( #")" #")( #"$" #"$( #"("

@-1<1(0"*#$% +,-..-'/.*A2.-/6..*&1(B6)4*56"*'0*C-1"2()*

!66"-/3.D*:,;(<"4*#'116<"6=*0'1*>6?'2/=*+006<".*!"#$%

*+,-./

0.1234

5637

89+,:

!

! V

3%4+5+0'(1,-('#&1#0A+0'(!

B75*5!)*5!;5N5*)4!1,O*5F*5/!;,4./2,1;!/7)/!+)1!D5!2@C45@51/56!21!)!*54)/2N54E!;7,*/!/2@5!G*)@5^!;.+7!);!

45N5*)F21F!,G!C*,+.*5@51/!C*)+/2+5;!)16!62;;5@21)/21F!D5;/OC*)+/2+5!+);5;I!!

(,;/!,G! /75;5!)+/2N2/25;!)*5!@,;/!5GG5+/2N54E!.165*/)L51!=2/7! /75!)+/2N5!C)*/2+2C)/2,1!,G!D,/7! /75!C.D42+!

)16!C*2N)/5!;5+/,*^!);!72F742F7/56!DE!/75!/)D45!D54,=f!

!

( 3"/4+5('05#%&( )*(+,-"'#&.( G01-+,A()*(H'0&'(

I*&0,-'0##0&'J(

"1;.*5!D*,)6D)16!21G*);/*.+/.*5!

:5F.4)/,*E!G*)@5=,*L!)16!21+51/2N5;i!

>2*5+/!21N5;/@51/iii! !

-.246!L1,=456F5!)16!+)C)+2/E!,1!`B!.;5!/,!*56.+5!XYX!5@2;;2,1;!

d#,*5!D.;215;;e!,G!/75!C.D42+!;5+/,*iii!

(,;/!L1,=456F5)D45!,1!/5+71,4,FE!)16!2/;!.;5;iii!

>2*5+/!5SC5*251+5!)16!C*)+/2+)4!21;2F7/iii!

:5@,N5!*5F.4)/,*E!D)**25*;!!

9;;5;;!)16!*5N2;5!*5F.4)/2,1iii!

`651/2GE!D)**25*;!)16!C*,C,;5!;,4./2,1;ii!

`651/2GE!D)**25*;!)16!C*,C,;5!;,4./2,1;ii!

_5N5*)F5!C*,+.*5@51/!/,!;.CC,*/!XYX!*56.+/2,1;!=2/7!4,=O+)*D,1!G556D)+L!

iii! ii! ii!

9*/2+.4)/5!@5/7,6,4,F25;!G,*!6)/)!+,445+/2,1!)16!)1)4E;2;!!

%,*!62;;5@21)/2,1!)16!;/)16)*620)/2,1i!

<,*L!=2/7!+.;/,@5*;!)16!G)+242/)/5iii!

>2*5+/!)CC42+)/2,1!)16!;/)16)*6!65N54,C@51/iii!

'E;/5@)/2+)44E!);;5;;!/75!XYX!2@C)+/!,G!`B!;,4./2,1;!321+4.621F!*5D,.16!5GG5+/;8!

%,*!@)+*,O45N54!)1)4E;5;iii!

'E;/5@)/2+)44E!);;5;;!/75!2@C)+/!,G!C*,6.+/;!)16!;5*N2+5;iii!

X)21!62*5+/!5SC5*251+5!)16!C*)+/2+)4!21;2F7/iii!

'5/!.C!6)/)!+,445+/2,1!;E;/5@;!

()+*,!45N54!)16!/,!+*5)/5!;/)16)*6;iii!

"@D56!6)/)!+,445+/2,1!)16!+,@@.12+)/2,1!+)C)D242/25;!21!`Biii!

`@C45@51/!+,@C)1EO!)16!;.CC4EO+7)21O=265!;E;/5@;iii!

>2;;5@21)/5!D5;/!C*)+/2+5;! #,.1/*E!45N54iii! <2/7!+.;/,@5*;!)16!C,42+E!@)L5*;iii!

<2/7!C55*;^!;.CC425*;^!)16!C,42+E!@)L5*;iii!

`1/*,6.+5!C,42+25;!/7)/!+7)1154!*5;,.*+5;!/,=)*6;!+*5)/21F!4,=O+)*D,1!G556D)+L!

9;;5;;!)16!65N54,C!)CC*,C*2)/5!C,42+25;iii!

?*,N265!)6N2+5!)16!5SC4,*5!;,4./2,1;ii!

?*,N265!)6N2+5!)16!5SC4,*5!;,4./2,1;ii!

B5+71,4,FE!65N54,C@51/!)16!/)24,*21F!/,!65N54,C21F!+,.1/*25;!

?*,N265!;.CC,*/!)16!L1,=456F5iii!

>5N54,C!/5+71,4,F25;iii!

Y54C!)*/2+.4)/5!*5].2*5@51/;iii!

#)C)+2/E!D.24621F!)16!62;;5@21)/2,1!21!65N54,C21F!+,.1/*25;!

'.CC,*/!=2/7!/,,4;!!)16!G.1621F!21;/*.@51/;iii!

<,*L!=2/7!4,+)4!)16!;.CC425*;!)16!+.;/,@5*;iii!

<,*L!=2/7!4,+)4!;.CC425*;!)16!+.;/,@5*;iii!

!i!_2@2/56!*,45! !!ii!(562.@!2@C,*/)1/!*,45! iii!`@C,*/)1/!*,45!

!*1/40(ED(3%4+5+0'(1,-('#&1#0A+0'(#%(&0-"50(BKB(06+''+%,'(7+#$()*(1,-((A0,0&1#0(4%7L51&/%,(=00-/15M(+,(&041#+%,(#%(-+==0&0,#('#1M0$%4-0&'(

I*$0(,%#0'(+,(015$(5%4"6,(C&%2+-0(1('$%&#(0NC41,1#+%,(%=(#$0(&%40(%=(-+==0&0,#('#1M0$%4-0&';J(;(

(

-E! c,21/4E! =,*L21F! /,=)*6;! /75! 2@C45@51/)/2,1! ,G! /75;5! ;/*)/5F25;^! C,42+E! @)L5*;! )16! C*2N)/5O;5+/,*!

+,@C)125;!@)E!51)D45!`B!)CC42+)/2,1;^!;.+7!);!/75!,15;!;.CC,*/21F!/545=,*L21F!)16!N2*/.)4!@55/21F;^!/,!

F)21!)!D*,)65*!)++5C/)1+5!)16!.;5!21!;,+25/EI!B75E!=,.46!6542N5*!F*5)/5*!XYX!5@2;;2,1!*56.+/2,1;!=7245!

42D5*)/21F! *5;,.*+5;! )16! C*,N2621F! @,654;! /7)/! +)1! 754C! *56.+5! XYX! 5@2;;2,1;! @,*5! D*,)64E^! /7.;!

G,;/5*21F! 4,=O+)*D,1! G556D)+LI! `G! /72;! C,/51/2)4! 2;! G.44E! /)CC56^! /75! XYX! 5@2;;2,1! *56.+/2,1;! +)1! D5!

6*)@)/2+I!!

!

! KW

B,!244.;/*)/5!/75!62GG5*51/!,C/2,1;^!<<%!7);!65N54,C56!)!=5D!/,,4!/7)/!@)L5;!2/!2;!C,;;2D45!/,!5SC4,*5!/75!

C,;;2D45!,./+,@5;IK!

!

@0.(&05%660,-1#+%,'(

O >5N54,C!*2F,*,.;^!/*)1;C)*51/!@5/7,6,4,F25;!/,!5N)4.)/5!/75!5@2;;2,1!*56.+/2,1;!)+725N56!=2/7!

`B!;,4./2,1;!)16!62;+4,;5!.;5!)16!C,/51/2)4!;)N21F;!21G,*@)/2,1I!

O `B!+,@C)125;!@.;/!/75@;54N5;!.;5!N2*/.)4!@55/21F;!)16!;.CC,*/!/545=,*L21F!M!)!@.;/!/,!D5!)D45!

/,!65@,1;/*)/5!/7)/!`B!+,@C)125;!D5425N5!21!/752*!,=1!;,4./2,1;I!!

O "1;.*5!2@C*,N56!21G*);/*.+/.*5!D,/7!G,*!N2*/.)4!@55/21F;!)16!/545=,*L21F!M!+2/25;!;7,.46!21+4.65!

/545=,*L21F!21!/752*!/*)1;C,*/!;/*)/5F25;!)16!51;.*5!/7)/!+,115+/2N2/E!2;!C,;;2D45!G*,@!)44!*545N)1/!

C4)+5;I!!

O _,=O+)*D,1! `B! ;,4./2,1;! @.;/! D5! 21+4.656! 21! +42@)/5! +7)1F5! ;/*)/5F25;! )16! ;C5+2G2+)44E! 21!

/*)1;C,*/!)16!21G*);/*.+/.*5!C,42+E!C*,+5;;5;I!

O 9*/2+.4)/5! )16! 21/*,6.+5! C,42+25;! /7)/! 542@21)/5! 15F)/2N5! *5D,.16! 5GG5+/;! )16! C*,@,/5! N2*/.,.;!

+E+45;! ,G! 4,=O+)*D,1! G556D)+L! M! 5IFI^! =751! *5;,.*+5;! 3/2@5! ,*! @,15E8! )*5! 42D5*)/56^!

)./,@)/2+)44E! C*,N265! 21+51/2N5;! G,*! /7,;5! *5;,.*+5;! /,! D5! 21N5;/56! 21! =)E;! /7)/! 45)6! /,!

*56.+/2,1;!21!XYX!5@2;;2,1;!)16!;.CC,*/!G.*/75*!*56.+/2,1;I!!

O 9;;5;;! 5S2;/21F! ;.D;2625;! G,*! 72F7O+)*D,1! ;5*N2+5;! 35IFI^! ;.D;2625;! G,*! +)*!,=15*;72C^! 21+*5);56!

/)S)/2,1! ,1! *,,@;! =75*5! /545=,*L21F! +)1! /)L5! C4)+5^! )16! /)SOG21)1+56! 21N5;/@51/;! 21!

21G*);/*.+/.*5!/7)/!51+,.*)F5!21+*5);56!.;5!,G!+)*;!)16!C4)15;8!)16!65N54,C!;E;/5@;!/7)/!)44,=!

G,*!)!/5+71,4,FEO15./*)4!+,@C5/2/2,1!/,!C*,N265!;2@24)*!;5*N2+5;I!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!1 '55!===IC)16)I,*Fg2+/!G,*!)!421L!/,!/75!/,,4I

!

! KK

Introduction

B72;! *5C,*/! G,+.;5;! ,1! /=,! )CC42+)/2,1;! ,G! `Bf! /545=,*L21F! )16! N2*/.)4! @55/21F;I! B75E! @)E! 45)6! /,! )!

*56.+/2,1!21!/75!65@)16!G,*!+,@@./5O!)16!D.;215;;O*54)/56!/*)N54!)16!/75!);;,+2)/56!XYX!5@2;;2,1;I!

! !"#"$%&'()*+, 2;!65G2156!);!C5*G,*@21F!=,*L^!52/75*! G,*!)1!,./;265!5@C4,E5*!,*!/7*,.F7!;54GO

5@C4,E@51/^!)/!7,@5!,*!G*,@!)1E!*5@,/5! 4,+)/2,1!35IFI^!)=)E!G*,@!/75!,GG2+5!,*!)1E!,/75*!

d/*)62/2,1)4e!=,*LC4)+58I!

! -(&./0#, 1"".()*2+, )4;,! L1,=1! );, ."#"3%)4"&")3()*^! )*5! 65G2156! );! =,*LO*54)/56! @55/21F;!

21N,4N21F! /=,! ,*! @,*5! F5,F*)C72+)44E! ;5C)*)/56! 4,+)/2,1;! )16! 51)D456! DE! /75! .;5! ,G!

/545+,@@.12+)/2,1! )CC42+)/2,1;^! 21! =72+7! +,@@.12+)/2,1! @)E! D5! 5S+4.;2N54E! ).62,!

30/5(%3%)4"&")3()*8^! ).62,! )16! N265,! 36(5"%3%)4"&")3()*8^! ,*! 51)D456! DE! /75! =5D! 3$"7,

3%)4"&")3()*8IP!

b/242021F! 62GG5*51/! C*,c5+/2,1;! ,G! G./.*5! =,*46;^! /72;! *5C,*/! )1)4E05;! 1,/! ,14E! /75! 62*5+/! 5GG5+/! ,G! /75;5!

)CC42+)/2,1;!D./!)4;,!62GG5*51/!/EC5;!,G!2162*5+/!5GG5+/;!G*,@!/752*!.C/)L5!/7)/!+)1!*5;.4/!21!D,/7!21+*5);56!

)16!*56.+56!XYX!5@2;;2,1;I!'.+7!6E1)@2+;!)*5!75*5!65G2156!);!!

! 4,=O+)*D,1!G556D)+L^!2G!)!;,4./2,1!/7)/!62*5+/4E!45)6;!/,!XYX!5@2;;2,1!*56.+/2,1;!)4;,!F515*)/5;!

+7)1F5;!21!D57)N2,*^!5+,1,@2+!)+/2N2/25;^!C*,+5;;5;^!,*!;,+25/)4!,*F)120)/2,1;!/7)/!21!/.*1!45)6!/,!

)662/2,1)4!XYX!*56.+/2,1;^!)16!

! 72F7O+)*D,1!G556D)+L^! 2G!)!;,4./2,1! /7)/!62*5+/4E! 45)6;! /,!XYX!5@2;;2,1!*56.+/2,1;!)4;,! 45)6;! /,!

+7)1F5;!21!D57)N2,*^!5+,1,@2+!)+/2N2/25;^!C*,+5;;5;^!,*!;,+25/)4!,*F)120)/2,1;!/7)/!21!/.*1!45)6!/,!

)662/2,1)4!XYX! 5@2;;2,1;^!=72+7!@)E! 15F)/5^! 21! G.44! ,*! C)*/2)44E^! /75!XYX! 5@2;;2,1! *56.+/2,1;!

212/2)44Eg62*5+/4E!)+725N56I!

B75! 21;2F7/!F)2156!=2/7!/72;!)1)4E;2;!+)1!7,C5G.44E!754C!C,42+E!@)L5*;!)16!+,@C)125;!)*/2+.4)/5!C,42+25;!

)16!;/*)/5F25;!/7)/!@)S2@205!/75!XYX!5@2;;2,1!*56.+/2,1;!)+725N56!=2/7!`BI!

B75!*5C,*/!2;!,*F)12056!21!/75!G,44,=21F!;5+/2,1;f!

'5+/2,1! P! C*,N265;!/15MA&%",-( ,1! /75! `B! ;,4./2,1;! /7)/! )*5! /75! G,+.;! ,G! /72;! *5C,*/! DE! 65G2121F! /75!

;.Dc5+/!,G!/75!)1)4E;2;a!244.;/*)/21F!6*2N5*;^!.;5;^!)16!/*516;a!)16!62;+.;;21F!/75!+,1+5C/.)4!421L!D5/=551!

/75;5!`B!;,4./2,1;!)16!XYX!5@2;;2,1;I!

B75!)CC*,)+7!,G!/72;!*5C,*/!2;!/,!);;5;;!/75!C,;;2D45!2@C)+/!,G!/545=,*L21F!)16!N2*/.)4!@55/21F;!,1!XYX!

5@2;;2,1;! .165*! 62GG5*51/! /*)c5+/,*25;! ,G! G./.*5! 65N54,C@51/;I! '5+/2,1! R! =244! /75*5G,*5! C*,N265! )!

-0'5&+C#+%,(%=( #$0(C%''+/40( ="#"&0'O!,*!G./.*5!=,*46;^!/7)/!)*5!)1)4E056!)16!62;+.;;56!21!/72;!*5C,*/I!

B75E!6,!1,/!*5C*5;51/!G,*5+);/;!,G!G./.*5!65N54,C@51/!D./!)*5!].)42/)/2N5!*5C*5;51/)/2,1;I!!

%,*! 5)+7! ,G! /75! C,;;2D45! /*)c5+/,*25;! /75( BKB( 06+''+%,'! );;,+2)/56! =2/7! D.;215;;! )2*! /*)N54! )16! +)*!

+,@@./21F!7)N5!D551!0'#+61#0-(P"1,#+#1#+204.!/,!+,1/*);/!)16!+,@C)*5!`BO51)D456!*56.+/2,1;!21!/75!

62GG5*51/! G./.*5! =,*46;^! /7*,.F7! N2*/.)4! @55/21F;! )16! /545+,@@./21FI! B75! *5;.4/;! ,G! /72;! )1)4E;2;! )*5!

C*5;51/56!21!;5+/2,1;!J!)16!QI!'5+/2,1!J!65;+*2D5;!/75!@5/7,6,4,FE!.;56!/,!@,654!XYX!5@2;;2,1;^!=7245!

;5+/2,1!Q!62;+.;;5;!/75!*5;.4/;!,G!/75!;[email protected])/2,1;!.165*/)L51I!!

B75!)1)4E;2;!72F742F7/;!/75!L5E!*,45!/7)/!C,42+E!@)L5*;!)16!/75!`B!216.;/*E!+)1!C4)E!21!*5)42021F!)!G./.*5!

/7)/!G.44E!45N5*)F5;!`B!/,!*56.+5!XYX!5@2;;2,1;!G*,@!D.;215;;!/*)N54!)16!+)*!+,@@./21FI!B75*5G,*5!2/!=244!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!P!9@,1F!/75!,/75*!`#B!)CC42+)/2,1;!1,/!62;+.;;56!21!/72;!*5C,*/^!,15!,G!/75!@,;/!21/5*5;/21F!)16!C,C.4)*!2;!L1,=1!);!$"7302.()*,32I5I^!dD*,)6+);/21Fe!,N5*!/75!`1/5*15/8^,=72+7!*5G5*;!/,!)!1,1O21/5*)+/2N5^!d,15O/,O@)1Ee!3);!,CC,;56!/,!d,15O/,O,15e8!G,*@!,G!+,@@.12+)/2,1I!<5D+);/21F!2;!.;56!5S/51;2N54E!21!/75!+,@@5*+2)4!;5+/,*!G,*!21N5;/,*!*54)/2,1;!C*5;51/)/2,1;!)16!5O45)*121F^!)16!G,*!*54)/56!+,@@.12+)/2,1;!)+/2N2/25;I!

!

! KP

D5! +*2/2+)4! /,! 2@C45@51/! C%4+5+0'( 1,-( '#&1#0A+0'! /7)/! @)S2@205! /75! 5GG5+/2N515;;g5GG2+251+E! ,G! `B!

;,4./2,1;!321!/5*@;!,G!XYX!5@2;;2,1!*56.+/2,1;8!)16!/752*!65C4,E@51/I!'.+7!+,@C45@51/)*E!C,42+25;!)16!

;/*)/5F25;!)*5!62;+.;;56!21!;5+/2,1!\I!

B75!6,+.@51/!+,1+4.65;!M!21!;5+/2,1!Z!M!=2/7!)!'"661&.!,G!/75!@)21!*5;.4/;!*5)+756^!/752*!;2F12G2+)1+5^!

)16!/75!2@C42+)/2,1;!G,*!G./.*5!)+/2N2/25;I!

9!1.@D5*!,G!1CC0,-+50'!)*5!21+4.656!=2/7!)662/2,1)4!D)+LF*,.16!21G,*@)/2,1!)16!)1)4E/2+)4!65/)24;I!

!

1 Background `1G,*@)/2,1!)16!+,@@.12+)/2,1!/5+71,4,F25;!3`Bg`#B8!C*,N265!)!D*,)6!*)1F5!,G!;,4./2,1;!/,!D,/7!C.D42+!

)16!C*2N)/5!,*F)120)/2,1;!)16!D.;215;;5;^!C)*/2+.4)*4E!21!/75!;5*N2+5!216.;/*EI!'551!G*,@!)!+42@)/5!+7)1F5!

C5*;C5+/2N5^!/75;5!;,4./2,1;!)*5!21/5*5;/21F^!);!/75E!+)1!*56.+5!/75!1556!/,!/*)N54!G,*!=,*LO*54)/56!

C.*C,;5;^!/7.;!51)D421F!)!*56.+/2,1!21!XYX!5@2;;2,1;!G*,@!/*)1;C,*/)/2,1I!(,*5,N5*^!/75;5!;,4./2,1;!+)1!

C,/51/2)44E!;.CC,*/!G.*/75*!*56.+/2,1;!21!XYX!5@2;;2,1;!21!,/75*!C)*/;!,G!;,+25/E!2G!+,@C45@51/)*E!

@5);.*5;!)*5!C./!21!C4)+5^!2I5I^!/75E!+,.46!D5!21;/*.@51/)4!21!)+725N21F!#%$830&7%),4""5703'9R,

!

`1! )662/2,1! /,! /752*! C,/51/2)4! +,1/*2D./2,1! /,! XYX! 5@2;;2,1! *56.+/2,1;^! D,/7! /545=,*L21F! )16!

/545+,1G5*51+21F! )*5! 21+*5);21F4E! C5*+52N56! DE! +,@C)125;! );! C*,6.+/2N2/E! )16! 5GG2+251+E! 517)1+5*;^! );!

/75E!;7,=!D515G2/;!1,/!,14E!21!/5*@;!,G!+,;/!*56.+/2,1!)16!51N2*,1@51/)4!C5*G,*@)1+5!D./!)4;,!21!/5*@;!

,G! 21+*5);56!5+,1,@2+! C5*G,*@)1+5!)16! ;,+2)4! D515G2/;I! %,*! 5S)@C45^! ./242021F! )! 65/)2456!].5;/2,11)2*5!

=2/7! 2/;! 5@C4,E55;^! 9BjB! 5;/)D42;756! /7)/! /75! 2@C45@51/)/2,1! ,G! /545+,@@./21F! C*)+/2+5;! =2/721! 2/;!

+,@C)1E! =);! );;,+2)/56! =2/7! )1! 21+*5);5! 21! C*,6.+/2N2/E! )16! c,D! ;)/2;G)+/2,1! )@,1F! /545+,@@./5*;I!

(,*5,N5*^!9BjB!5;/2@)/56!/7)/!/545+,@@./5*;!;)N56!)D,./!QIK!@2442,1!F)44,1;!,G!F);,4215!35].2N)451/!/,!

)D,./!JJ^WWW!@5/*2+!/,1;!,G!)N,2656!N572+45!5@2;;2,1;8IJ!

!

?*,6.+/2N2/E!2@C*,N5@51/;!=5*5!)4;,!2651/2G256!);!L5E!D515G2/;!,G!N2*/.)4!@55/21F;^!);!72F742F7/56!21!/75!

F*)C7! D54,=! G*,@! )1! 5)*4E! ;/.6E! ,1! N265,+,1G5*51+21FI! '2@24)*! D515G2/;! =5*5! *5C,*/56! DE! :,E! )16!

%242;/*).4/! 3KVVT8^! =7,^! D);56! ,1! )! ;.*N5E! +,16.+/56! )@,1F! D.;215;;! /*)N545*;^! +,1+4.656! /7)/!

/545+,1G5*51+21F!+)1!)++545*)/5!65+2;2,1!@)L21F!DE!*)C264E!421L21F!L5E!C4)E5*;I!%21)44E^!Y,CL21;,1!5/!)4I!

3PWWR8^! 21!/752*!;.*N5E!,G!-B!5@C4,E55;^!G,.16!/7)/!TP!C5*+51/!G54/!/7)/!/545+,1G5*51+21F!7)6!2@C*,N56!

/752*!=,*L!C5*G,*@)1+5^!21+4.621F!JJ!C5*+51/!=7,!G54/!/72;!2@C*,N5@51/!=);!+,1;265*)D45I!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!R!#,1N5*;54E^!2G!;.**,.1621F!+,162/2,1;!)*5!.1G)N,*)D45^!XYX!5@2;;2,1!*56.+/2,1;!212/2)44E!)+725N56!DE!/545=,*L21F!,*!N2*/.)4!@55/21F;!@)E!D5!+,.1/5*D)4)1+56!DE!;5+,16)*E!5GG5+/;!/7)/!456!/,!72F75*!XYX!5@2;;2,1;^!)!;2/.)/2,1!/7)/!@)E!5N51!45)6!/,!15/!21+*5);5;!21!+)*D,1!5@2;;2,1;I!B75;5!;2/.)/2,1;!@)E!D5!65G2156!);!72F7O+)*D,1!G556D)+LI!_,=O!)16!72F7O+)*D,1!G556D)+L!=244!D5!G.*/75*!62;+.;;56!21!;5+/2,1!KIJ!)16!21!/75!+7)C/5*;!D54,=I!4 9BjB^!PWWPa!9BjB^!KVVZI

!

! KR

!

!(

B&1C$(ED(Q==05#'(%=(2+-0%5%,=0&0,5+,A(%,(600#+,A';(

!

`1! )!@,*5! *5+51/! ;/.6E^!>51;/)642! 3PWWJ8! /*256! /,! 2651/2GE! )16! *)1L! /75!@)21! G)+/,*;! /7)/! 45)6! +5*/)21!

D.;215;;5;!/,!+7,,;5!N265,+,1G5*51+21F!,N5*!C7E;2+)4!/*)N54!3;55!F*)C7!D54,=8I!9++,*621F!/,!/75!;.*N5E!

+,16.+/56! DE! >51;/)642! 3PWWJ8^! N265,+,1G5*51+21F! )44,=;! G,*! ;.D;/)1/2)4! *56.+/2,1! ,G! /*)N54! +,;/;! )16!

,GG5*;!/75!D515G2/!,G!*54)/56!/2@5!;)N21F;I!9/!/75!;)@5!/2@5^!/7*,.F7!N265,+,1G5*51+21F^!@,*5!G*5].51/!

@55/21F;! =2/7! @,*5! C)*/2+2C)1/;! M! =7,! ,/75*=2;5! =,.46! 1,/! 7)N5! /*)N5456! M! +)1! /)L5! C4)+5! )/! )!

+,1;265*)D4E!4,=5*!+,;/I!B72;!@5)1;!/7)/!@,*5!C5,C45!=2/7!62GG5*51/!D)+LF*,.16;!)16!C5*;C5+/2N5;!+)1!D5!

D*,.F7/! /,! /75! dN2*/.)4! /)D45^e! 51*2+721F! /75! 62;+.;;2,1! )16! 45)621F^! 5N51/.)44E^! /,! )! @,*5! 21G,*@56!

65+2;2,1I!(,*5,N5*^!;,@5!;/.625;!35IFI^!>.)*/5!)16!'1E65*^!PWWK8!7)N5!;7,=1!/7)/!C)*/2+2C)1/;!21!N2*/.)4!

@55/21F;!/516!/,!D5!N5*E!+,1+51/*)/56!)16!G,+.;56^!517)1+21F!/75!5GG5+/2N515;;!,G!/75!65+2;2,1O@)L21F!

C*,+5;;^!21!4215!=2/7!/75!G21621F;!,G!/75!;/.6E!DE!:,E!)16!%242;/*).4/!3KVVT8I!91,/75*!2@C,*/)1/!G5)/.*5!,G!

N2*/.)4!@55/21F;!425;!21!/75!G)+/!/7)/!/75E!+)1!D5!*5+,*656^!F2N21F!C)*/2+2C)1/;!/75!C,;;2D242/E!/,!;.@@)*205!

)16!)1)4E05!/75!62;+.;;2,1!)G/5*=)*6;I!`1/5*5;/21F4E!>51;/)642h;!;.*N5E!)4;,!72F742F7/;!/7)/!51N2*,1@51/)4!

+,1;265*)/2,1;!+.**51/4E!6,!1,/!*)1L!72F7!);!)!6*2N5*!G,*!/75!)6,C/2,1!,G!N265,+,1G5*51+21F!;,4./2,1;I!

91

81

50

48

42

31

19

14

0 20 40 60 80 100

Save the environment

Internal training/upgrading

Improve contact with clients/suppliers Reduce travel fatigue

Increase efficienc y of decision making Improve internal contact

Reduce travel costs Time

savings

!B&1C$(R;(S01'%,'(=%&(1-%C#+,A(2+-0%5%,=0&0,5+,A;(8%"&50D(T0,'#1-4+(IEUUVJ;(

!

!

! KJ

B75! 1.@D5*! ,G! D.;215;;5;! =72+7! .;5! /75;5! )CC42+)/2,1;! 52/75*! *5F.4)*4E! ,*! ,++);2,1)44E! 7);! F*,=1!

;2F12G2+)1/4E! 21! /75! 4);/! G5=! E5)*;I! `1! )662/2,1^! /75! G*5].51+E!=2/7!=72+7! /75;5! )CC42+)/2,1;! 7)N5! D551!

.;56!7);! 21/51;2G256!);!=544I!B75!;5+/2,1;!/7)/!G,44,=!=244!62;+.;;!*5+51/!/*516;!)16!6E1)@2+;! 21! G.*/75*!

65/)24I!

!

1.1 Teleworking

1.1.1 Teleworking – Data availability and data-collection issues

>)/)! ,1! /75! C515/*)/2,1! ,G! `#B! )CC42+)/2,1;! 21! /75!=,*LC4)+5! )16! ,1! /752*! 2@C)+/! ,1! +,@@./21F! )*5!

*54)/2N54E!;+)*+5I!!

:5F.4)*! ;/)/2;/2+)4! 6)/)! ,1! /545=,*L21F! )*5! 1,/! +.**51/4E! +,445+/56^! ,/75*! /7)1! 21! )! G5=! +,.1/*25;I!

$++);2,1)4! ;)@C45! ;.*N5E;! )16! 5;/2@)/5;!)*5! )N)24)D45! G,*! ;,@5! +,.1/*25;^! /EC2+)44E! 21!A,*/7! 9@5*2+)^!

".*,C5^!,*!k)C)1I!>)/)!)*5!C)*/2+.4)*4E!;+)*+5!G,*!65N54,C21F!)16!5@5*F21F!+,.1/*25;^!=75*5!/EC2+)44E!1,!

6)/)! 2;! )N)24)D45I! %,*! ;,@5! +,.1/*25;^! 7,=5N5*^! ;.+7! );! /75! b'! )16!@5@D5*;! ,G! /75! "b^! 6)/)! ,1! /75!

;7)*5!,G!/545=,*L21F!DE!;5+/,*!)16g,*!,++.C)/2,1!)*5!)N)24)D45I!!

"S2;/21F! ;/)/2;/2+)4! ;.*N5E;^! 7,=5N5*^! ,G/51!C*,6.+5!*5;.4/;! /7)/!)*5!1,/! +,@C)*)D45! 6.5! /,! /75! 4)+L!,G!

;/)16)*6! 65G212/2,1;I! ',@5! ;.*N5E;^! G,*! 5S)@C45^! G,+.;! ,1! /545=,*L5*;! );! )! =7,45^! =7245! ,/75*;!

62GG5*51/2)/5! ,*! *5;/*2+/! /752*! G,+.;! /,! /545=,*L5*;! /7)/! =,*L! G*,@! 7,@5! 37,@5! =,*L5*;8^! ./24205! `#B!

/5+71,4,F25;! 21! /752*!=,*L^!,*!@.;/!./24205! `#B! /5+71,4,F25;!/,!=,*L!3B#! /545=,*L5*;8I!B75! G2F.*5!D54,=!

C*,N265;!)!F*)C72+)4!*5C*5;51/)/2,1!,G!N)*2,.;!/EC5;!,G!/545=,*L5*;!/7)/!+)1!D5!2651/2G256!)16!/7)/!@)E!D5!

/75!G,+.;!,G!;/)/2;/2+)4!;.*N5E;I!

!

! !(

W+A"&0(:D(T+==0&0,#(#.C0'(%=(#0407%&M0&';(

X%#0D(*$0(&041#+20('+Y0(%=(#$0(5+&540'(-%0'(,%#(&0=405#(#$0(&041#+20('+Y0(%=(-+==0&0,#(A&%"C';(

!

91!)662/2,1)4!42@2/)/2,1!,G!5S2;/21F!6)/)!,1!/545=,*L21F!2;!/7)/!].5;/2,11)2*5!65;2F1;!,G/51!G)24!/,!+)C/.*5!

2@C,*/)1/! 21G,*@)/2,1^! ;.+7! );! /75! 1.@D5*! ,G! 6)E;! /545=,*L56! 5)+7! @,1/7! ,*! =55L! DE! *5;C,1651/;!

G)4421F!.165*!/75!+)/5F,*E!,G!/545=,*L5*;I!!

Workers (employed or self employed)

ICT EnabledWorkers

Out of home Teleworkers

Home-basedteleworkers

TC Tele-workers

ICT enabled

teleworkers

Teleworkers

!

! KQ

>5;C2/5! 62GG5*51+5;! 21! 65G212/2,1;^! @5/7,6,4,F25;^! )16! 5;/2@)/2,1;! =5! +)1^! 7,=5N5*^! 6*)=! ;,@5!

C*542@21)*E!+,1+4.;2,1;^!=72+7!)*5!62;+.;;56!D54,=I!

1.1.2 Teleworking – Penetration

B75!*)/5!,G!C515/*)/2,1!,G!/545=,*L21F!)16!/545+,1G5*51+21F!21/,!/75!=,*L21F!51N2*,1@51/!2;!1,/!.12G,*@!

)+*,;;!+,.1/*25;^!6.5!/,!62GG5*51/!5+,1,@2+^!/5+71,4,F2+)4^!)16!C,42+E!+,1/5S/;I!9++,*621F!/,!<,*46)/<,*L!

3PWWT8^! 21!PWWQ!/75*5!=5*5! 21!/75!b'!)*,.16!P\IK!@2442,1! /545=,*L5*;!365G2156!);!/7,;5!/545=,*L21F!)/!

45);/! ,1+5! )!@,1/78^! +,**5;C,1621F! /,! KZIQ! C5*+51/!,G! /75! /,/)4!=,*LG,*+5I!9@,1F! /75;5^! K\IP!@2442,1!

=5*5! +4);;2G256! );! d+,1/*)+/! /545=,*L5*;^e! =7245! KPIJ!@2442,1!=5*5! d5@C4,E55! /545=,*L5*;IeQ!$./! ,G! /75!

/,/)4!P\IK!@2442,1!b'!/545=,*L5*;!21!PWWQ^!PPIP!@2442,1!=,*L5*;!=5*5!/545=,*L21F!)/!45);/!,1+5!C5*!=55L^!

=2/7!KPIP!@2442,1!/545=,*L21F!)4@,;/!5N5*E!6)E!3G.44!/2@58I!`1!/75!"b^!)++,*621F!/,!/75!".*,C5)1!<,*L21F!

#,162/2,1;!$D;5*N)/,*E!3PWWZ8^!/75!C5*+51/)F5!,G!/545=,*L5*;!3/545=,*L21F!)/! 45);/!,1+5!)!@,1/78!=);!

)*,.16! T!C5*+51/! ,G! /75! /,/)4!=,*LG,*+5^!=7245!,14E! P!C5*+51/! /545=,*L!5N5*E!6)E! 3G.44! /2@58^!=2/7! /75!

72F75;/!C*,C,*/2,1! ,G! /545=,*L21F! 21! /75!'+)1621)N2)1! +,.1/*25;!)16! /75!A5/75*4)16;!)16! /75! 4,=5;/! 21!

;,./75*1!".*,C5)1!+,.1/*25;I!%21)44E^!X)*/15*!3PWWQ8!*5C,*/;!/7)/!21!k)C)1!/545=,*L5*;!)++,.1/56!G,*!\I\!

C5*+51/!,G!/75!=,*LG,*+5!21!PWWWI!!

!

B75!.;5!,G!/545=,*L21F!65C516;!,1!/75!,++.C)/2,1!45N54!,G!5@C4,E55;I!`1!@,;/!+);5;^!)44!54;5!D521F!5].)4^!

/,C!@)1)F5*;^! ;512,*! ,GG2+2)4;^! )16! C*,G5;;2,1)4;^!);! =544! );! C5,C45! 21! ;L24456O/*)65! ,++.C)/2,1;^! )44! ,G!

=7,@!7)N5!)!72F75*!65F*55!,G!+,1/*,4!,N5*!/752*!)+/2N2/25;!+,@C)*56!/,!/75!)N5*)F5!5@C4,E55^!/516!/,!

.;5! /75;5! )CC42+)/2,1;!@,*5! ,G/51I! %,*! /75! "bOPZ^! G,*! 5S)@C45^! )@,1F! C*,G5;;2,1)4^! @)1)F5*2)4^! )16!

/5+712+)4!,++.C)/2,1;^!/72;!;7)*5!2;!=544!)D,N5!KW!C5*+51/!3;55!F*)C7!D54,=8I!

!

!(

B&1C$(VD(*0407%&M+,A(/.('05#%&(+,(#$0(QHO('%"&50D(Q"&%C01,(Z%&M+,A(9%,-+#+%,'(</'0&21#%&.(IEUU[J;(

!

9;! 72F742F7/56! DE! /75! F*)C7! )D,N5^! /75! 2@C45@51/)/2,1! ,G! /545=,*L21F! 2;! 1,/! .12G,*@! )+*,;;! ;5+/,*;I!

BEC2+)44E^! /75! 72F75;/! 2@C45@51/)/2,1! ,++.*;! 21! /75! @,;/! L1,=456F5O21/51;2N5! 216.;/*25;! =2/721! /75!

;5*N2+5!;5+/,*!,G!5+,1,@2+)44E!)16!/5+71,4,F2+)44E!)6N)1+56!+,.1/*25;I!',@5!/*)62/2,1)4!;5+/,*;^!7,=5N5*^!

@)E! 7)N5! 72F7! )6,C/2,1! *)/5;I! B72;! 2;! /75! +);5! 21! /75! +,1;/*.+/2,1! ;5+/,*! 21! /75! "bOPZ^! )16! )4;,! ,G!

)F*2+.4/.*5!)16!G2;721F!21!+,.1/*25;!;.+7!);!/75!b[!3;55!F*)C7!D54,=8I!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!5 <,*46)/<,*L!3PWWZ8!65G2156!)!d+,1/*)+/!/545=,*L5*e!);!d)!;54GO5@C4,E56!2162N26.)4!=7,!=,*L;!*5@,/54E!)/!45);/!,15!6)E!C5*!@,1/7!6.*21F!1,*@)4!D.;215;;!7,.*;e!)16!)1!d5@C4,E55!/545=,*L5*e!);!d)!*5F.4)*!5@C4,E55!3G.44!,*!C)*/!/2@58!=7,!=,*L;!*5@,/54E!)/!45);/!,15!6)E!C5*!@,1/7!6.*21F!1,*@)4!D.;215;;!7,.*;Ie

!

! K\

!B&1C$(\D(*0407%&M+,A(/.('05#%&(+,(#$0(H@O('%"&50D(X1#+%,14(8#1#+'#+5'(=%&(H@(IEUU\J;(

!

9;! ;7,=1! 21! /75! F*)C7! D54,=^!=7245! ;,@5! /545=,*L5*;!=,*L! G*,@!7,@5! 37,@5!=,*L5*;8^! )! ;2F12G2+)1/!

C*,C,*/2,1^!5;C5+2)44E!)@,1F!;L24456!/*)65;^!=,*L!G*,@!,/75*!4,+)/2,1;!D5;265;!/752*!7,@5;I!!

!

!B&1C$(]D(*0407%&M+,A(=&%6($%60(1,-(=&%6(-+==0&0,#(C4150'(+,(#$0(H@O('%"&50D((

X1#+%,14(8#1#+'#+5'(H@(IEUU\J;(

!

:5F)*621F! /75! *5@,/5! 4,+)/2,1;! G*,@!=72+7! /545=,*L21F!@)E! D5! +)**256! ,./^! 6)/)! G,*! /75!b'! ;.FF5;/;!

/7)/^! )4/7,.F7! /75! 7,@5! 2;! ;/244! /75! @,;/! +,@@,1! 4,+)/2,1! G,*! /545=,*L5*;! /,! +,16.+/! /752*! =,*L^! )!

F*,=21F! 1.@D5*! ,G! /75@! =,*L! G*,@! N)*2,.;! ,/75*! 4,+)/2,1;I! `1! C)*/2+.4)*^! )++,*621F! /,! )! ;.*N5E!

+,16.+/56!DE!<,*46)/<,*L!3PWWZ8^!PJI\!@2442,1!C5,C45!+,16.+/56!=,*L!G*,@!)!+.;/,@5*!,*!+4251/h;!C4)+5!

,G!D.;215;;! 21!/75!@,1/7!C*5+5621F!/75!;.*N5E^!PWIP!@2442,1!+,16.+/56!=,*L!G*,@!)!+)Gl!,*!*5;/).*)1/^!

KZIT!@2442,1!626!;,! G*,@!)!7,/54!,*!@,/54^!)16!KKIQ!@2442,1!=,*L56!G*,@!)!C)*L!,*!)1!,./6,,*! 4,+)/2,1I!

%21)44E^!)!+,1;265*)D45!1.@D5*!,G!C5,C45!+,16.+/56!=,*L!.;21F!)!/545C7,15!)16g,*!)!?#!=7245!/*)N5421F!

3PJ!@2442,1!21!/75!+)*a!KWI\!@2442,1!,1!)1!)2*C4)15^!/*)21^!,*!;.D=)Ea!)16!VIK!@2442,1!21!)1!)2*C,*/^!/*)21!

65C,/^!,*!;.D=)E!C4)/G,*@8I!!

b[!6)/)!)4;,! ;7,=!,/75*! 21/5*5;/21F! /*516;I!-5/=551!PWWW!)16!PWWQ^! G,*! 21;/)1+5^! /75! ;7)*5! ,G!7,@5!

=,*L5*;!.;21F!)!/545C7,15!)16!+,@C./5*!/,!+)**E!,./!/752*!=,*L!3`BO51)D456!/545=,*L5*;8!21+*5);56!].2/5!

;2F12G2+)1/4E!3.C!/,!ZZ!C5*+51/8^!)16^!)@,1F!/75@^!/75!C*,C,*/2,1!=7,!+,.46!1,/!=,*L!G*,@!7,@5!=2/7,./!

!

! KZ

.;21F!D,/7!)!/545C7,15!)16!+,@C./5*!3;,O+)4456!dB#!/545=,*L5*;e8!21+*5);56!);!=544!3*5)+721F!TZ!C5*+51/!

21!PWWQ8\!!

>2GG5*51+5;! 21! D57)N2,*! D5/=551! 62GG5*51/! F*,.C;! ,G! /545=,*L5*;! @)E! 7)N5! ;2F12G2+)1/! 2@C42+)/2,1;! 21!

/5*@;!,G!XYX!5@2;;2,1!*56.+/2,1;!)+725N56!N2)! /545=,*L21F!35IFI^!D5+).;5!,G!62GG5*51/! /545=,*L21F!)16!

/*)N5421F!;+756.45;!,G!62GG5*51/!F*,.C;8I!#.**51/4E^!7,=5N5*^!/75!21G,*@)/2,1!)N)24)D45!)D,./!/75!D57)N2,*!

,G! 62GG5*51/! F*,.C;^!)16! 21! C)*/2+.4)*!)D,./! C5,C45!=,*L21F!,./;265! /752*!7,@5;^! 2;! 21;.GG2+251/! /,! 6*)=!

G2*@!+,1+4.;2,1;I!>5;C2/5!/75;5! 42@2/)/2,1;^!)!1.@D5*!,G!;/.625;^! /EC2+)44E!+);5O;/.6EOD);56!,*! G,+.;21F!

,1!2162N26.)4!+,.1/*25;^!7)N5!)//5@C/56!/,!5;/2@)/5!/75!2@C)+/!,G!/545=,*L21F!,1!/*)1;C,*/)/2,1!)16!XYX!

5@2;;2,1;!3;55!/)D45!D54,=8I!

!

%,+.;21F!,1!/75!b'!@)*L5/!);!)!=7,45^!/75!#,1;.@5*!"45+/*,12+;!9;;,+2)/2,1!5;/2@)/56!/7)/!)D,./!RIV!@2442,1!9@5*2+)1;! +.**51/4E! /545+,@@./5!)16! /7)/! /545+,@@./5*;! ;)N5!D5/=551!KZ!)16! PR! LF!,G!#$P!5@2;;2,1;!)!6)EI!B7.;! /75!#"9!5;/2@)/5;!/7)/!+.**51/4E!b'!/545+,@@./5*;!)N,26!5@2//21F!D5/=551!KW!)16!KJ!@2442,1!/,1;!,G!#$P!C5*!)11.@I!

_,,L21F! )/! 5S2;/21F! )16! C,/51/2)4! )6,C/2,1! ,G! /545+,@@./21F^! /75! 9@5*2+)1! #,1;.@5*;! `1;/2/./5!51N2;2,1;!/7)/!)1!)662/2,1)4!KW!C5*+51/!,G!/75!b'!=,*LG,*+5!+,.46!D5F21!/545+,@@./21F!,N5*!)!KWOE5)*!C5*2,6I!#,1;265*21F!,14E!D515G2/;!65*2N21F!G*,@!/75!*56.+/2,1!,G!+)*!+,@@./21F^!/75!9#`!5;/2@)/5;!/7)/!;.+7!+7)1F5!=,.46!)44,=!/75!b'!5+,1,@E!/,!;)N5!)D,./!mV\IQ!D2442,1!5)+7!E5)*^!*56.+21F!F);,4215!.;5!DE!K\I\!D2442,1!42/5*;!)16!#$P!5@2;;2,1;!DE!RTIQ!@2442,1!/,1;I

Z!

`1!/75!b[^!)!C24,/!;.*N5E!.165*/)L51!DE!-B!2162+)/56!/7)/^!,1!)N5*)F5^!7,@5O=,*L5*;!542@21)/56!R^KJV!@245;!3)D,./!Q^WWW!L@8!,G!7,@5O/,O,GG2+5!/*)N54^!@,;/!,G!=72+7!=,.46!7)N5!D551!DE!+)*!*)/75*!/7)1!DE!C.D42+!/*)1;C,*/I!:5;C,1651/;!=5*5!)4;,!);L56!2G!/75E!7)6!21+*5);56!452;.*5!c,.*15E;f!,14E!;5N51!,./!,G!/75!JR!7,@5!=,*L5*;! 21/5*N25=56!;)26! /75E!7)6^!)16!/75! 21+*5);56!@245)F5!=);! 4,=! 21! *54)/2,1!/,! /75!;)N21F;!G*,@!7,@5O,GG2+5!/*)N54IT!

`1! ;[email protected])/21F! /75! 2@C)+/!,1! /*)GG2+!+,1F5;/2,1^!A":9!"+,1,@2+!#,1;.4/21Fh;! d+,1;5*N)/2N5!);;.@C/2,1e!,1! +)*! +,@@./21F! 2;! /7)/! +,@C)*56! /,! )! D.;215;;O);O.;.)4! ;+51)*2,^! 7,@5!=,*L5*;! =244! 51)D45! )! KW!C5*+51/! *56.+/2,1! 21! /*)GG2+! 21! PWWQ! )16! KQ! C5*+51/! 21! PWKW^! =2/7! )! 1,/2+5)D45! 2@C)+/! ,1! /*)GG2+!+,1F5;/2,1VI!

>2;+.;;21F! C,/51/2)4! )FF*5F)/5! ;)N21F;! )/! ".*,C5)1! 45N54^! )16! +2/21F! )! ;/.6E! DE! /75! ".*,C5)1!B545+,@@.12+)/2,1;!A5/=,*L!$C5*)/,*;!9;;,+2)/2,1!3"BA$8!)16!/75!<,*46!<24642G5!%.16^!/75!9@5*2+)1!"45+/*,12+;!9;;,+2)/2,1!39598!1,/5;!/7)/!2G!c.;/!KW!C5*+51/!,G!/75!"b!5@C4,E55;!D5+)@5!G45S2O=,*L5*;!PP!@2442,1!/,1;!,G!#$P!@2F7/!D5!;)N56!)11.)44EKWI!

*1/40(R;((8"661&.(%=('#"-+0'(0'#+61#+,A(#0407%&M+,A(+6C15#(%,(BKB(06+''+%,'(

B7.;^!D,/7!b'!)16!".*,C5)1!;/.625;!C,21/!,./!/7)/!/545=,*L21F!+)1!C,/51/2)44E!51)D45!@2442,1;!,G!/,1;!21!

/*)N54O*54)/56!XYX!5@2;;2,1!*56.+/2,1;I!!

'5N5*)4!)./7,*;^!7,=5N5*^!C,21/56!)/!)!1.@D5*!,G!2162*5+/^!*5D,.16!5GG5+/;!/7)/!@)E!*56.+5!/75!C,;2/2N5!

2@C)+/! ,G! /545+,@@./21F! ,1! /*)GG2+! 45N54;! )16! XYX! 5@2;;2,1;I! `1! C)*/2+.4)*! C,/51/2)4! /*)GG2+! 3)16! XYX!

5@2;;2,1;8!21+*5);5;!7)N5!D551!);;,+2)/56!=2/7f!

• 4)/51/!65@)16!G*,@!C5,C45!=7,!65+265!/,!/*)N54!);!+,1F5;/2,1^!/7)1L;!/,!/545+,@@./21F^!65+*5);5;f!

• 452;.*5! /*)N54! G*,@! /545+,@@./5*;! /7)/! /)L5! )6N)1/)F5! ,G! /75! +,@@./21F! /2@5! ;)N56!/7)1L;!/,!/545+,@@./21Fa!)16!

• 21+*5);56!.*D)1!;C*)=4^!G)+242/)/56!DE!/75!62@212;756!1556!/,!42N5!21!C*,S2@2/E!/,!,GG2+5;I!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!6 A)/2,1)4!'/)/2;/2+;!b[^!PWWQ 7 k,;5C7!%.7*!)16!'/5C751!?,+2);LI!!d-*,)6D)16!;5*N2+5;f!5+,1,@2+!)16!51N2*,1@51/)4!D515G2/;^e!B75!9@5*2+)1!

#,1;.@5*!`1;/2/./5^!$+/,D5*^!PWWZI!T!(,/,*;!)16!(,65@;!:5N2;2/56f!B75!:,45!,G!B5+71,4,FE!21!:56.+21F!B*)N54!>5@)16;!)16!B*)GG2+!#,1F5;/2,1I!!k,71!>,6F;,1^!k,1)/7)1!?)+5E!)16!(2+7)54!-5FFI!!A":9^!_,16,1^!()E!PWWWI!V!$CI+2/I!KW!959!PWWZ!M!k,71!9I!d'L2Ce!_)2/15*^![)*51!"7*7)*6O()*/2150!96N)1+56!"45+/*,12+;!)16!`1G,*@)/2,1!B5+71,4,F25;f!B75!`11,N)/2,1O_56!#42@)/5!#7)1F5!',4./2,1I

!

! KT

>5;C2/5! /75! *5+,F12/2,1! ,G! /75;5! 6E1)@2+;^! /75! C*5N)451/! +,1;51;.;! 21! /75! 42/5*)/.*5! 2;! /7)/^! ,N5*)44^!

/545+,@@./21F! *56.+5;! /75!62;/)1+5! /*)N5456!)16! /75!XYX!5@2;;2,1;!65*2N21F! G*,@! /*)1;C,*/)/2,1I!B75!

65D)/5!,1!/75!;205!)16!L216!,G!*5D,.16!2@C)+/!*5@)21;!,C51I!`/!2;!+45)*^!7,=5N5*^!/7)/!/75!;205!)16!L216!

,G! C,;;2D45! *5D,.16! 5GG5+/;! 65C516! ,1! /75! +.4/.*)4^! 5+,1,@2+^! )16! C,42+E! G*)@5=,*L! 21! =72+7!

/545+,@@./21F!2;!65C4,E56^!5IFI^!21!)1!51N2*,1@51/!21!=72+7!4)+L!,G!.*D)1!C4)1121F!6,5;!1,/!51+,.*)F5!

@2S56O.;5!42N21F^!/545+,@@./21F!@)E!45)6!/,!21+*5);21F!;C*)=4!)16!)662/2,1)4!452;.*5O!)16!+7,*5O*54)/56!

/*)N54I!%4)1L21F!C,42+25;!)16!@5);.*5;!+)1!/75*5G,*5!@)S2@205!/75!2@C)+/!,G!/545+,@@./21F!)16!@212@205!

/75!15F)/2N5!*5D,.16!5GG5+/!)16!;.CC,*/!4,=O+)*D,1!G556D)+LI!!

!

1.1.3 Teleworking – Existing barriers and growth potential

<75*5);!+.**51/!)6,C/2,1!,G!/545=,*L21F!2;!/EC2+)44E!42@2/56!/,!)!;@)44!C5*+51/)F5!,G!=,*L5*;^!2/!)CC5)*;!

/7)/!)!D*,)65*!1.@D5*!,G!=,*L5*;!)*5!C,/51/2)44E!21/5*5;/56!21!/72;!)CC42+)/2,1I!9!72F7!45N54!,G!21/5*5;/!2;!

C*5;51/!D,/7!)@,1F!/7,;5!)4*5)6E!5@C4,E56!3;55!/)D45!D54,=8!)16!)@,1F!/7,;5!+.**51/4E!.15@C4,E56!

3;55!)CC5162S!R8I!B72;! 45N54!,G! 21/5*5;/!;7,.46!D5!+,1;265*56!72F7^!*54)/2N5!/,!/75!G)+/!/7)/!;.CC,*/!)16!

+,@@5*+2)4!C.;7!G,*! /545=,*L21F!)*5!1,/!72F7!)16!G5=!*,45!@,654;!/7)/!;.++5;;G.44E!7)N5! 2@C45@51/56!

/545=,*L21F!;,4./2,1;!)*5!=544!L1,=1I!!

!

!(

*1/40(VD(Q6C4%.0-(C0%C40(+,#0&0'#0-(+,(#0407%&M+,AO('%"&50D(B1&0+'(IEUUEJ;(

!

B75!;5/!,G!C,/51/2)4!/545=,*L5*;!@)E!D5!5N51!4)*F5*!2G!,15!+,1;265*;!/75!G.1+/2,1)4!)+/2N2/25;!,G!62GG5*51/!

=,*L5*;!)16!/752*!)+/.)4!+,115+/2,1!/,!)!C7E;2+)4!;C)+5I!

B75!+,@@2;;2,1!,G!/75!".*,C5)1!#,@@.12/25;^!G,*!5S)@C45^!7);!5;/2@)/56!/7)/!*,.F74E!QW!C5*+51/!,G!)44!

5@C4,E@51/! 2;! 1,/! D,.16! /,! )! ;C5+2G2+! F5,F*)C72+)4! 4,+)/2,1I! `1! /75! b'^! /75! 1.@D5*! ,G! ;,O+)4456!

21G,*@)/2,1!=,*L5*;^!=72+7!)++,.1/! G,*!)*,.16!7)4G!,G! /75! /,/)4!=,*LG,*+5! 3=2/7!/72;! G2F.*5!5SC5+/56! /,!

F*,=!.C!/,!ZW!C5*+51/8^!7);!D551!.;56!);!)1!2162+)/,*!,G!/75!C,/51/2)4!F*,=/7!,G!/545=,*L21FI!Y,=5N5*^!

1,/!)44!21G,*@)/2,1!=,*L5*;!+,1;265*!/75@;54N5;!C,/51/2)4!/545=,*L5*;I!9++,*621F!/,!)!1.@D5*!,G!;.*N5E;!

/7)/!7)N5!D551!+,16.+/56^!D5/=551!PW!)16!TP!C5*+51/!,G!21G,*@)/2,1!=,*L5*;!52/75*!D5425N5!/75E!+)11,/!

/545=,*L! ,*! )*5! 1,/! =24421F! /,! 6,! ;,! .165*! +.**51/! +2*+.@;/)1+5;I! `G! /75! *5;.4/;! ,G! /=,! 5@C2*2+)4! b'!

!

! KV

;.*N5E;!DE!(,L7/)*2)1^!=72+7!;.FF5;/!/7)/!21G,*@)/2,1!=,*L5*;!=7,!)*5!.1)D45!,*!.1=24421F!/,!/545=,*L!

*5C*5;51/!JW!C5*+51/!,G!/75!/,/)4^!)*5!/)L51!);!*5C*5;51/)/2N5^!/72;! 2@C425;!/7)/!+.**51/4E!RW!C5*+51/!,G!

/75! 4)D,*! G,*+5!+,.46!)16!=,.46! 42L5! /,! /545=,*L!3\W!C5*+51/!,./!,G!QW!C5*+51/!,G! /75! /,/)4! 4)D,*! G,*+58!

39*1G)4L!KVVV8I!`/!@.;/!D5!1,/56^!7,=5N5*^!/7)/!/75!D*,)6!*)1F5!,G!*5;C,1;5;!C*,N2656!/,!/75;5!;.*N5E;!

@)E! ;2F1)4! 4)+L! ,G! +4)*2/E! )@,1F! *5;C,1651/;! )D,./! /75! 2@C42+)/2,1;^! D515G2/;^! )16! 6*)=D)+L;! ,G!

/545=,*L21FI!!

!

'.**,.1621F!+,162/2,1;!C4)E!)!L5E! *,45! 21!65/5*@2121F!D,/7! /75!C,/51/2)4! G,*! /545=,*L21F!)16! 2/;!)+/.)4!

./2420)/2,1I!B,6)E^!65;C2/5!/75!72F7!45N54!,G!21/5*5;/!G,*!/545=,*L21F!5SC*5;;56!DE!@,;/!5@C4,E55;^!);!=544!

);!DE!)!F*,=21F!1.@D5*!,G!5@C4,E5*;^!/75!;7)*5!,G!/545=,*L5*;! 2;!;/244! *54)/2N54E! 4,=! 21!@,;/!+,.1/*25;I!

B72;! 2;! 6.5! /,! )! +,@D21)/2,1! ,G! G)+/,*;^! 21+4.621F! /5+71,4,F2+)4! )16! 5+,1,@2+! D)**25*;^! 45F)4! )16!

)6@212;/*)/2N5!D)**25*;!3;.+7!);!4)+L!,G!C5*@2;;2,1!/,!/545=,*L!G*,@!/75!+,@C)1E!,*!4)+L!,G!)CC*,N)4!G*,@!

/75!;.C5*2,*8^!)16!/75!C5*+52N56!1556!G,*!C7E;2+)4!C*5;51+5!)16!G)+5O/,OG)+5!21/5*)+/2,1!21!)!1.@D5*!,G!

c,D;I!B75!*5;.4/;!,G!)!;.*N5E!+,16.+/56!21!/75!"bOKQ!,1!/75!*5);,1;!G,*!1,/!/545=,*L21F!)*5!*5C,*/56!21!

/75!/)D45!D54,=I!

!(

*1/40(\D(S01'%,'(#%(#0407%&M(%&(,%#(#%(#0407%&MO('%"&50D(B1&0+'(IEUUEJ;(

!

>5;C2/5! 5S2;/21F! D)**25*;! 2/! 2;! /,! D5! 5SC5+/56! /7)/^! =2/7! /75! +,1/21.)/2,1! ,G! 5S2;/21F! /*516;^! )! 4)*F5*!

C*,C,*/2,1!,G!C5,C45!=244!D5!)D45!,*!=24421F!/,!/545=,*L!21!/75!G./.*5^!6.5!/,!;5N5*)4!6*2N5*;^!);!62;+.;;56!

21!;5+/2,1!KIR!D54,=I!B75!;C556!,G!65N54,C@51/^!7,=5N5*^!)16! /75! 2@C)+/! /7)/!;.+7!65N54,C@51/!@)E!

7)N5! ,1! XYX! 5@2;;2,1;! =244! N)*E! ;2F12G2+)1/4E^! 65C51621F! ,1! /75! D57)N2,*! ,G! L5E! C4)E5*;! ;.+7! );! `B!

C*,6.+5*;!)16!.;5*;!)16!C,42+E!@)L5*;I!B75;5!);C5+/;!=244!D5!62;+.;;56!21!@,*5!65/)24!21!;5+/2,1;!P!)16!R!

D54,=I!

!

1.2 Virtual meetings

1.2.1 Virtual meetings – Data availability and data-collection issues

B75! D)+LF*,.16! *5;5)*+7!.165*/)L51! G,*! /72;! C*,c5+/! 72F742F7/56! /7)/! +.**51/4E! /75*5! 2;! 1,! ;E;/5@)/2+!

5GG,*/!/,!+,445+/!;/)/2;/2+)4!6)/)!)D,./!/75!)6,C/2,1!,G!N2*/.)4!@55/21F;I!'/)/2;/2+)4!6)/)!5S)@2121F!N2*/.)4!

@55/21F;! 2;! /75*5G,*5! 5N51! ;+)*+5*! /7)1! G,*! /545=,*L21FI! B72;! 2;! ;.*C*2;21F^! F2N51! 7,=! @.+7! N2*/.)4!

@55/21F!/5+71,4,F25;!)*5!C*,@,/56!DE!@)1E!`B!+,@C)125;!);!2@C,*/)1/!D.;215;;!;,4./2,1;I!

!

! PW

9! 1.@D5*! ,G! ;/.625;^! D);56! ,1! +);5! ;/.625;^! 7)N5! )1)4E056! N)*2,.;! /75@5;! );;,+2)/56! =2/7! N2*/.)4!

@55/21F;!;.+7!);!.;5*!D57)N2,*a!/5+71,4,FE!C5*G,*@)1+5a!,*^!);! 21!/75!;/.625;! /7)/!=244!D5!72F742F7/56!

D54,=^! 2@C)+/! ,1! /*)N54! D57)N2,*! )16! #$P! 5@2;;2,1;I! B75;5! ,++);2,1)4! ;.*N5E;! )16! ;/.625;! N)*E!

;2F12G2+)1/4E!21!/5*@;!,G!F,)4;^!;+,C5^!)16!)CC*,)+7I!9;!/75;5!;/.625;!)*5!D);56!,1!)15+6,/)4!5N2651+5^!

/75E!G)24!/,!C*,N265!*2F,*,.;!;/)/2;/2+)4!6)/)!,1!/75!)6,C/2,1!,G!N2*/.)4!@55/21F;!21!/75!=,*LC4)+5!)16!,1!

/75!);;,+2)/56!2@C)+/!,1!D.;215;;!/*)N54!)/!)1!)FF*5F)/56!45N54^!=75/75*!DE!+,.1/*E!,*!5N51!DE!216.;/*2)4!

;5+/,*I!

!

1.2.2 Virtual meetings – Existing literature

'21+5!/75!21/*,6.+/2,1!,G!/75!/545C7,15!)16^!4)/5* !̂,G!/75!?2+/.*5C7,15!DE!-544!_)D;!)/!/75!<,*46!"SC,!21!

KV\J^!)!1.@D5*!,G!;/.625;!7)N5!;C5+.4)/56!/7)/!/545+,1G5*51+21F!=,.46!4,=5*!,*!5N51!*5C4)+5!/75!1556!

G,*!D.;215;;!/*)N54I!%,*!5S)@C45^!)!45//5*!/,!/75!562/,*;!,G!/75,!(1"2!6)/56!()E!KW^!KTZV^!,C215;!/7)/!/75!

21N51/2,1!,G!/75!/545C7,15!:3%/#5,&";#03",.<",&0;(5,=%/&)">()*,$<(3<,$"0&("5,.<",7/2()"2210),%4,.%50>9?!

n.2/5!;2@24)*4E^!21!KV\V^![c544;/*,@!=*,/5^!:@>,ABCD,$",$(##,)%,#%)*"&,)""5,.%,2;")5,.(1",(),403"8.%8403",

1"".()*29, !<0)'2, .%, 3%1;/."&, ."&1()0#2, 0)5, ;(3./&", ."#";<%)>+,$",$(##, 7", 07#", .%,1""., "#"3.&%)(30##>,

4&%1,%/&,%44(3",3<0(&2?,39*1G)4L^!PWWP8I!

$N5*! /75! 4);/! +,.C45! ,G! 65+)65;^! /75! 21/*,6.+/2,1! ,G! C5*;,1)4! +,@C./5*;! )16! ,G! /75! `1/5*15/! 21! /75!

=,*LC4)+5^!+,@D2156!=2/7!/75!@,*5!*5+51/!;C*5)6!,G!D*,)6D)16^!7);!;C.**56!)!*515=56!21/5*5;/!)@,1F!

*5;5)*+75*;^! =7,! 7)N5! G,+.;56! /752*! )//51/2,1! ,1! ;C5+2G2+! /EC5;! ,G! /545+,1G5*51+21F! ;.+7! );!

N265,+,1G5*51+21F! )16^!@,*5! *5+51/4E^!=5D! +,1G5*51+21FI! 9! ;)@C45! ,G! ;/.625;! 2;! C*,N2656! 21! /75! /)D45!

D54,=I!

!

!

! PK

8%"&50( W+,-+,A(

-B!/*2)4!KVTRMKVT\!3-5112;,1!KVVT8!

"2F7/EO;5N51!C5*+51/!,G!*5;C,1651/;!G54/!/7)/!/545+,1G5*51+21F!*56.+56!/752*!1556!/,!/*)N54I!!

'#9X!@55/21F!3(,L7/)*2)1!KVTT8!

• B,/)4!N572+45!@245;!21+*5);56!DE!PV!C5*+51/!DE!*5C4)+21F!)!*5F2,1)4!@55/21F!G,*!)!/545+,1G5*51+5^!);!;7,*/5*!62;/)1+5;!/,!/545+,1G5*51+5!G)+242/25;!=5*5!,./=52F756!DE!21+*5);56!)//516)1+5I!!

• B*)N54!21!C5)LO7,.*^!+,1F5;/56!+,162/2,1;!=);!*5C4)+56!DE!/*)N54!21!,GGOC5)L^!45;;!+,1F5;/56!+,162/2,1;I!

• 9!/,/)4!,G!KIT!C5*+51/!,G!)44!D.;215;;!/*)N54!@)E!+.**51/4E!D5!;.D;/2/./56!DE!/545+,1G5*51+21FI!

#)1)62)1!5@C4,E55;!3:565L,C!KVVJ8!

B=51/EOG2N5!C5*+51/!,G!*5;C,1651/;!@)65!G5=5*!D.;215;;!/*2C;!6.5!/,!+,@@.12+)/2,1!/5+71,4,F25;!21!KVVP^!)16!PT!C5*+51/!626!;,!21!KVVJI!

Cook and Haver (1994) • It was argued that a 25 percent replacement of business travel by air was going to take place in the US by 2010.

#)1)62)1!D.;215;;!/*)N545*;!3:,E!)16!%242;/*).4/!KVVT8!

• 9!/,/)4!,G!PJIP!C5*+51/!;)26!/75E!=5*5!/*)N5421F!45;;!,G/51!);!)!*5;.4/!,G!+,@C)1E!C,42+E!/,!21+*5);5!./2420)/2,1!,G!/545+,1G5*51+21FI!

• $G!/7,;5!C)*/2+2C)/21F!21!)/!45);/!,15!N265,+,1G5*51+5!21!/75!C*5N2,.;!E5)*^!.;5*;!;/)/56!/7)/!N265,+,1G5*51+21F!7)6!D551!)!;.D;/2/./5!G,*!)1!)2*!/*2C!21!JQ!C5*+51/!,G!/75!+);5;I!

• 9;!@.+7!);!KIT!C5*+51/!,G!)44!D.;215;;!/*)N54!@)E!+.**51/4E!D5!;.D;/2/./56!DE!/545+,1G5*51+21FI!

"C;,1!B545+51/*5!3'.;/)21`B!.16)/56^!-2DDE!PWWW8!

9!/545+51/5*!=2/7!52F7/!65;L;!=);!5;/2@)/56!/,!;)N5!RW^WWW!N572+45!@245;!C5*!)11.@!3R^ZQW!@245;!C5*!65;L8I!

B5/*)C)L!39*1G)4L!PWWP8! -.;215;;!/*)N54!+,.46!D5!*56.+56!DE!KW!C5*+51/!6.5!/,!N265,+,1G5*51+21FI!

B542)!39*1G)4L!PWWP8!! -5/=551!KVVZ!)16!PWWW^!D.;215;;!/*)N54!DE!)2*!=);!*56.+56!DE!,N5*!)!/72*6^!C)*/4E!6.5!/,!@,*5!N2*/.)4!@55/21F;!3C)*/2+.4)*4E!).62,+,1G5*51+21F8I!

'.*N5E!,G!G,.*!'=562;7!+,@C)125;!39*1G)4L!PWWP8!

• %,*/EOG2N5!/,!\K!C5*+51/!*5;C,1651/;!;)26!N265,+,1G5*51+21F!7)6!*56.+56!/752*!,=1!/*)N54I!

• %2G/551!/,!PQ!C5*+51/!;)26!2/!7)6!*56.+56!,/75*!C5,C45h;!/*)N54I!• '5N51/551!/,!PW!C5*+51/!;)26!2/!7)6!,14E!7)6!)!@21,*!5GG5+/I!• $15!/,!R!C5*+51/!;)26!2/!7)6!21+*5);56!/752*!/*)N54I!

Y,CL21;,1!5/!)4!PWWR! • '5N51/EO,15!C5*+51/!,G!*5;C,1651/;!;)26!/752*!4);/!+,1G5*51+5!+)44!7)6!*5C4)+56!)!@55/21F!3=2/7!QP!C5*+51/!,G!*5;C,1651/;!;/)/21F!/7)/!/72;!=);!d65G212/2N54E!/75!+);5e8^!=7245!Q!C5*+51/!;/)/56!/7)/!2/!7)6!F515*)/56!)!@55/21FI!

• 9!7)4G!@2442,1!+)*gN)1!/*2C;!)16!QKMQV!@2442,1!@245;!,G!/*)N54!;)N56!G,*!KWT^WWW!C5,C45!3)CC*,S2@)/54E!G2N5!/*2C;!)16!JQWMQQW!@245;!C5*!C5*;,1!C5*!E5)*8I!

• %,*/EO;2S!C5*+51/!)N,2656!/*2C;!/7)/!=,.46!7)N5!/)L51!C4)+5!6.*21F!C5)L!C5*2,6;I!

• B51!/,!KK!C5*+51/!;)=!)!*56.+/2,1!21!D.;215;;!@245)F5I!();,1!<2442)@;!3PWWJ8! U265,!@55/21F!5].2C@51/!7);!)44,=56!/*)N54!+,;/;!/,!6*,C!DE!)!/72*6I!Y?!PWWT! #);5!;/.6E!,G!Y)4,!/545C*5;51+5!;,4./2,1!)CC4256!/,!)!Y?!/5)@!*5;C,1;2D45!

G,*!/*)1;G5**21F!@)1.G)+/.*21F!*5;C,1;2D242/E!G,*!)1!Y?!C*,6.+/!G*,@!$*5F,1!/,!'21F)C,*5f!• +./!)1!5;/2@)/56!JJ!21/5*1)/2,1)4!5@C4,E55!/*2C;!G*,@!/75!C*,c5+/!)16!!• C*5N51/56!)D,./!KJQ!@5/*2+!/,1;!,G!+)*D,1!5@2;;2,1;!G*,@!D521F!

*545);56!21/,!/75!51N2*,1@51/I!(

*1/40(]L!G'&?$!&57!.1I&'-!6%!-$?$'65%$#$5'.5;P!'%"&50(#)2*1;!'O('4,@)1!_O(A5=;,1!#O(91)D45!kO(@+&M/&+-0(!(^(B%%-7+,(3(IEUUVJ(_861&#0&(9$%+50'(`(9$1,A+,A(#$0(Z1.(Z0(*&1204(!

!

9;!=2/7!/545=,*L21F^!/75!5;/2@)/56!D515G2/;!,G!N2*/.)4!@55/21F;!@)E!N)*E!65C51621F!,1!/75!);;.@C/2,1;!

@)65! ,1! /75! C,/51/2)4! *5D,.16! 5GG5+/;! F515*)/56I! BEC2+)44E^! @,*5! C*.651/! 5;/2@)/5;! 72F742F7/! /7)/!

D5;265;!;.D;/2/./2,1^!/=,!,/75*!C,;;2D45!5GG5+/;!,G!N2*/.)4!@55/21F;!,1!/*)N54!+)1!D5!2651/2G256f!

! '.CC45@51/)/2,1f! U2*/.)4! +,@@.12+)/2,1! ;.CC45@51/;! C7E;2+)4! /*)N54^! =72+7! +,1/21.5;! /,!

/)L5!C4)+5I!

! X515*)/2,1f! U2*/.)4! +,@@.12+)/2,1! 45)6;! /,! @,*5! 1.@5*,.;! )16! *5@,/5! +,1/)+/;! )16!

D.;215;;5;^!;/[email protected])/21F!)16!F515*)/21F!@,*5!65@)16!G,*!/*)N54I!

!

! PP

!

%,*! 21;/)1+5^! )++,*621F! /,! ;,@5! )./7,*;^! ;.+7! );! >51;/)642! 3PWWJ8^! N265,+,1G5*51+21F! @)E! +).;5! )!

d/*)N54! ;72G/21F^e! G*,@! 21/5*1)4! +,@C)1E! @55/21F;! )16! *,./215! +,1/)+/;! /,! 5S/5*1)4^! D.;215;;O

65N54,C@51/O*54)/56!@55/21F;I!`1!,/75*!=,*6;^!/*)N54!+,;/;!)16!/2@5!;)N56!G,*!21/5*1)4!@55/21F;!/7)1L;!

/,! /75! .;5! ,G! /545O! )16! N265,+,1G5*51+21F! @)E! G*55! /2@5! )16! *5;,.*+5;! G,*! @,*5! ;/*)/5F2+! 5S/5*1)4!

@55/21F;I!94/7,.F7!/72;!@)E!7)N5!C,;2/2N5!5GG5+/;!21!/5*@;!,G!D.;215;;!65N54,C@51/^!2/!@)E!15./*)4205!,*!

5N51!*5N5*;5!/75!*56.+/2,1!21!C7E;2+)4!/*)N54!/,!)//516!21/5*1)4!@55/21F;I!$/75*!/*)N54OF515*)/2,1!5GG5+/;!

=5*5! G,.16! DE! (,L7/)*2)1! 3PWWR8^! )++,*621F! /,! =7,@! N265,+,1G5*51+5OD);56! @55/21F;! ,G! /75! ',./7!

#)42G,*12)!9;;,+2)/2,1!,G!X,N5*1@51/!*5;.4/56!21!F*5)/5*!,N5*)44!@245;!/*)N5456^!);!/75!)N5*)F5!1.@D5*!,G!

)//51655;^!=7,!7)6!/,!/*)N54! 21!,*65*!/,!c,21!/75!N2*/.)4!@55/21F;!)/!/752*! 4,+)4!7.D;^!*,;5I!%21)44E !̂=2/7!

2@C*,N56!`B!)CC42+)/2,1;!;.+7!);!/545O!)16!N265,+,1G5*51+21F^!/75!F5,F*)C72+!;+,C5!,G!D.;215;;5;!@)E!

5SC)16^!51)D421F!+,@C)125;! /,!5;/)D42;7!,GG2+5;!)16!,C5*)/2,1;! 21! *5@,/5! 4,+)/2,1;!D);56!,1!*5;,.*+5O

5GG2+251+E! +,1;265*)/2,1;I! 944! 54;5! D521F! 5].)4^! /72;! =,.46! F515*)/5! 15=! 65@)16! G,*! 21/5*)+/2,1^! D,/7!

N2*/.)4! 3/7*,.F7! /545+,1G5*51+21F8! )16! C7E;2+)4^! +*5)/21F! /75! 1556! G,*! )662/2,1)4! /*)N54I! `1! )! ;.*N5E!

+,16.+/56!DE!-)*+4)E+)*6!-.;215;;!)16!%./.*5!%,.16)/2,1!3PWWZ8!)@,1F!b[!D.;215;;5;^!KR!C5*+51/!,G!

/7,;5!=7,! *5;C,1656!;)26! /7)/! /75E!=5*5! /*)N5421F!@,*5! /7)1! 21! /75!C*5N2,.;!E5)*^!)16! 2162+)/56! /7)/!

/72;!=);!6.5!/,!/75!F*,=21F!1556!G,*!G)+5O/,OG)+5!@55/21F;I!9;!+,1+4.656!DE!-)*+4)E+)*6!-.;215;;!)16!

%./.*5! %,.16)/2,1! 3PWWZ8^! d-.;215;;! )+*,;;! 21/5*1)/2,1)4! D,*65*;! 21+.*;! 2;;.5;! ;.+7! );! +.4/.*)4! ,*!

4)1F.)F5! D)**25*;! )16! 21+,@C)/2D45! /2@5! 0,15;^! )44! ,G! =72+7! )*5! D5//5*! ,N5*+,@5! =2/7! G)+5O/,OG)+5!

+,1/)+/Ie! %21)44E^! 9*1G)4L! 3PWWP8^! 72F742F7/56! /7)/! )! +5*/)21! 1.@D5*! ,G! @55/21F;! /7)/! =5*5! 7546! N2)!

/545+,1G5*51+5!=,.46!1,/!7)N5!7)CC5156!,/75*=2;5!)16g,*!G5=5*!C5,C45!=,.46!7)N5!/*)N5456!/,!)//516!2/I!

9++,*621F!/,!)!;.*N5E!75!+,16.+/56^!)4@,;/!,15OG2G/7!,G!*5;C,1651/;!7)6!C)*/2+2C)/56!21!N2*/.)4!@55/21F;!

/75E! =,.46! 1,/! ,/75*=2;5! 7)N5! /*)N5456! /,I! `/! 2;! *5);,1)D45! /,! );;.@5^! /75*5G,*5^! /7)/! /75! +.4/.*)4^!

5+,1,@2+^!)16!C,42+E!G*)@5=,*L!21!=72+7!;.+7!@55/21F;!/)L5!C4)+5!=244! 42L54E!)GG5+/!/75!.4/2@)/5!2@C)+/!

,1!XYX!5@2;;2,1;^!=7245!/5+71,4,F2+)4!G)+/,*;!=244!)GG5+/!.;)F5!*)/5;!)16!C)//5*1;I!

1.2.3 Virtual meetings – Existing barriers and growth potential

BEC2+)4!+7)4451F5;!G,*!N2*/.)4!@55/21F;!65*2N5!G*,@!/75!42@2/)/2,1;!/7)/!)!=,*L!21/5*)+/2,1!@562)/56!DE!)1!

`B! 65N2+5! @)E! D*21F! /,! @55/21F! C)*/2+2C)1/;I! B72;! 2;! @,*5! 5N2651/! =2/7! ).62,+,1G5*51+5;^! =751! /75!

+,@@.12+)/2,1!2;!+,1;/*)2156!/,!N5*D)4O,14E^!D./!2/!2;!)4;,!C*5;51/!21!@,*5!;,C72;/2+)/56!;,4./2,1;^!;.+7!

);!N265,+,1G5*51+21F!,*!=5D!+,1G5*51+21F^!=751!N2;.)4!21/5*)+/2,1!2;!)4;,!C*5;51/!)16!@,*5!/,,4;!51)D45!

*2+75*!21/5*)+/2,1;I!")*425*!;/.625;!72F742F7/56!;,@5!,G!/75;5!D)**25*;^!);!;7,=1!21!/75!F*)C7!D54,=I!

!

! PR

(

B&1C$([;(3&%/406'(7+#$(2+-0%5%,=0&0,5+,A(+,(=%"&(870-+'$(%&A1,+Y1#+%,';(!-1C#0-(=&%6(!&,=14M(I:aaaJ;(

!B5+71,4,F2+)4! 65N54,C@51/! +,1/21.5;! /,! 2@C*,N5! G.1+/2,1)42/25;! )16! 51)D45! *2+75*! `BO@562)/56!

21/5*)+/2,1;I! 9! 1.@D5*! ,G! D)**25*;^! 7,=5N5*^! )*5! 1,/! +,@C45/54E! ,N5*+,@5! E5/I! %,*! 5S)@C45^! /75!

G,44,=21Ff!

! >5;C2/5!/75!;2F12G2+)1/!5SC)1;2,1!)16!517)1+5@51/!,G!`B!21G*);/*.+/.*5;!,N5*!/75!C);/!G5=!E5)*;^!

21! 5@5*F21F! 5+,1,@25;! )16! 65N54,C21F! +,.1/*25;! ;.+7! 21G*);/*.+/.*5;! )*5! ;/244! 21)65].)/5I!

?*,D45@;!@)E!G,44,=!21!/5*@;!,G!4)+L!,G!D)16=26/7^!+,115+/2,1!*542)D242/E^!;5+.*2/E^!,*!4,;;!,G!6)/)I!

`1!/75!+);5!,[email protected]/21)/2,1)4!+,@C)125;!)16!,*F)120)/2,1;!=2/7!,C5*)/2,1;!21!/75;5!+,.1/*25;^!/72;!

+)1!*5C*5;51/!)!@)c,*!,D;/)+45!/,!/75!.;5!,G!`B!)CC42+)/2,1;!G,*!21/5*1)4!@55/21F;^!=72+7!)++,.1/!

G,*!)!4)*F5!;7)*5!,G!/*)N54!21!/75;5!/EC5;!,G!51/2/25;I!!

! B75*5!)*5!C*,D45@;!,G!)++5;;2D242/E^!D,/7! 21!/5*@;!,G!+,;/;!)16!L1,=O7,=I!B72;! 2;!/75!+);5!=2/7!

N265,+,1G5*51+21FI!>5;C2/5!/75!;.D;/)1/2)4!65+*5);5!21!/75!+,;/;!,G!N265,+,1G5*51+21F!5].2C@51/!

)16!;5*N2+5;^!/72;!/5+71,4,FE!;/244! *5].2*5;^! 21!,*65*!/,!)+725N5!N5*E!72F7!C5*G,*@)1+5^!)1! 212/2)4!

21N5;/@51/!/7)/!@)1E!;@)44!)16!@562.@!D.;215;;5;!+)11,/!)GG,*6I!B72;!);C5+/^!+,.C456!=2/7!/75!

4)+L! ,G! )65].)/5! /5+71,4,F2+)4! L1,=O7,=! /7)/! )GG5+/;! @)1E! ;@)44! )16! @562.@! 51/5*C*2;5;!

3'(";8^!7);!42@2/56!/75!65N54,C@51/!,G!/72;!/5+71,4,FE!,1!)!4)*F5!;+)45I!!

! #.4/.*)4^! ,*F)120)/2,1)4^!)16! C;E+7,4,F2+)4! D)**25*;!@)E!)4;,! 42@2/! )6,C/2,1^! );! +7)1F5;! 21! d/75!

=)E!D.;215;;!2;!6,15e!@)E!D5!;551!);!.1155656^!21)CC*,C*2)/5^!,*!+,;/4EI!

91!2@C,*/)1/!);C5+/!/7)/!=244!21G4.51+5!/75!4,1FO/5*@!62;;5@21)/2,1!)16!./2420)/2,1!,G!N2*/.)4!@55/21F;!2;!

/75! 65F*55! /,! =72+7! /75E! =244! 3D5! C5*+52N56! /,8! 4)+L! /75! 7.@)1g;,+2)4! 21/5*)+/2,1! 155656! /,! C5*G,*@!

;C5+2G2+! =,*LO*54)/56! /);L;I! 9++,*621F! /,! 9*1G)4L! 3PWWP8^! G,*! 5S)@C45^! D.;215;;! /*)N54! +)1! 7)N5! /7*55!

@)21!C.*C,;5;f!!

! ?*,N265! )++5;;! /,! +.;/,@5*;^! ;.CC425*;^! C)*/15*;^! )16! +,445)F.5;^! ,*! /,! C*,6.+/;^! 21;/*.@51/;^!

5/+I!

! &2546!N)4.5;f!*5N51.5^!21G,*@)/2,1^!L1,=456F5^!;L244;^!+,44)D,*)/2,1^!5/+I!

! ?*,N265!21/)1F2D45!N)4.5;f!/*.;/^!+,1G2651+5^!21/5*5;/^!C45);.*5^!F*)/2/.65^!5/+I!!

`BO51)D456! N2*/.)4! @55/21F;! @)E! )4*5)6E! C5*G,*@! ;,@5! ,G! /75;5! G.1+/2,1;! *54)/2N54E! =544I! $/75*;^!

7,=5N5*^!C*5;51/!D2FF5*!+7)4451F5;^!5;C5+2)44E!/7,;5!/7)/!*5].2*5!)!72F7!6,;5!,G!d;,+2)4!C*5;51+5^e!;.+7!

);! L2+L,GG! )16! L2+LO,./! @55/21F;^! =72+7! /EC2+)44E! C*,N265! 21/)1F2D45! N)4.5;! ;.+7! );! /*.;/^! +,1G2651+5^!

21/5*5;/^!5/+I!!

!

! PJ

1.3 Outlook – Teleworking and virtual meetings

B75!F*,=21F!C515/*)/2,1!,G!D,/7!/545=,*L21F!)16!/545+,1G5*51+21F! 21! /75!=,*LC4)+5!7);!D551!C*,@C/56!

DE!)!1.@D5*!,G!G)+/,*;^!=72+7!=244!42L54E!+,1/21.5!21!/75!+,@21F!E5)*;!)16!65+)65;I!%,*!5S)@C45^!+,1;265*!

/75!G,44,=21Ff!!

! B75!*542)D242/E!)16!)GG,*6)D242/E!,G!`B!)CC42+)/2,1;!;.+7!);!/545=,*L21F!)16!/545+,1G5*51+21F!7)N5!

2@C*,N56! +,1;265*)D4E! 21! /75! C);/! G5=! E5)*;^! +,.C456!=2/7! 5N5*O2@C*,N21F! G.1+/2,1)42/25;I! B72;!

/5+71,4,F2+)4!C*,F*5;;!2;!5SC5+/56!/,!+,1/21.5!21!/75!G./.*5^!)44,=21F!@,*5!*542)D45^!72F7O].)42/E^!

)16!21/5*)+/2N5!+,@@.12+)/2,1;!)16!5S+7)1F5;!)@,1F!.;5*;I!!

! '/*.+/.*)4! +7)1F5;! 21! /75! 5+,1,@E! 3;.+7! );! )! F*,=21F! C*,C,*/2,1! ,G! ;5*N2+5O;5+/,*! )16!

L1,=456F5! =,*L5*;! ,N5*! /75! /,/)4! =,*LG,*+58! +)1! D*,)651! /75! C,,4! ,G! =,*L5*;! /7)/! +)1! .;5!

/545=,*L21F! ,*! N2*/.)4! @55/21F;I! '2F12G2+)1/! F*,=/7! 2;! 42L54E! 21! 5@5*F21F! 5+,1,@25;! )16!

65N54,C21F! +,.1/*25;^!=75*5! /75! ;5*N2+5! ;5+/,*! +.**51/4E! *5C*5;51/;!)! ;@)445*!C*,C,*/2,1! ,G! /75!

5+,1,@E!);!+,@C)*56!/,!65N54,C56!+,.1/*25;I!B75;5!)*5);!=244! 42L54E!F*,=!;2F12G2+)1/4E!,N5*!/75!

15S/!G5=!65+)65;I!

! B5+71,4,F2+)4! 2@C*,N5@51/;! @)E! )4;,! 51)D45! D5//5*! @)1O@)+7215! )16! @)+7215O@)+7215!

21/5*)+/2,1^! =72+7! @)E! )44,=! /75! 65C4,E@51/! ,G! `B! ;,4./2,1;! 21! )! D*,)65*! ;5/! ,G! ;5+/,*;^! )4;,!

51)D421F!)!F*5)/5*!;5/!,G!C*,G5;;2,1;!)16!C5,C45!/,!./24205!N2*/.)4!@55/21F;!)16!/545=,*L21FI!!

! B*)1;C,*/)/2,1!)16!515*FE!+,;/;!7)N5!;551!)1!.C=)*6!/*516!)16!;.+7!+,;/;!)*5!42L54E!/,!G.*/75*!

21+*5);5!21!/75!G./.*5^!5;C5+2)44E!2G!/75!/*.5!+,;/;!,G!G,;;24!G.54!5@2;;2,1;!321+4.621F!5S/5*1)42/25;8!

)*5!+7)*F56!/,!/75!/*)1;C,*/)/2,1!;5+/,*I!

! '5N5*)4! +,@C)125;! )*,.16! /75! =,*46! 7)N5! +,@@2//56! /,! XYXO5@2;;2,1O*56.+/2,1! ;/*)/5F25;^!

C)*/4E!21!*5;C,1;5!/,!/75!+42@)/5!+7)1F5!@2/2F)/2,1!/)*F5/;!)6,C/56!DE!)!1.@D5*!,G!F,N5*1@51/;^!

C)*/2+.4)*4E!.165*!/75![E,/,!?*,/,+,4I!

b16,.D/564E!)!F*,=21F!.;5!,G!/545=,*L21F!)16!/545+,1G5*51+21F!=244!7)N5!)1!2@C)+/!,1!/*)1;C,*/)/2,1!)16!

);;,+2)/56!XYX!5@2;;2,1;I!B75!15/!2@C)+/!)+725N56^!7,=5N5*^!@)E!N)*E!;2F12G2+)1/4E^!);!;5N5*)4!G)+/,*;!

21G4.51+5!D,/7!62*5+/!)16!2162*5+/!3*5D,.168!5@2;;2,1;^!);!244.;/*)/56!21!/75!G,44,=21F!;5+/2,1I!

!

1.4 Paths of GHG impact for teleworking and teleconferencing

-E!42@2/21F!/75!1556!/,!/*)N54!G,*!=,*L!,*!@55/21F;!/545=,*L21F!)16!N2*/.)4!@55/21F;!+)1!C,/51/2)44E!

C*,N265!)!C,;2/2N5!+,1/*2D./2,1!21!/75!5GG,*/!/,!*56.+5!XYX!5@2;;2,1;I!B75;5!`B!;,4./2,1;^!7,=5N5*^!+)1!

2@C)+/!XYX!5@2;;2,1;!/7*,[email protected]/2C45!+7)1154;^!D,/7!62*5+/4E!)16!2162*5+/4EI!%*,@!/75!C,21/!,G!N25=!,G!

+42@)/5!+7)1F5^!;,@5!;,4./2,1;!@)E!45)6!/,!G.*/75*!5@2;;2,1!*56.+/2,1;!3+*5)/21F!N2*/.,.;!+E+45;!,G!XYX!

5@2;;2,1!*56.+/2,1;8!=7245!,/75*;!@)E!45)6!/,!21+*5);56!5@2;;2,1;!3+*5)/21F!15F)/2N5!*5D,.16!5GG5+/;!

/7)/!+)1!15F)/5!21!=7,45!,*!21!C)*/!/75!212/2)4!*56.+/2,1;!)+725N568I!B75!/)D45!D54,=!C*,N265;!)1!

244.;/*)/2,1!,G!/75;5!6E1)@2+;I!',4./2,1;!/7)/!45)6!/,!*56.+/2,1;!21!XYX!5@2;;2,1;!)*5!=*2//51!21!F*551a!

/7,;5!/7)/!45)6!/,!21+*5);5;!21!XYX!5@2;;2,1;!)*5!=*2//51!21!D4)+LI!!

!

! PQ

!

8%4"#+%,'(G01-+,A(#%(S0-"5#+%,'(

+,(BKB(Q6+''+%,'(

8%4"#+%,'(G01-+,A(#%(),5&01'0'(

+,(BKB(Q6+''+%,'(

:56.+56!+,@@./21F!,*!=,*LO*54)/56!/*)N54!*56.+5;!#$P!5@2;;2,1;I!

!

B75!.;5!,G!`B!5].2C@51/!/,!;.CC,*/!=,*L!)16!21/5*)+/2,1!G*,@!7,@5!.;5;!545+/*2+2/E^!=72+7!C*,6.+5;!#$P!5@2;;2,1;I!

!

_5;;!,*!@,*5!5GG2+251/!.;5!,G!`B!5].2C@51/!21!)1!,GG2+5!@)E!*56.+5!545+/*2+2/E!.;5!)16!*54)/56!#$P!5@2;;2,1;I!

!

B545=,*L5*;!@)E!+,1;.@5!@,*5!515*FE!)/!7,@5!G,*!75)/21F!)16!42F7/21FI!

!

"@C4,E55;!@)E!+,1;.@5!45;;!515*FE!)/!=,*L!G,*!75)/21F!)16!42F7/21FI!

!

?5,C45!=7,!)N,26!+,@@./21F!,*!D.;215;;!/*)N54;!@)E!7)N5!)662/2,1)4!/2@5!)N)24)D45^!=72+7!@)E!45)6!/,!)662/2,1)4!/*)N54!G,*!C5*;,1)4!+7,*5;!,*!452;.*5^!=72+7!21+*5);5;!XYX!5@2;;2,1;I!!

!

9N,2621F!/*2C;!*56.+5;!+,;/;^!=72+7!C*,N265;!)662/2,1)4!21+,@5!,*!C*,G2/;^!=72+7!21!/.*1!45)6!/,!+,1;.@C/2,1!,*!21N5;/@51/!21!C*,6.+/;!)16!;5*N2+5;!/7)/!)4;,!F515*)/5!)!*56.+/2,1!21!XYX!5@2;;2,1;I!3B72;!=,.46!D5!/75!+);5!2G!+.4/.*5^!5+,1,@2+;^!)16!C,42+25;!+7)1154!5SC5162/.*5;!/,=)*6;!4,=O+)*D,1!42G5;/E45;!)16!+,1;.@C/2,1;I8!!

!

9N,2621F!/*2C;!*56.+5;!+,;/;^!=72+7!C*,N265;!)662/2,1)4!21+,@5!,*!C*,G2/;^!=72+7!21!/.*1!45)6!/,!+,1;.@C/2,1!,*!21N5;/@51/!21!F,,6;!,*!;5*N2+5;!=2/7!4)*F5!+)*D,1!G,,/C*21/;I!3B72;!=,.46!D5!/75!+);5!2G!+.4/.*5^!5+,1,@2+;^!)16!C,42+25;!51+,.*)F5!5SC5162/.*5;!/7)/!45)6!/,!XYX!5@2;;2,1;I8!!

!

#,@C)125;!=75*5!)!;2F12G2+)1/!1.@D5*!,G!5@C4,E55;!=,*L!G*,@!7,@5!@)E!D5!)D45!/,!*56.+5!/752*!,GG2+5!;C)+5!)16!/75!);;,+2)/56!545+/*2+2/E!)16!75)/!.;5I!!

!

<,*L5*;!=7,!=,*L!)/!7,@5!@)E!=)1/!D2FF5*!7,@5;!/,!)++,@@,6)/5!/75!7,@5!,GG2+5^!=72+7!@)E!21+*5);5!515*FE!.;5I!

!

?5,C45!=7,!7)N5!/75!,CC,*/.12/E!/,!/545=,*L!@)E!D5!21+42156!/,!@,N5!G.*/75*!)=)E!G*,@!/752*!,GG2+5;^!/7.;!,N5*!/2@5!7)N21F!)1!21+51/2N5!/,!)4@,;/!15N5*!/*)N54!/,!/75!,GG2+5^!=72+7!65+*5);5;!XYX!5@2;;2,1;!!

I!!

?5,C45!=7,!7)N5!/75!,CC,*/.12/E!/,!/545=,*L!@)E!D5!21+42156!/,!@,N5!G.*/75*!)=)E!G*,@!/752*!,GG2+5;^!/7.;!/*)N5421F!4,1F5*!=751!F,21F!/,!/75!,GG2+5;^!=72+7!21+*5);5;!XYX!5@2;;2,1;I!!

!

B75!)D242/E!/,!=,*L!=2/7!C5,C45!21!N2*/.)4!;C)+5;!@)E!5S/516!)!15/=,*L!,G!*54)/2,1;72C;!/,!C4)+5;!/7)/!)*5!G.*/75*!)16!G.*/75*!)=)EI!B72;!@)E!45)6!/,!3);!N2*/.)4!@55/21F;!D5+,@5!;,!+,@@,1!/7)/!2/!2;!2@C,;;2D45!/,!@55/!5N5*E,158!)!65+*5);5!21!/75!.*F5!/,!C7E;2+)44E!@55/I!!

!

B75!)D242/E!/,!=,*L!=2/7!C5,C45!21!N2*/.)4!;C)+5;!@)E!5S/516!)!15/=,*L!,G!*54)/2,1;72C;!/,!C4)+5;!/7)/!)*5!G.*/75*!)16!G.*/75*!)=)EI!B72;!@)E!45)6!/,!!21OC5*;,1!/*2C;!21!)*5);!/7)/!=,.46!1,/!,/75*=2;5!D5!)!/*)N54!65;/21)/2,1^!/7.;!21+*5);21F!XYX!5@2;;2,1;I!!

!

?5,C45!=7,!)N,26!+,@@./21F!,*!D.;215;;!/*)N54;!@)E!F5/!*26!,G!/75!+)*!)16g,*!+7)1F5!/752*!42G5;/E45^!=72+7!@)E!45)6!/,!*56.+56!/*)N54!G,*!C5*;,1)4!+7,*5;!,*!452;.*5^!=72+7!65+*5);5;!XYX!5@2;;2,1;I!

!

!

<,*L21F!G*,@!7,@5!@)E!45)6!/,!;/*,1F5*!*,,/;!21!)1!)*5)!)16!=2/721!)!+,@@.12/E^!=72+7!@)E!45)6!/,!45;;!/*)N5421F!)16!@,*5!4,+)4!+,1;.@C/2,1!)16!45;;!XYX!5@2;;2,1;!362*5+/!C,;2/2N5!*5D,.16!5GG5+/8I!

!

!

`G!/545+,@@./21F!)16!N2*/.)4!@55/21F;!)*5!5SC42+2/4E!);;,+2)/56!=2/7!51N2*,1@51/)4!D515G2/;^!C5,C45!@)E!/*)1;G5*!;.+7!N)4.5;!G*,@!/75!=,*L!51N2*,1@51/!/,!,/75*!51N2*,1@51/;^!=72+7!=244!65+*5);5!XYX!5@2;;2,1;I!!

!

!

(*1/40([D(*0407%&M+,A(1,-(2+&#"14(600#+,A'O(-+&05#(1,-(+,-+&05#(+6C15#(%,(BKB(06+''+%,';(

!"#$%&'"(

%)*%(+()(,

-%. '/

#00+(+'$#1

".%')"2.%

34#$5.

+$

*)+10+$5%

34#$5.+$

2+(+.%

34#$5. +$6

7#1).% 86

*.4#7+')"%9'".6

+$0+".2(

9'".60+".2(

!

! P\

%,*!@,;/!,G! /75!N)*2)D45;!)16! *54)/2,1;72C;!@51/2,156!)D,N5^! /75!6)/)! +.**51/4E!)N)24)D45! 2;!5S/*5@54E!

;+)*+5I! b165*;/)1621F! )16! ].)1/2GE21F! /75! 5S2;/21F! )16! C,;;2D45! 2@C)+/! ,G! /545=,*L21F! )16! N2*/.)4!

@55/21F;!,1!XYX!5@2;;2,1;!/75*5G,*5!21N,4N5;!;2F12G2+)1/!+7)4451F5;I!!

`/! @.;/! )4;,! D5! ;)26^! 7,=5N5*^! /7)/! /)*F5/56! C,42+25;! )16! ;/*)/5F25;! +)1! F*5)/4E! )GG5+/! @,;/! ,G! /75!

N)*2)D45;! )16! *54)/2,1;72C;! @51/2,156! )D,N5I! B,! )! ;2F12G2+)1/! 5S/51/^! /75*5G,*5^! =751! +,1;265*21F! /75!

,CC,*/.12/25;!G,*!*56.+/2,1;!21!XYX!5@2;;2,1;!/7*,.F7!/545+,@@./21F!)16!N2*/.)4!@55/21F;^!,15!+)1!);L!

/75!].5;/2,1^!d<7)/!+,162/2,1;!+)1!D5!+*5)/56!/,!@)S2@205!XYX!5@2;;2,1!*56.+/2,1;^!)16!=7)/!;7,.46!D5!

6,15!/,!)N,26!*2;L;!,G!XYX!5@2;;2,1;!21+*5);5oe!!

B72;!].5;/2,1!.165*425;!/72;!*5C,*/I!B75!;5+/2,1;!D54,=!)6,C/!)1!)CC*,)+7!/,!21N5;/2F)/5!C,;;2D45!G./.*5!

/*)c5+/,*25;^! 62;+.;;! L5E! 6*2N5*;! )16! ;51;2/2N2/25;^! )16! 2651/2GE! C,42+25;! )16! ;/*)/5F25;! /7)/! +)1! 754C!

@)S2@205!/75!+42@)/5!D515G2/;!,G!/75!4,=O+)*D,1!`B!;,4./2,1;!.165*!21N5;/2F)/2,1I!

!

2 Future worlds

9;! 72F742F7/56! 21! ;5+/2,1! P^! /75*5! )*5! 1.@5*,.;! N)*2)D45;! /7)/! @)E! )GG5+/! /75! 2@C45@51/)/2,1! ,G! `B!

;,4./2,1;! G,*! *5@,/5!+,44)D,*)/2,1!)16! *5@,/5!=,*L21F^!)16! /75*5!)*[email protected]/2C45! +7)1154;! /7*,.F7!=72+7!

;.+7!/5+71,4,F25;!+)1!)GG5+/!XYX!5@2;;2,1;^!D,/7!62*5+/4E!)16!2162*5+/4E^!=2/7!N)*2,.;!65F*55!,G! 2@C)+/!

C5*! +7)1154I! B7.;! ;5N5*)4! C,;;2D45! G./.*5;! +)1! D5! 2@)F2156^! 21! =72+7! /75! 21/5*C4)E! ,G! /75;5! N)*2)D45;!

45)6;!/,!6*)@)/2+)44E!62GG5*51/!*5;.4/;I!

B7*55!L5E!C4)E5*;!)CC5)*!/,!7)N5!)!;2F12G2+)1/!65F*55!,G!21G4.51+5!,1!@,;/!,G!/75!*545N)1/!N)*2)D45;f!/75!

`B! 216.;/*E^! +.;/,@5*;! /7)/! )6,C/! `B! C*,6.+/;! /,! *56.+5! /*)N54! 3`B! .;5*;8^! )16! C,42+E!@)L5*;I! B75! `B!

216.;/*E! 7);! )! F*5)/! 65F*55! ,G! 21G4.51+5! ,1! 7,=! `B! /5+71,4,F25;! )*5! 65N54,C56^!@)*L5/56^! )16! .;56I!

%)+/,*;! +,1/*,4456! DE! /75! `B! 216.;/*E! 21+4.65! 65+2;2,1;! ;.+7! );! =751! 15=! C*,6.+/;! )*5! 65N54,C56^!

=75/75*!+42@)/5!+7)1F5!D515G2/;!)*5!C)*/!,G!/75!C*,6.+/h;!*5].2*5@51/;!)16!+,1N5E56!/,!.;5*;^!=75/75*!

/,! 51+,.*)F5! ;E;/5@! 2@C45@51/)/2,1! /,! 21+4.65! )1! 5GG,*/! /,! *56.+5! XYX! 5@2;;2,1;^! )16! =75/75*! /,!

51+,.*)F5!F,N5*1@51/)4!C,42+E!65N54,C@51/!*5F)*621F!+42@)/5!+7)1F5!)16!21G*);/*.+/.*5!65N54,C@51/I!!

`B! .;5*;! +)1! G,*@.4)/5! ;/*)/5F25;!)16! 65@)16;!,1! D,/7! /75! `B! 216.;/*E!)16! C,42+E!@)L5*;I! B75E!@)E!

65C4,E! `B! /,! +,1;+2,.;4E! *56.+5! /752*! XYX! G,,/C*21/! ,*! @)E! D5! .1)=)*5! ,G! /72;! C,/51/2)4! 3,*!

.1=24421Fg.1)D45!/,!)+/8!)16!;,!.;5!`B!21!=)E;!/7)/!G.*/75*!21+*5);5!/752*!XYX!5@2;;2,1;I!!

?,42+E!@)L5*;!+)1!)*/2+.4)/5!C,42+25;! /7)/!)GG5+/! /75!)6,C/2,1!,G!`B!)16!/75! 2@C)+/!`B!+)1!7)N5!,1!XYX!

5@2;;2,1;! /7*,.F7!62GG5*51/! +7)1154;I!%,*! 21;/)1+5^!C,42+E!@)L5*;! +)1! 2@C45@51/!C,42+25;! /7)/!C*,@,/5!

/75! .;5! ,G! `B^! G)N,*! `B! ;,4./2,1;!=2/7! /75! 72F75;/! 51N2*,1@51/)4! D515G2/^! )6,C/! )! ;5*N2+5! C5*;C5+/2N5^!

)44,=!`B!;,4./2,1;!/,!D5!+,@C)*56!=2/7!/*)62/2,1)4!=)E;!,G!C*,N2621F!/75!;5*N2+5!;.+7!);!G4E21F!,*!6*2N21F!

DE! +)*^! *56.+5! ,*! 21+*5);5! /75! )D242/E! ,G! =,*L5*;! /,! =,*L! *5@,/54E^! C*,@,/5! )! ;.;/)21)D45! ,*!

.1;.;/)21)D45!.;5!,G!)662/2,1)4! *5;,.*+5;!3/2@5!,*!@,15E8! /7)/!)*5!@)65!)N)24)D45!DE!5GG2+251+E!F)21;^!

5/+I!

#,1;265*21F!62GG5*51/!D57)N2,*;!G*,@!/75;5!L5E!C4)E5*;^!/72;!*5C,*/!244.;/*)/5;!)16!)1)4E05;!G,.*!C,;;2D45!

G./.*5;f!!

! A,! ,15! /)L5;! /75! 45)6! )16! ;,+25/E! 65N54,C;! ,1! )! D.;215;;O);O.;.)4! C)//5*1! p+)*D,1!

=,*46qI!

! B75!C,42+E! 6,@)21!6542N5*;!5GG5+/2N5! +42@)/5!+7)1F5!C,42+25;^!D./! `B! ;.CC425*;!)16!.;5*;!

)*5!1,/!C*,)+/2N5!)/!)66*5;;21F!+42@)/5!+7)1F5!C*,D45@;I!B72;!=,.46!D5!)!;+51)*2,!=2/7!

!

! PZ

)@D2/2,.;! /)*F5/;! +,@C)*56! /,! /,6)E^! *5;.4/21F! 21! ;2F12G2+)1/^! D./! ;/244! 21+*5@51/)4^!

2@C*,N5@51/;!pC,42+E!=,*46qI!

! B75!`B!216.;/*E!)16!`B!.;5*;!;7,=!)!+,@@2/@51/!/,!2@C45@51/!4,=O+)*D,1!`B!;,4./2,1;^!

=7245!C,42+E!@)L5*;!)*5!215GG5+/2N5!)/!/)*F5/21F!+42@)/5!+7)1F5I!B72;!;+51)*2,!2;! 21!@)1E!

=)E;! )1! 5S/*5@5! ;+51)*2,! /7)/! 2;! @5)1/! /,! 244.;/*)/5! =7)/! 7)CC51;! 2G! 1,! ,N5*)44!

G*)@5=,*L!5S2;/;!p/5+7!=,*46qI!

! [5E!C4)E5*;! 21! /75! `B! 216.;/*E^! `B!.;5*;^!)16!C,42+E!@)L5*;! +,@5! /,F5/75*!)16!;.CC,*/!

/75! .;5! ,G! 4,=O+)*D,1! `B! ;,4./2,1;! )16! /75! +*5)/2,1! ,G! )! G*)@5=,*L! /7)/! ;.CC,*/! 4,=O

+)*D,1!G556D)+L!/7)/!+,1/*2D./5;!/,!)++545*)/56!5@2;;2,1!*56.+/2,1;!p;@)*/!=,*46qI!

B75!G,.*!C,;;2D45!G./.*5;!)*5!;.@@)*2056!21!/75!/)D45!D54,=I!

!

(! )*(+,-"'#&.(/0$12+%&(

(

! `B!216.;/*E!)16!.;5*;!6,!1,/!)66*5;;!515*FE!)16!+42@)/5!+7)1F5!2;;.5;!;C5+2G2+)44E(

`B!216.;/*E!)16!.;5*;!)FF*5;;2N54E!C.*;.5!)16!,GG5*!+42@)/5OG*25164E!;,4./2,1;(

3%4+5.(

-%61+,(

"GG5+/2N5!+42@)/5!+7)1F5!C,42+E^!21+4.621F!;.CC,*/!G,*!4,=O+)*D,1!`B!;,4./2,1;!

3%4+5.(7%&4-((

(

861&#(7%&4-(

(

<5)L!+42@)/5!+7)1F5!C,42+E^!2F1,*21F!/75!*,45!,G!4,=O+)*D,1!`B!

91&/%,(7%&4-((

(

*05$(7%&4-((

(

*1/40(b;((")+7!,G!/75;5!C,;;2D45!G./.*5;!2;!65;+*2D56!21!@,*5!65/)24!D54,=I!

2.1 Carbon world

9!+)*D,1!=,*46!*5C*5;51/;!)!=,*46!21!=72+7!D,/7!C,42+E!@)L5*;!)16!216.;/*E!)*5!1,/!=24421F!,*!)D45!/,!

5GG5+/2N54E!)66*5;;!+42@)/5!+7)1F5!2;;.5;I!`1!/72;!=,*46^!C);/!/*516;^!D57)N2,*;^!)16!65N54,C@51/!@,654;!

)*5!@)21/)2156I!-.;215;;5;!*5].2*5!5@C4,E55;!/,!@,;/4E!=,*L!21!+51/*)42056!,GG2+5;!,*!G)+/,*25;I!%)+5O/,O

G)+5!@55/21F;!*5@)21!/75!C*5N)451/!=)E!/,!21/5*)+/I!_)D,*!*54)/2,1;!G,+.;!,1!C*,+5;;!+,1/*,4!3);!,CC,;56!

/,!,./+,@58I!$=15*;72C!,G!C*2N)/5!N572+45;!2;!)!;/)/.;!;E@D,4!21!65N54,C21F!+,.1/*25;!)16!65N54,C56!

+,.1/*25;!)42L5^!)16!2;!)!15+5;;2/E!21!@)1E!+,.1/*25;!/7)/!6,!1,/!,GG5*!)4/5*1)/2N5;!/,!C*2N)/5!N572+45!

/*)1;C,*/)/2,1I!-E!)16!4)*F5!/75!515*FE!;E;/5@;!.;56!21!;,+25/E!321+4.621F!/*)1;C,*/)/2,18!)*5!G,;;24OG.54O

D);56!)16!;7,=!)!42@2/56!21+*5);5!21!5GG2+251+E!,N5*!/2@5I!`B!/5+71,4,F25;!3D);56!,1!21+*5@51/)4!

2@C*,N5@51/;!,G!+.**51/!M!PWWT!M!/5+71,4,F25;8!;.CC,*/!)!;/5)6E!F*,=/7!21!/545=,*L21F!)16!N2*/.)4!

@55/21F;^!D./!/75*5!2;!1,!;C5+2G2+!G,+.;!,1!)+725N21F!*56.+/2,1;!21!XYX!5@2;;2,1;!=2/7!;.+7!)CC42+)/2,1;I!

2.2 Policy world

?,42+E!@)L5*;!6*2N5!+42@)/5!+7)1F5!)+/2,1!21!/75!C,42+E!=,*46^!=7245!/75!`B!216.;/*E!)16!/75!C*2N)/5!;5+/,*!

G,+.;! ,1!@55/21F! *5F.4)/,*E! *5].2*5@51/;I! #42@)/5! +7)1F5! C,42+E! /)*F5/;! /*)62/2,1)4! )+/2N2/25;! ;.+7! );!

515*FE! C*,6.+/2,1! )16! 515*FE! 5GG2+251+E! 21! D.24621F;! )16! 21! 515*FEO21/51;2N5! 216.;/*25;I! $N5*)44!

5+,1,@25;! )16! ;,+25/25;! D5+,@5! 45;;! 65C51651/! ,1! G,;;24! G.54;! )16! *56.+5! /752*! XYX! 5@2;;2,1;I! B75!

C,42+25;!21!C4)+5^!7,=5N5*^!)*5!1,/!5GG5+/2N5!)/!45N5*)F21F!`B!/,!*56.+5!XYX!5@2;;2,1;I!'/[email protected]!/,!)6,C/!`B!

;,4./2,1;!/7)/!*56.+5!XYX!5@2;;2,1;!)*5!2162*5+/!,*!G55D45I!!

!

! PT

2.3 Tech world

B75!/5+7!=,*46!2;!)!@2**,*!2@)F5!,G!/75!C,42+E!=,*46I!`1!/72;!=,*46^!C,42+E!@)L5*;!)*5!.1)D45!/,!G216!/75!

+,1;51;.;!155656!/,!;5*2,.;4E!/)+L45!+42@)/5!+7)1F5I!B75!`B!216.;/*E^!,1!/75!,/75*!7)16^!65N54,C;!)16!

62*5+/;!/5+71,4,FE!/,=)*6;!*56.+21F!XYX!5@2;;2,1;I!<751!`B!2;!/75!+,*5!+,@C,151/!,G!)!;5*N2+5!35IFI^!

/545=,*L21F!,*!N2*/.)4!@55/21F;8^!62*5+/!*56.+/2,1;!21!XYX!5@2;;2,1;!)*5!)+725N56I!<751!`B!2;!65C4,E56!

);!)!;.D+,@C,151/!,G!)!=265*!;E;/5@!35IFI^!21!515*FE!,*!/*)1;C,*/)/2,1!;E;/5@;8^!`BO51)D456!

2@C*,N5@51/;!)*5!F515*)44E!./242056!/,!21+*5);5!C5*G,*@)1+5!=2/7,./!65+*5);21F!515*FE!+,1;.@C/2,1!)16!

5@2;;2,1;I!`1!D,/7!+);5;^!)662/2,1)4!*5;,.*+5;!3/2@5!)16!@,15E8!@)65!)N)24)D45!DE!/75!5GG2+251+E!F)21;!

65*2N21F!G*,@!`B!.;5!)*5!;C51/!21!F,,6;^!;5*N2+5;^!)16!)+/2N2/25;!/7)/!45)6!/,!G.*/75*!XYX!5@2;;2,1;^!/7.;!

F515*)/21F!15F)/2N5!*5D,.16!5GG5+/;I!`1!/72;!=,*46!̀ B!2$(12,0*0()2.,.<",3/&&").!);!/75!5GG2+251+E!F)21;!

)16!XYX!5@2;;2,1!*56.+/2,1;!C,/51/2)44E!51)D456!DE!`B!)*5!+,.1/5*D)4)1+56!DE!)!F515*)4!;,+2,5+,1,@2+!

;5//21F!/7)/!2;!1,/!+,16.+2N5!/,!655C5*!XYX!5@2;;2,1!*56.+/2,1;I!!

2.4 Smart world

`1!/75!;@)*/!=,*46^!C,42+E!@)L5*;!)16!/75!`B!216.;/*E!+,1N5*F5!,1!/75!F,)4!,G!*56.+21F!XYX!5@2;;2,1;I!

"GG5+/2N5!+,44)D,*)/2,1!/)L5;!C4)+5!)16!`B!2;!)!+*2/2+)4!+,@C,151/!21!/75!C,*/G,42,!,G!;,4./2,1;!65N2;56!DE!

;,+25/25;!/,!542@21)/5!/75!5GG5+/;!,G!+42@)/5!+7)1F5I!

!

B,F5/75*^! C,42+E! @)L5*;! )16! /75! `B! 216.;/*E! ;55L! /,! )+/2N)/5! N2*/.,.;! +E+45;! ,G! 4,=O+)*D,1! G556D)+L^!

=72+7! C*,@,/5! )16! 45N5*)F5! 211,N)/2,1! 21! =72+7! `B! 2;! )! L5E! 51)D45*I! ! 9;! 4,=O+)*D,1! G556D)+L! 4,,C;!

.1G,46^! /*)1;G,*@)/2N5! +7)1F5;! +)1! /)L5! C4)+5! )/! )44! 45N54;! ,G! ;,+25/E^! 45)621F! /,! *56.+/2,1;! 21! XYX!

5@2;;2,1;!)+*,;;!)!D*,)6!*)1F5!,G!)+/2N2/25;I!U2*/.)4!@55/21F;!)16! /545+,@@./21F!)*5! /=,!,G! /75!@)1E!

;,4./2,1;!/7)/!51)D45!6*)@)/2+!*56.+/2,1;!,G!XYX!5@2;;2,1;I!

!

!

!

! PV

G%7L51&/%,(=00-/15M(`(c1M+,A(#&1,'=%&61#+20(06+''+%,(&0-"5#+%,'(1(&014+#.::((

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`B! /5+71,4,F25;^! /,F5/75*! =2/7! ,/75*!)6N)1+56^!1,1/EC2+)4!515*FE!;,4./2,1;^!;.+7!);!21/5F*)/56!;,4)*g_">gD)//5*E!;,4./2,1;^!@)E!C4)E!)!L5E!*,45! 21! )+725N21F! ;.+7! /*)1;G,*@)/2N5! +7)1F5;I! U2;2,1! )16! ;@)*/! ;/*)/5F25;! G*,@! F,N5*1@51/;! )16!C*2N)/5O;5+/,*!+,@C)125;! 45N5*)F21F!`B!/5+71,4,F25;!+)1!51)D45!5@2;;2,1!*56.+/2,1!C)/7;!/7)/! 45)6!/,!/*)1;G,*@)/2,1;^! =72+7! 21! /.*1! C*,6.+5! G.*/75*! XYX! 5@2;;2,1! *56.+/2,1;^! /7.;! F515*)/21F! N2*/.,.;!+E+45;!,G!4,=O+)*D,1!G556D)+LI!91!5S)@C45!2;!C*,N2656!D54,=I!

?.D42+! )./7,*2/25;! )6,C/! 5OF,N5*1@51/! ;,4./2,1;! )+*,;;! /75! D,)*6^! +,.C456! =2/7! )! /*)1;G,*@)/2,1! ,G!/752*!D)+L!,GG2+5;^!=72+7!21N,4N5;!)!F515*)42056!.;5!,G!*5@,/5!=,*L21F!;,4./2,1;I!_)=;!/7)/!72165*!/75!)6,C/2,1!,G! *5@,/5!=,*L21F! ;,4./2,1;!)*5!)@51656^!=7245! 21+51/2N5;!)*5!C*,N2656! /,! +,@C)125;! /7)/!*56.+5! XYX! 5@2;;2,1;! =2/7! )! ;@)*/! .;5! ,G! `B! 3)4,1F! =2/7! ,/75*^! @,*5! /*)62/2,1)4^! ;/*)/5F25;8I!-*,)6D)16! )++5;;! 2;! F515*)42056! )16! +,@@.12+)/2,1! )16! +)C)+2/EOD.24621F! +)@C)2F1;! )*5! *,4456! ,./!/7*,.F7,./!;,+25/E!/,!21+*5);5!/75!)++5C/)1+5!)16!)6,C/2,1!,G!N2*/.)4!@55/21F;!)16!/545+,@@./21FI!

91!21+*5);5!21!N2*/.)4!@55/21F;!)16!/545+,@@./21F^!+,.C456!=2/7!/)*F5/56!+,@@.12+)/2,1!)16!21+51/2N5!;+75@5;^!45)6;!/,!)1!21+*5);21F!65@)16!G,*!;@)*/!D.24621F;!)16!)!D*,)65*!.;5!,G!`B!/,!,D/)21!C*,6.+/;!,*!;5*N2+5;!35O+,@@5*+5^!5OF,N5*1@51/^!5O75)4/7^!5/+I8I!!

B75!F*,=21F!65@)16!G,*!5O+,@@5*+5!)16!5O;5*N2+5;!51)D45;!@,*5!+,@C)125;!/,!)6,C/!/545+,@@./21F!;,4./2,1;! G,*! /752*!5@C4,E55;!)16!@)L5! /752*!,GG2+5;!N2*/.)4!);! /75! 212/2)4!65@)16!F515*)/5;!)!D5//5*!21G*);/*.+/.*5! G,*! )662/2,1)4! ;5*N2+5;I! `1! /.*1^! =2/7! @,*5! C5,C45! =,*L21F! G*,@! 7,@5! )16! .;21F! /75!`1/5*15/! /,! D.E! C*,6.+/;! )16! ;5*N2+5;^! /*)1;C,*/)/2,1! C)//5*1;! +7)1F5! =7245! /75! 1556! G,*! C*2N)/5!,=15*;72C!,G!)!N572+45!65+*5);5;I!?.D42+!)./7,*2/25;!G)N,*!/75;5!/*516;!/7*,.F7!.*D)1!C4)1121F^!+*5)/21F!@,*5!@2S56O.;5!+,@@.12/25;!3`B!/,,4;!51)D45!C.D42+!)./7,*2/25;!/,!.165*/)L5!;@)*/!.*D)1!C4)1121F8I!9662/2,1)4! C,42+25;! )*5! )6,C/56! /,! *56.+5! .115+5;;)*E! /*)N54! )16! /,! C*,@,/5! C.D42+! /*)1;C,*/! 35IFI^!*5)4O/2@5!C*2+21F!G,*!+)*!C,44./2,1^!51)D456!DE!`B8I!!

9;!@2S56O.;5!+,@@.12/25;!21+*5);5!21!1.@D5*^!)=)*515;;!)16!L1,=456F5!)4;,!21+*5);5;!21!/75!=265*!;,+25/EI! ?,42+E! @)L5*;! C*,@,/5! /75;5! /*516;! =2/7! +,@@.12+)/2,1! +)@C)2F1;I! 9;! )! *5;.4/^! C5,C45!65@)16!@,*5!C,42+25;! /7)/! 45N5*)F5!/5+71,4,FE! /,! 21+*5);5!].)42/E!,G! 42G5!)16!*56.+5!XYX!5@2;;2,1;^!)16!51/2*5!+2/25;!)16!+,.1/*25;!D5+,@5!d;@)*/5*Ie!!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!11 B75!4,=O+)*D,1!)16!72F7O+)*D,1!G556D)+L!2;!65N54,C56!G.*/75*!21!/75!<<%!*5C,*/!dB75!G2*;/!F4,D)4!;/*)/5FE!G,*!#$P!*56.+/2,1;!=2/7!`Bf!9!D2442,1!/,1;!,G!#$P!*56.+/2,1;!)16!D5E,16!/7*,.F7!/*)1;G,*@)/2N5!+7)1F5^e!)N)24)D45!)/!===IC)16)I,*Fg2+/I

!

! RW

3 Quantitative analysis – Methodology

B72;! *5C,*/! 21+4.65;! )! ].)1/2/)/2N5! )1)4E;2;! DE! F5,F*)C72+! *5F2,1;! /,!5;/2@)/5! /75!XYX!5@2;;2,1;! /7)/!

@)E! /)L5!C4)+5! 21! /75!62GG5*51/!=,*46;!65;+*2D56!)D,N5^!)16! G,+.;5;! ,1! /75!XYX!5@2;;2,1;!);;,+2)/56!

=2/7!D.;215;;!)2*!/*)N54!)16!+)*OD);56!+,@@./21FIKP!!!

B75!].)1/2G2+)/2,1!)CC*,)+7!2;!244.;/*)/56!DE!/75!G2F.*5!D54,=I!!

!

!

!

W+A"&0(E;(d"1,#+#1#+20(1,14.'+'(%=(BKB(06+''+%,'!

-)+LF*,.16! 6)/)! =5*5! +,445+/56! ,1! ;,+2,5+,1,@2+! 2162+)/,*;! 35IFI^! C,C.4)/2,1^! 21+,@5! )16!

,++.C)/2,1! DE! ;5+/,*8^! *,)6! /*)1;C,*/! 3+)*! ,=15*;72C! *)/5;^! )N5*)F5! L24,@5/5*;! /*)N5456^!

)N5*)F5!G.54!5GG2+251+E^!+,@@./21F!6)/)^!5/+I8^!)16!)2*!/*)1;C,*/!3/,/)4!L24,@5/5*;!,G!)2*!/*)N54^!

D.;215;;!/*)N54!);!)!C5*+51/)F5!,G!/75!/,/)4^!)N5*)F5!G.54!+,1;.@C/2,1;!C5*!L24,@5/5*!/*)N5456^!

5/+I8I!!

%,*! /72;! D)+LF*,.16! 6)/)^! ,GG2+2)4! ;/)/2;/2+;! =5*5! .;56! G*,@! N)*2,.;! ;,.*+5;! C.D42;756! DE!

21/5*1)/2,1)4! ,*F)120)/2,1;! ;.+7! );! /75! $*F)120)/2,1! G,*! "+,1,@2+! #,,C5*)/2,1! )16!

>5N54,C@51/! 3$"#>8^! /75! `1/5*1)/2,1)4! "15*FE! 9F51+E! 3`"98^! )16! /75! b12/56! A)/2,1;I! %,*!

+,.1/*EO45N54!6)/)^!,GG2+2)4!1)/2,1)4!;/)/2;/2+;!=5*5!.;56!);!=544I!%.*/75*!65/)24;!,1!/75!;C5+2G2+!

;,.*+5;!.;56! G,*!5)+7!;5/!,G!6)/)!)*5!C*,N2656!21!/75!)115S!/,!/72;!*5C,*/^!);!=544!);! 21! /75!

D2D42,F*)C7EI!!!

B75! D)+LF*,.16! 6)/)! 21G,*@56! /75! ;[email protected])/2,1! @,6.45;^! =72+7! C*,c5+/56! ;,+2,5+,1,@2+!

)+/2N2/25;!)16!XYX!5@2;;2,1;!G,*!/75!G,.*!=,*46;!.165*! 21N5;/2F)/2,1I!`1!,*65*!/,!C5*G,*@!/75!

;[email protected])/2,1;^! L5E! );;.@C/2,1;! =5*5! 65N2;56! G,*! 5)+7! ,G! /75! G,.*! ;+51)*2,;! @,65456I! '.+7!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!

KP!B75!G,+.;!,G!/75!)1)4E;2;!=);!,1!D.;215;;!)2*!/*)N54^!);!2;!2/!2;!,15!,G!/75!G);/5;/OF*,=21F!;,.*+5;!,G!XYX!5@2;;2,1;I!$/75*!C,;;2D45!5GG5+/;^!;.+7!);!+7)1F5;!21!XYX!5@2;;2,1;!65*2N21F!G*,@!D.;215;;!/*)N54!.165*/)L51!DE!+)*!,*!/*)21!32I5I^!1,/!D.;215;;!)2*!/*)N548^!=5*5!1,/!].)1/2G256I!B75!)1)4E;2;!.165*/)L51!21!;5+/2,1!Q!=244!/75*5G,*5!C*,N265!)1!.165*5;/2@)/5!,G!/75!C,/51/2)4!2@C)+/!,G!`#B!,1!D.;215;;!/*)N54!);!)!=7,45I!!

Simulation modules

Country n

Country …

Country A

Control panel

Key assumptions virtual meetings

Key assumptions telecommuting

Virtual meeting

Country n

Country …

Country A

Telecommuting

Background data modules

Country n

Country …

Country A

Socio-economic data

Country n

Country …

Country A

Socio-economic data

Country n

Country …

Country A

Road transportation

data

Country n

Country …

Country A

Road transportation

data

Country n

Country …

Country A

Air transportation data

Country n

Country …

Country A

Air transportation data

Output Sheet(s)

!

! RK

);;.@C/2,1;^!)16!/752*!*)/2,1)45^!)*5!65;+*2D56!21!@,*5!65/)24!21!;5+/2,1!RIK!3D54,=8!)16!21!/75!

)CC5162SI!!

3.1 Key assumptions – Approach

B75!/)D45!D54,=!;.@@)*205;!/75!@)21!N)*2)D45;!.;56!21!/75!;[email protected])/2,1!@,654!)16!244.;/*)/5;!/75!)CC*,)+7!

G,44,=56!21!;545+/21F!/75!L5E!@,654!);;.@C/2,1;I!B75!/)D45!C*,N265;!)!65;+*2C/2,1!,G!/75!@)21!

);;.@C/2,1;!./242056!21!/75!@,654I!(,*5!65/)2456!21G,*@)/2,1!,1!/75!1.@5*2+)4!N)4.5;!./242056!21!/75!

;[email protected])/2,1!2;!C*,N2656!21!/75!)CC5162SI!

(

9%66"#+,A!

( 91&/%,(7%&4-( 3%4+5.(7%&4-( *05$(7%&4-( 861&#(7%&4-(

#)*!,=15*;72C!*)/5!C*2,*!/,!/545=,*L21F!

-);56!,1!C);/!/*516;!)16!X>?!F*,=/7!C*,c5+/2,1;!

_,=5*!/7)1!+)*D,1!=,*46!!

')@5!);!21!+)*D,1!=,*46!

_,=5*!/7)1!C,42+E!=,*46!

r!7,@5!=,*L5*;! %./.*5!F*,=/7!D);56!,1!72;/,*2+!C515/*)/2,1!)16!C5*+52N56!4,1FO!/5*@!C515/*)/2,1!C,/51/2)4!21!)!+)*D,1!=,*46!

()*F21)44E!72F75*!/7)1!21!+)*D,1!=,*46!

Y2F75*!/7)1!C,42+E!=,*46!!

Y2F75*!/7)1!/5+7!=,*46!

"15*FE!5GG2+251+E!21!N572+45;!

-);56!,1!C);/!/*516;!! Y2F75*!5GG2+251+E!F)21;!/7)1!21!+)*D,1!=,*46!

')@5!5GG2+251+E!F)21;!);!+)*D,1!=,*46!

')@5!5GG2+251+E!F)21;!);!C,42+E!=,*46!

9662/2,1)4!545+/*2+2/E!.;56!DE!/75!`B!;,4./2,1;!/7)/!51)D45!`B!

%,44,=21F!72;/,*2+!65N54,C@51/!

_,=5*!/7)1!+)*D,1!=,*46!

_,=5*!/7)1!C,42+E!=,*46!

')@5!);!/5+7!=,*46!

"45+/*2+2/E!F*26!XYX!5@2;;2,1;!!

X*26!5@2;;2,1!6)/)!=2/7!;,@5!65+*5);5!,N5*!/2@5!

_,=5*!/7)1!+)*D,1!=,*46!

')@5!);!+)*D,1!=,*46!

')@5!);!C,42+E!=,*46!3+,.46!D5!4,=5*8!

9662/2,1)4!/*)N54!G,*!452;.*5!)16!+7,*5;!362*5+/!*5D,.16!5GG5+/8!

-);56!,1!72;/,*2+)4!6)/)!)16!+,1;/)1/!,N5*!/2@5!

_,=5*!/7)1!+)*D,1!=,*46!

')@5!);!+)*D,1!=,*46!

_,=5*!/7)1!C,42+E!=,*46!

A.@D5*!,G!7,@5!=,*L5*;!F2N21F!.C!/752*!N572+45!

s5*,! '42F7/!*56.+/2,1! s5*,!! Y2F75*!/7)1!21!C,42+E!=,*46!)16!F*,=21F!,N5*!/2@5!

`162*5+/!*5D,.16!5GG5+/KR!

9662/2,1)4!XYX!5@2;;2,1;!65*2N21F!G*,@!)662/2,1)4!62;C,;)D45!21+,@5!,*!C*,G2/;a!65+*5);21F!,N5*!/2@5!);!G,*!C);/!/*516;!

_,=5*!/7)1!+)*D,1!=,*46!

')@5!);!+)*D,1!=,*46!

_,=5*!/7)1!C,42+E!=,*46^!)16!);!N2*/.,.;!+E+45;!,G!4,=O+)*D,1!G556D)+L!*5;.4/!21!G.*/75*!XYX!*56.+/2,1;!

(

*1/40(aD(8"661&.(1''"6C#+%,'O(5%66"#+,A;(!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!13 B75!XYX!5@2;;2,1;!);;,+2)/56!=2/7!/75!5SC5162/.*5!,G!/75!)662/2,1)4!5+,1,@2+!*5;,.*+5;!@)65!)N)24)D45!DE!/545=,*L21F!=5*5!.;56!);!)!+,@D2156!2162+)/,*!G,*!;5N5*)4!2162*5+/!5GG5+/;^!;.+7!);!C.*+7);5;!,G!F,,6;!,*!;5*N2+5;^!7,@5!2@C*,N5@51/;g21N5;/@51/;g@,N5;^!)16!+7)1F5;!21!42G5;/E45;!)16!N)4.5;I!9;!62;+.;;56!21!;5+/2,1!KIJ^!5)+7!,G!/75;5!)+/2N2/25;!@)E!D5!);;,+2)/56!=2/7!21+*5);56!,*!65+*5);56!XYX!5@2;;2,1;I

!

! RP

%,*!;,@5!,G!/75!L5E!);;.@C/2,1;!./242056!21!/75!@,654^!)16!G,*!;545+/56!+,.1/*25;!3b'9^!"b^!#721)8^!/75!1.@5*2+)4!N)4.5;!G,*!E5)*!PWRW!)*5!*5C,*/56!21!/75!/)D45;!D54,=I!!

*1/40(:UD(H8!(9%66"#+,AeEURU(

( K+'#%&+514(

EUU\(

91&/%,(

7%&4-(

3%4+5.(

7%&4-(

*05$(

7%&4-(

861&#(

7%&4-(

B545=,*L5*;!);!r!,G!+)*!+,@@./5*;! KZr! RWr! RRr! JKr! J\r!

B545+,@@./21F!6)E;!C5*!=55L! PIZW! PITJ! PIVP! RIPJ! RIQW!

9N5*)F5!*56.+/2,1!21!L@!/*)N5456!DE!/545=,*L5*;!

P^Q\\! P^\JR! P^JZQ! R^WKV! P^V\Q!

9N5*)F5!G.54!5+,1,@E!G,*!+)*;!3_gKWW!L@8!3+)4+.4)/568!

KKI\! KKIK! KWIR! KKIK! KWIR!

"45+/*2+2/E!.;56!DE!/545=,*L21F!65N2+5;!C5*!7,.*!,G!/545=,*L21F!3L<78!

WIWQ! WIWQ! WIWJ! WIWP! WIWP!

X*26!5@2;;2,1!G)+/,*!3LF#$PgL<78! WIQP! WIQP! WIRR! WIQP! WIRR!

>2*5+/!*5D,.16!5GG5+/!321+*5);5!21!L@!/*)N5456!);!r!,G!L@!;)N56!=2/7!/545=,*L21F8!!

PQr! PQr! KQr! PQr! Qr!

r!/545=,*L5*;!F2N21F!.C!/752*!N572+45! Wr! KIKr! PIPr! KIKr! PRIRr!

`162*5+/!*5D,.16!5GG5+/!M!LF!#$P!5@2;;2,1;!C5*!m!;)N56!DE!/545=,*L5*;!3)16!;C51/!,1!F,,6;!,*!;5*N2+5;8!

WI\J! WIQ\! WIRJ! WIQ\! W!

!!!

*1/40(::D(QH(9%66"#+,AeEURU(

( K+'#%&+514(EUU\(

91&/%,(7%&4-(

3%4+5.(7%&4-(

*05$(7%&4-(

861&#(7%&4-(

B545=,*L5*;!);!r!,G!+)*!+,@@./5*;! Tr! PQr! PVr! RZr! JPr!

B545+,@@./21F!6)E;!C5*!=55L! KIWW! KIZP! PIWW! PIPP! PIVQ!

9N5*)F5!*56.+/2,1!21!L@!/*)N5456!DE!/545=,*L5*;!

ZQW! K^PJJ! K^RKJ! K^\WR! K^VRV!

9N5*)F5!G.54!5+,1,@E!G,*!+)*;!9N5*)F5!+)*;!,1!*,)6!G.54!5+,1,@E!3_gKWW!L@8!3+)4+.4)/568!

ZIT! ZIW! \IQ! ZIW! \IQ!

"45+/*2+2/E!.;56!DE!/545=,*L21F!65N2+5;!C5*!7,.*!,G!/545=,*L21F!3L<78!

WIWQ! WIWQ! WIWJ! WIWP! WIWP!

X*26!5@2;;2,1!G)+/,*!3LF#$PgL<78! WIRQ! WIRQ! WIKT! WIRQ! WIKT!

>2*5+/!*5D,.16!5GG5+/!321+*5);5!21!L@!/*)N5456!);!r!,G!L@!;)N56!=2/7!/545=,*L21F8!!

PQr! PQr! KQr! PQr! Qr!

r!/545=,*L5*;!F2N21F!.C!/752*!N572+45! Wr! KIKr! PIPr! KIKr! PRIRr!

`162*5+/!*5D,.16!5GG5+/!M!LF!#$P!5@2;;2,1;!C5*!m!;)N56!DE!/545=,*L5*;!3)16!;C51/!,1!F,,6;!,*!;5*N2+5;8!

WIRV! WIRJ! WIPW! WIRJ! 3WIK8!

!

!

! RR

(

*1/40(:ED(9$+,1(9%66"#+,AeEURU(

( K+'#%&+514(

EUU\(

91&/%,(

7%&4-(

3%4+5.(

7%&4-(

*05$(

7%&4-(

861&#(

7%&4-(

B545=,*L5*;!);!r!,G!+)*!+,@@./5*;! Jr! KQr! KTr! PJr! RPr!

B545+,@@./21F!6)E;!C5*!=55L! KIWW! KIZP! KIZQ! KIVJ! PIQW!

9N5*)F5!*56.+/2,1!21!L@!/*)N5456!DE!/545=,*L5*;!

VWW! K^JQJ! K^RJQ! K^VQQ! K^VPK!

9N5*)F5!G.54!5+,1,@E!G,*!+)*;!9N5*)F5!+)*;!,1!*,)6!G.54!5+,1,@E!3_gKWW!L@8!3+)4+.4)/568!

KKIJ! KWIK! VIK! KWIK! VIK!

"45+/*2+2/E!.;56!DE!/545=,*L21F!65N2+5;!C5*!7,.*!,G!/545=,*L21F!3L<78!

WIWQ! WIWQ! WIWJ! WIWP! WIWP!

X*26!5@2;;2,1!G)+/,*!3LF#$PgL<78! WIZV! WIZV! WI\P! WIZV! WI\P!

>2*5+/!*5D,.16!5GG5+/!321+*5);5!21!L@!/*)N5456!);!r!,G!L@!;)N56!=2/7!/545=,*L21F8!!

PQr! PQr! KQr! PQr! Qr!

r!/545=,*L5*;!F2N21F!.C!/752*!N572+45! Wr! KIKr! PIPr! KIKr! QKIZr!

`162*5+/!*5D,.16!5GG5+/!M!LF!#$P!5@2;;2,1;!C5*!m!;)N56!DE!/545=,*L5*;!3)16!;C51/!,1!F,,6;!,*!;5*N2+5;8!

WIVW! WIZQ! WIQR! WIZQ! WIP!

!!!

*1/40(:RD(f"'+,0''L&041#0-(!+&(*&1204(

( 91&/%,(7%&4-( 3%4+5.(7%&4-( *05$(7%&4-( 861&#(7%&4-(

[@!/*)N5456!C*2,*!/,!N2*/.)4!@55/21F;!

?*,c5+/2,1;!G*,@!;5N5*)4!;,.*+5;!

_,=5*!/7)1!+)*D,1!=,*46!

Y2F75*!/7)1!21!+)*D,1!=,*46!

_,=5*!/7)1!C,42+E!=,*46!

r!*56.+/2,1!21!L@!/*)N5456!6.5!/,!N2*/.)4!@55/21F;!

-);56!,1!72;/,*2+)4!6)/)!)16!)!;4,=!F*,=/7!!

()*F21)44E!72F75*!/7)1!+)*D,1!=,*46!

Y2F75*!/7)1!C,42+E!=,*46!

Y2F75*!/7)1!/5+7!=,*46!

"15*FE!5GG2+251+E!21!)2*C4)15;!

-);54215!,1!C);/!/*516;!

Y2F75*!5GG2+251+E!F)21;!/7)1!+)*D,1!=,*46!

')@5!5GG2+251+E!F)21;!);!+)*D,1!=,*46!

')@5!5GG2+251+E!F)21;!);!C,42+E!=,*46!

9662/2,1)4!545+/*2+2/E!.;56!DE!/75!`B!;,4./2,1;!/7)/!51)D45!`B!

%,44,=21F!+.**51/!/*516;!

_,=5*!/7)1!+)*D,1!=,*46!

_,=5*!/7)1!C,42+E!=,*46!

')@5!,*!4,=5*!/7)1!21!C,42+E!=,*46!

"45+/*2+2/E!F*26!XYX!5@2;;2,1;!!

X*26!5@2;;2,1!6)/)!=2/7!;,@5!65+*5);5!,N5*!/2@5!

_,=5*!/7)1!+)*D,1!=,*46!

')@5!);!+)*D,1!=,*46!

')@5!);!C,42+E!=,*46!3+,.46!D5!4,=5*8!

>2*5+/!*5D,.16!5GG5+/;!

-);56!,1!72;/,*2+)4!6)/)!)16!+,1;/)1/!,N5*!/2@5!

_,=5*!/7)1!21!+)*D,1!=,*46!!

Y2F75*!/7)1!+)*D,1!=,*46!372F7O+)*D,1!G556D)+L8!

_,=5*!/7)1!C,42+E!=,*46!

`162*5+/!*5D,.16!5GG5+/;!

-);56!,1!/75!XYX!21/51;2/E!,G!/75!5+,1,@Ea!65+*5);21F!,N5*!/2@5^!);!G,*!C);/!/*516!

_,=5*!/7)1!+)*D,1!=,*46!

')@5!);!+)*D,1!=,*46!

_,=5*!/7)1!C,42+E!=,*46^!=2/7!G.*/75*!*56.+/2,1;!,G!XYX!5@2;;2,1;!,N5*!/2@5!);!N2*/.,.;!+E+45;!,G!4,=O+)*D,1!G556D)+L!)*5!)+725N56!!

!%,*!;,@5!,G!/75!L5E!);;.@C/2,1;!./242056!21!/75!@,654^!)16!G,*!;545+/56!+,.1/*25;!3b'9^!"b^!#721)8^!/75!1.@5*2+)4!N)4.5;!G,*!E5)*!PWRW!)*5!*5C,*/56!21!/75!/)D45;!D54,=I!

!

!

! RJ

*1/40(:VD(H8!(g+&#"14(c00#+,A'eEURU((

( K+'#%&+514(

EUU\(

91&/%,(

7%&4-(

3%4+5.(

7%&4-(

*05$(

7%&4-(

861&#(

7%&4-(

-.;215;;!/*)N54!)N,2656!/7)1L;!/,!N2*/.)4!@55/21F;!3r8!!

Tr! PZr! RWr! QWr! \\r!

9662/2,1)4!545+/*2+2/E!.;56!C5*!7,.*!,G!N2*/.)4!@55/21F!3L<78!

PIJR! PIJR! KIVJ! WITQ! WIJV!

X*26!5@2;;2,1!G)+/,*!3LF#$PgL<78! WIQP! WIQP! WIRR! WIQP! WIRR!

A5F)/2N5!*5D,.16!5GG5+/!);!r!,G!L@!212/2)44E!;)N56!DE!N2*/.)4!@55/21F;!

PQr! PQr! KWr! PQr! !

`162*5+/!*5D,.16!5GG5+/!M!LF!#$P!5@2;;2,1;!C5*!m!;)N56!DE!/545=,*L5*;!3)16!;C51/!,1!F,,6;!,*!;5*N2+5;8!

WI\J! WIQ\! WIRJ! WIQ\! W!

!

*1/40(:\D(QH(g+&#"14(c00#+,A'eEURU((

( K+'#%&+514(EUU\(

91&/%,(7%&4-(

3%4+5.(7%&4-(

*05$(7%&4-(

861&#(7%&4-(

-.;215;;!/*)N54!)N,2656!/7)1L;!/,!N2*/.)4!@55/21F;!3r8!!

Qr! PPr! PVr! JJr! \Jr!

9662/2,1)4!545+/*2+2/E!.;56!C5*!7,.*!,G!N2*/.)4!@55/21F!3L<78!

PIJR! PIJR! KIVJ! WITQ! WIJV!

X*26!5@2;;2,1!G)+/,*!3LF#$PgL<78! WIRQ! WIRQ! WIKT! WIRQ! WIKT!

A5F)/2N5!*5D,.16!5GG5+/!);!r!,G!L@!212/2)44E!;)N56!DE!N2*/.)4!@55/21F;!

PQr! PQr! KWr! PQr! Qr!

`162*5+/!*5D,.16!5GG5+/!M!LF!#$P!5@2;;2,1;!C5*!m!;)N56!DE!N2*/.)4!@55/21F;!3)16!;C51/!,1!F,,6;!,*!;5*N2+5;8!

WIRV! WIRJ! WIPW! WIRJ! 3WIK8!

!!!

*1/40(:]D(9$+,1(g+&#"14(c00#+,A'eEURU((

( K+'#%&+514(

EUU\(

91&/%,(

7%&4-(

3%4+5.(

7%&4-(

*05$(

7%&4-(

861&#(

7%&4-(

-.;215;;!/*)N54!)N,2656!/7)1L;!/,!N2*/.)4!@55/21F;!3r8!!

Kr! KZr! KVr! PJr! RZr!

9662/2,1)4!545+/*2+2/E!.;56!C5*!7,.*!,G!N2*/.)4!@55/21F!3L<78!

PIJR! PIJR! KIVJ! WITQ! WIJV!

X*26!5@2;;2,1!G)+/,*!3LF#$PgL<78! WIZV! WIZV! WI\P! WIZV! WI\P!

A5F)/2N5!*5D,.16!5GG5+/!);!r!,G!L@!212/2)44E!;)N56!DE!N2*/.)4!@55/21F;!

PQr! PQr! KWr! PQr! Qr!

`162*5+/!*5D,.16!5GG5+/!M!LF!#$P!5@2;;2,1;!C5*!m!;)N56!DE!N2*/.)4!@55/21F;!3)16!;C51/!,1!F,,6;!,*!;5*N2+5;8!

WIVW! WIZQ! WIQR! WIZQ! WIP!

!

B75!].)1/2G2+)/2,1!@,654!51/)24;!;5N5*)4!/)D45;!=2/7!21C./!6)/)!)16!);;.@C/2,1;!G,*!5)+7!F5,F*)C72+!)*5)!

)1)4E056!)16!G,*!/75!/2@5!C5*2,6!.1/24!PWQWI![5E!);;.@C/2,1;!/)D45;!)*5!*5C,*/56!)16!62;+.;;56!21!/75!

)CC5162SI!

!

!

! RQ

4 Quantitative analysis – Simulation results and discussion

B75! )CC*,)+7! 65;+*2D56! )D,N5! 51)D456! /75! ;[email protected])/2,1! ,G! N)*2,.;! C)/7;! ,G! 65N54,C@51/! =2/7!

+,**5;C,1621F!+)4+.4)/2,1;!,G!/75!C,;;2D45!2@C)+/!,1!#$P!5@2;;2,1;I!!

%,*!5)+7!,G!/75!=,*46;^!/75!;[email protected])/2,1;!.165*/)L51!C*,c5+/!;5N5*)4!5@2;;2,1!C)/7;^!21+4.621F!

! !dD);54215e! XYX! 5@2;;2,1;! /7)/! =,.46! ,++.*^! 21! 62GG5*51/! =,*46;^! 21! /75! )D;51+5! ,G! )1E!

/545=,*L21F!,*!N2*/.)4!@55/21F;a!

! XYX!5@2;;2,1;!15/!,G!/75!62*5+/! 2@C)+/!,G!/545=,*L21F!,*!N2*/.)4!@55/21F;!32I5I^!,14E!)++,.1/21F!

G,*! /75! *56.+/2,1! 21! +,@@./21F! /*)N54^! =2/7,./! +,1;265*21F! )1E! *5D,.16! 5GG5+/^! C,;2/2N5! ,*!

15F)/2N58^!=2/7!)16!=2/7,./!)!+,**5+/2,1!G,*!XYX!5@2;;2,1;!);;,+2)/56!=2/7!/75!545+/*2+2/E!.;56!DE!

`B!65N2+5;a!)16!

! XYX! 5@2;;2,1;! 15/! ,G! /75! 2@C)+/! ,G! /545=,*L21F! ,*! N2*/.)4! @55/21F;! )16! ,G! *545N)1/! *5D,.16!

5GG5+/;!65*2N21F!G*,@!/75!)N)24)D242/E!,G!)662/2,1)4!/2@5!,*!21+,@5I!!

B7.;! /75! )1)4E;2;! )44,=;! G,*! +,@C)*2;,1;! D5/=551! 62GG5*51/! =,*46;! 35IFI^! /,! +,1/*);/! +,@@./21F!

5@2;;2,1;!21!/=,!62GG5*51/!=,*46;8!)16!=2/721!2162N26.)4!=,*46;!35IFI^!/,!)2*O/*)N54!5@2;;2,1;!15/!,G!62*5+/!

N2*/.)4O@55/21F!2@C)+/!=2/7!)2*O/*)N54!5@2;;2,1;!/7)/!)*5!)4;,!+,**5+/56!G,*!62GG5*51/!*5D,.16!5GG5+/;8I!

[5E!G21621F;!)*5!*5C,*/56!)16!62;+.;;56!D54,=I!

!

4.1 Teleworking

%,*!/545=,*L21F^!/75!)1)4E;2;!G,+.;56!,1!@,65421F!/75!C,;;2D45!*56.+/2,1;!21!#$P!5@2;;2,1;!65*2N21F!G*,@!

/75! /545=,*L5*;h! *56.+56! .;5! ,G! C*2N)/54E! ,=156! +)*;! G,*! +,@@./21F! C.*C,;5;I! ?,;;2D45! C,;2/2N5! )16!

15F)/2N5!*5D,.16!5GG5+/;!)*5!)4;,!+,1;265*56!21!/75!)1)4E;2;^!21!/5*@;!,G!)662/2,1)4!L24,@5/5*;!/*)N5456!G,*!

+7,*5;!,*!452;.*5!)16!G*,@!21+*5);21Fg65+*5);21F!5@2;;2,1;!65*2N21F!G*,@!/75!.;5!,G!62;C,;)D45!21+,@5!,*!

C*,G2/;!@)65!)N)24)D45!DE!/*)1;C,*/)/2,1!;)N21F;I!?,;;2D45!*56.+/2,1;!21!/75!5@2;;2,1;!F515*)/56!DE!C.D42+!

/*)1;C,*/)/2,1^!,1!/75!,/75*!7)16^!)*5!1,/!+,1;265*56!21!/75!)1)4E;2;^!.165*!/75!+,1;5*N)/2N5!);;.@C/2,1!

/7)/! /75! 1.@D5*! ,G! C.D42+! /*)1;C,*/)/2,1! N572+45;^!=72+7! )*5! .;56! /,! /*)1;C,*/! +,@@./5*;^! =,.46! 1,/!

65+*5);5!5N51!2G!)!;2F12G2+)1/!C*,C,*/2,1!,G!=,*L5*;!=,*L56!G*,@!;,@5=75*5!,/75*!/7)1!/75!,GG2+5I!!

!

#,@@./21F!2;!+.**51/4E!5;/2@)/56!/,!*5C*5;51/!D5/=551!PZ!)16!QW!C5*+51/!,G!,N5*)44!L24,@5/5*;!/*)N5456^!

)16! 5@2;;2,1;!C*,6.+56^! DE! C*2N)/54E! ,=156! +)*;^! 65C51621F! ,1! /75! *5F2,1IKJ!BEC2+)44E! D5/=551! R^WWW!

)16!Q^WWW!L24,@5/5*;!C5*!)11.@!C5*!N572+45!)*5!6.5!/,!+,@@./21F^!45)621F!/,!,N5*)44!5@2;;2,1;!)/!F4,D)4!

;+)45!,G!)D,./!TWW!(/#$P!3PWWQ!6)/)8^!);!+,@C)*56!/,!)!/,/)4!G*,@!C*2N)/54E!,=156!+)*;!,G!)D,./!P^\WW!

(/#$PI!#.**51/!C*,c5+/2,1;!G,*! 21+*5);5;!21!+)*!,=15*;72C!=,.46!45)6!/,!)!;2F12G2+)1/!F*,=/7!21!62;/)1+5!

/*)N5456^! )16! );;,+2)/56! 5@2;;2,1;^! 5;C5+2)44E! 21! *)C264E! F*,=21F! )16! 65N54,C21F! +,.1/*25;I! B72;! 2;!

72F742F7/56!21!/75!F*)C7;!D54,=^!244.;/*)/21F!/75!C*,c5+/2,1;!,G!/75!+)*D,1!=,*46I!!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!14 >5/)2456!6)/)!,1!+,@@./21F!D57)N2,*!)*5!1,/!*5)624E!)N)24)D45!G,*!@)1E!+,.1/*25;^!5;C5+2)44E!45;;!65N54,C56!,15;I!<5)4/725*!*5F2,1;!=2/7!72F75*!62;C,;)D45!21+,@5;^!;7,*/5*!=,*L21F!=55L;^!)16!D5//5*!C.D42+!/*)1;C,*/)/2,1!;E;/5@;!/EC2+)44E!;7,=!)!72F75*!C*,C,*/2,1!,G!452;.*5!/*)N54I

!

! R\

! !

! !!

B&1C$(bD(@+4%60#0&'(%=(51&(5%66"#+,A(1,-(9<E(06+''+%,'(51&/%,(7%&4-O(EUU\(1,-(EU\U;(

"

'""

#""

)""

$""

(""

%""

;""

&""

<""

'"""

=8>

?=#;

@+A+/

8B!>=!CD!*>

E8=

F:76,!?G,.A6

*72/+

F:76,!+H2+

I/J2+

K2JJ16!?+H:

L+:2/!>96,23+

>M,23+

A*E,

+."-,("6=*9,*#(1*#',,2"-/3*

F%GGHI

"

("

'""

'("

#""

#("

)""

=8>

?=#;

@+A+/

8B!>=!CD!*>

E8=

F:76,!?G,.A6

*72/+

F:76,!+H2+

I/J2+

K2JJ16!?+H:

L+:2/!>96,23+

>M,23+

!&*#$%

+."-,("6=*#$% +,-..-'/.*01',*#(1*

#',,2"-/3*F%GGJI

"

#""

$""

%""

&""

'"""

'#""

'$""

'%""

=8>

?=#;

@+A+/

8B!>=!CD!*>

E8=

F:76,!?G,.A6

*72/+

F:76,!+H2+

I/J2+

K2JJ16!?+H:

L+:2/!>96,23+

>M,23+

A*E,

+."-,("6=*9,*#(1*#',,2"-/3*

#(1?'/*8'1)=*F%GHGI

"

("

'""

'("

#""

#("

)""

)("

$""

=8>

?=#;

@+A+/

8B!>=!CD!*>

E8=

F:76,!?G,.A6

*72/+

F:76,!+H2+

I/J2+

K2JJ16!?+H:

L+:2/!>96,23+

>M,23+

K1'L6<"6=*#$%*+,-..-'/.*01',*#(1*

#',,2"-/34*#(1?'/*8'1)=*%GHG

!

! RZ

#,@C)*21F!C*,c5+/2,1;!G,*!+,@@./21FO*54)/56!+)*!5@2;;2,1;!G,*!/75!G,.*!=,*46;!;.FF5;/;!/7)/^!=,*46=265^!

21!/75!)D;51+5!,G!/545=,*L21F^!XYX!5@2;;2,1;!=,.46!+,1/21.5!/,!F*,=!,1!)!*54)/2N54E!;/5)6E!4215)*!/*516!

21!/75!+)*D,1!)16!/5+7!=,*46;^!)16!)/!)!4,=5*!*)/5!21!/75!C,42+E!)16!;@)*/!=,*46;!3;55!F*)C7;!D54,=8I!`G!

/75!15/!2@C)+/!,G!7,@5!=,*L21F!2;!)6656^!)44!C*,c5+/2,1;!*5;.4/!21!)!*56.+/2,1!21!XYX!5@2;;2,1;^!=72+7!2;!

42@2/56! 21! +)*D,1!=,*46^!@,65*)/5! 21!D,/7! /75!C,42+E!)16!/5+7!=,*46;^!)16!@,*5!6*)@)/2+! 21! /75!;@)*/!

=,*46I! 'C5+2G2+)44E^! /75! 2@C)+/! ,G! 7,@5! =,*L21F! ,1! +,@@./21F! 5@2;;2,1;! G*,@! +)*;! =,.46! *5;.4/! 21! )!

*56.+/2,1!21!/75!F*,=/7!/*516!21!)!+)*D,1!)16!/5+7!=,*46^!=,.46!)+725N5!)!;/)D2420)/2,1!,G!5@2;;2,1;!21!)!

C,42+E!=,*46^!)16!=,.46!,14E!6542N5*!)1!,N5*)44! *56.+/2,1! 21!5@2;;2,1;! 21!)!;@)*/!=,*46I!<751!*5D,.16!

5GG5+/;! )*5! )++,.1/56! G,*! 21! D,/7! /75! +)*D,1! )16! /5+7! =,*46;^! /75! 212/2)4! *56.+/2,1;! 21! /*)1;C,*/)/2,1!

5@2;;2,1;! )*5! C)*/2)44E! +,.1/5*D)4)1+56! DE! )662/2,1)4! 5@2;;2,1;! 65*2N21F! G*,@! 545+/*2+2/E! .;5! 3@212@)4!

2@C)+/8^! 21+*5);21F! /*)N54! G*,@! 452;.*5! )16! +7,*5; !̂ )16! )662/2,1)4! XYXOF515*)/21F! 5SC5162/.*5;I! B72;!

2162+)/5;! /7)/! 21! /75! )D;51+5! ,1! )FF*5;;2N5! C,42+E !̂ +.**51/! /*516;! ,G! 5@2;;2,1! F*,=/7! =,.46! 1,/! D5!

5GG5+/2N54E!@2/2F)/56I! B72;! )4;,! 72F742F7/;! /7)/! 5N51! 2G! /75! `B! 216.;/*E! G,+.;5;! ,1! 65N2;21F! ;,4./2,1;! /,!

*56.+5! #$P! 5@2;;2,1;! 3/5+7! =,*468^! /75! ,N5*)44! ,./+,@5! =,.46! 1,/! D5! )! 15/! *56.+/2,1! 21! +,@@./21F!

5@2;;2,1;!2G!/75!D*,)65*!;,+2,5+,1,@2+!51N2*,1@51/!21!=72+7!/75!`B!216.;/*E!,C5*)/5;!G)24;!;.D;/)1/2)44E!

)/!/75!/);L!,G!/)+L421F!F4,D)4!=)*@21FI!

!

!

!

!

"

#""

$""

%""

&""

'"""

'#""

'$""

'%""

'&""

#""( #"'" #"'( #"#" #"#( #")" #")( #"$" #"$( #"("

!"#$

%

M)'?()*#$% +,-..-'/.*01',*#',,2"-/3*K1-'1*

"'*7',6*8'19-/3

*+,-./

0.1234

5637

89+,:

"

#""

$""

%""

&""

'"""

'#""

'$""

'%""

'&""

#""( #"'" #"'( #"#" #"#( #")" #")( #"$" #"$( #"("

!"#$

%

&'"()*#$% +,-..-'/.*01',*#',,2"-/3*56"*'0*7',6*8'19-/3*

:,;(<"*'/*&1(00-<*FK1-'1*@/N*>6?'2/=*+006<"I

*+,-./

0.1234

5637

89+,:

!

! RT

(

!

!(

B&1C$(aD(9<E(=&%6(5%66"#+,A(1,-(&0/%",-(0==05#'(+,(-+==0&0,#(7%&4-';((

!

9! +4,;5*! 4,,L! )/! /75! #$P! 5@2;;2,1! *56.+/2,1;! /7)/! /545=,*L21F! +)1! F515*)/5! =2/721! 62GG5*51/! =,*46;^!

7,=5N5*^! *5N5)4;! /7)/! 7,@5! =,*L21F! +)1! C*,N265! )! 4)*F5*! +,1/*2D./2,1! 21! /5*@;! ,G! XYX! 5@2;;2,1!

*56.+/2,1;! 21!D,/7!;@)*/!)16!/5+7!=,*46;^!);!+,@C)*56! /,!/75!+)*D,1!)16!C,42+E!=,*46;I!B72;! 2162+)/5;!

/7)/!=75*5);!21!)!C,42+E!=,*46!)!4)*F5*!;7)*5!,G!/75!5@2;;2,1!*56.+/2,1;!)+725N56!+,.46!D5!)//*2D./56!/,!

C,42+25;! 3=72+7! 45)6! /,!)1! 21+*5);56!.;5!,G! `B!;,4./2,1;!D./!)4;,! *56.+5! /752*!XYX! 2@C)+/8^!=751!;.+7!

C,42+25;!)*5!4)+L21F^!/75!)+/2N5!51F)F5@51/!,G!/75!`B!216.;/*E!+)1!C4)E!)!;2F12G2+)1/!*,45I!B72;!7,46;!/*.5!2G!

*5D,.16! 5GG5+/;! )*5! /)L51! 21/,! )++,.1/I! <751! +,1;265*21F! D,/7! 62*5+/! 5@2;;2,1! *56.+/2,1;! )16! 62*5+/!

*5D,.16! 5GG5+/;^! )D,./! KVZ!(/#$P!=,.46! D5! ;)N56! 21! PWRW!DE! )! C*,)+/2N5! `B! 216.;/*E^! +,@C)*56! /,!)!

;)N21F;!,G!KKZ!(/#$P!=2/7,./!;.+7!51F)F5@51/I!"N51!2G!;/*21F51/!2162*5+/!*5D,.16!5GG5+/;!)*5!;[email protected])/56^!

/75!/5+7!=,*46!=,.46!,./C5*G,*@!/75!+)*D,1!=,*46!DE!,N5*!JK!(/#$P!DE!PWRW^!6542N5*21F!/,/)4!5@2;;2,1!

*56.+/2,1;!,G!)D,./!VR!(/#$P^!)16!DE!,N5*!KQP!(/#$P!DE!PWQW^!6542N5*21F! /,/)4!5@2;;2,1!*56.+/2,1;!,G!

)D,./! PT\! (/#$PI! B75! F*5)/5;/! 2@C)+/! 21! /5*@;! ,G! XYX! 5@2;;2,1! *56.+/2,1;! 51)D456! DE! /545=,*L21F^!

7,=5N5*^!=,.46!D5!)+725N56! 21!)!;@)*/!=,*46^!=75*5!/,/)4!5@2;;2,1!*56.+/2,1;!,G!JQQ!(/#$P!)16!KQZQ!

(/#$P!=,.46!D5!)+725N56!21!PWRW!)16!PWQW^!*5;C5+/2N54EI!`1!;@)*/!=,*46^!2162*5+/!*5D,.16!5GG5+/;!=,.46!

C*,6.+5!)1!21+*5);5!21!XYX!5@2;;2,1;!21!PWRW!3,G!)D,./!RT!(/#$P8!)16!)!65+*5);5!3,G!)D,./!KVK!(/#$P8!

"

#""

$""

%""

&""

'"""

'#""

'$""

'%""

'&""

#""( #"'" #"'( #"#" #"#( #")" #")( #"$" #"$( #"("

!"#$

%

&'"()*#$% +,-..-'/.*01',*#',,2"-/34*56"*'0*

7',6OP'19-/3*:,;(<"*(/=*:/<)2=-/3*+,-..-'/.*Q1',*

+)6<"1-<-"N*R.6*(/=*S-16<"*>6?'2/=*+006<"

*+,-./

0.1234

5637

89+,:

"

#""

$""

%""

&""

'"""

'#""

'$""

'%""

'&""

#""( #"'" #"'( #"#" #"#( #")" #")( #"$" #"$( #"("

!"#$

%

&'"()*#$% +,-..-'/.*01',*#',,2"-/34*56"*'0*7',6OP'19-/3*

:,;(<"*(/=*>6?'2/=*+006<".

*+,-./

0.1234

5637

89+,:

!

! RV

21! PWQWI! B72;! 2;! 6.5! /,! /75! G)+/! /7)/! ,N5*! /75! PWRWMPWQW! C5*2,6^! )! F*,=21F! 1.@D5*! ,G! *5F2,1;! )*5!

);;.@56!/,!65C4,E!C,42+25;!)16!;/*)/5F25;!/7)/!+)1!5GG5+/2N54E!+7)1154!/75!)662/2,1)4!5+,1,@2+!*5;,.*+5;!

F515*)/56! DE! /75! *56.+/2,1! 21! /*)1;C,*/)/2,1! +,;/;! 51)D456! DE! /545=,*L21F! 21/,! )+/2N2/25;! /7)/! 45)6! /,!

G.*/75*!*56.+/2,1;!,G!XYX!5@2;;2,1;I!

!

!

!

!(

B&1C$(:UD(9<E(06+''+%,(&0-"5#+%,'(=&%6(#0407%&M+,A(+,(-+==0&0,#(7%&4-';(

!

9!D*5)L6,=1!DE!*5F2,1!;7,=;!/7)/!=2/721!5)+7!=,*46!/545=,*L21F!F515*)/5;!/75!F*5)/5;/!*56.+/2,1;!21!

5@2;;2,1;!21!$"#>!+,.1/*25;^!*5F)*645;;!,G!/75!G./.*5!=,*46!;[email protected])/56!21!/75!C*,c5+/2,1I!B72;!*5G45+/;!D,/7!

/75!72F75*!1.@D5*;!,G!L1,=456F5!=,*L5*;!21!$"#>!+,.1/*25;!)16!/75!F*5)/5*!C515/*)/2,1!,G!C*2N)/54E!

,=156!N572+45;I!$N5*!/2@5^!7,=5N5*^!/75!C,/51/2)4!2@C)+/!,G!/545=,*L21F!D5+,@5;!;2F12G2+)1/!21!

65N54,C21F!+,.1/*25;!);!=544^!);!;7,=1!DE!/75!PWQW!C*,c5+/2,1;!*5C,*/56!D54,=I!

!

"

#""

$""

%""

&""

'"""

'#""

'$""

'%""

#""" #""( #"'" #"'( #"#" #"#( #")" #")( #"$" #"$( #"("

#$% +,-..-'/*>6=2<"-'/.*S61-B-/3*01',*&6)6P'19-/34*-/*

S-00616/"*8'1)=.*K1-'1*"'*>6?'2/=*+006<".

*+,-./

0.1234

5637

89+,:

"

#""

$""

%""

&""

'"""

'#""

'$""

'%""

'&""

#""" #""( #"'" #"'( #"#" #"#( #")" #")( #"$" #"$( #"("

!"#$

%

#$% +,-..-'/*>6=2<"-'/.*S61-B-/3*01',*&6)6P'19-/34*-/*

S-00616/"*8'1)=.*:/<)2=-/3*>6?'2/=*+006<".

*+,-./

0.1234

5637

89+,:

!

! JW

(

!

!

!

!

"

#"

$"

%"

&"

'""

'#"

'$"

'%"

'&"

=8> ?=!#; @+A+/ *72/+ I/J2+

!"#$

%

#$% +,-..-'/.*T(B6=*?N*&6)6P'19-/34*K1-'1*"'*>6?'2/=*+006<".*

F%GUGI

*+,-./

0.1234

5637

89+,:

"

#"

$"

%"

&"

'""

'#"

'$"

'%"

'&"

=8> ?=!#; @+A+/ *72/+ I/J2+

!"#$

%

#$% +,-..-'/.*T(B6=*?N*&6)6P'19-/34*:/<)2=-/3*>6?'2/=*

+006<".*F%GUGI

*+,-./

0.1234

5637

89+,:

"

("

'""

'("

#""

#("

)""

)("

$""

=8> ?=!#; @+A+/ *72/+ I/J2+

!"#$%

#$% +,-..-'/.*T(B6=*?N*&6)6P'19-/34*K1-'1*"'*>6?'2/=*+006<".*

F%GHGI

*+,-./

0.1234

5637

89+,:

!

! JK

!

!(

B&1C$(::D(9<E(06+''+%,(&0-"5#+%,'(0,1/40-(/.(#0407%&M+,A(+,(-+==0&0,#(&0A+%,';(

!

"N51!+,1;265*21F!C,/51/2)4!*5D,.16!5GG5+/;^!/545=,*L21F!45)6;!/,!*56.+/2,1;!21!XYX!5@2;;2,1!21!)44!=,*46;I!

Y,=5N5*^!21!C*,c5+/2,1;!;.+7!);!G,*!/75!+)*D,1!=,*46^!=72+7!);;.@5;!4,=5*!5GG2+251+E!21!`B!5].2C@51/^!

/75!15/!2@C)+/!,1!#$P!5@2;;2,1;!=244!D5!;2F12G2+)1/4E!*56.+56^!);!72F75*!*)/5;!,G!#$P!5@2;;2,1;!);;,+2)/56!

=2/7!545+/*2+2/E!C*,6.+/2,1!)16!F*5)/5*!*5D,.16!5GG5+/;!65*2N21F!G*,@!/75!)662/2,1)4!*5;,.*+5;!3/2@5!)16!

@,15E8!@)65!)N)24)D45!DE!/545=,*L21F!1556!/,!D5!/)L51!21/,!+,1;265*)/2,1I!B75!F*)C7;!D54,=!C*,N265!

G.*/75*!65/)24!,1!/75!2@C)+/!/7)/!N)*2,.;!*5D,.16!5GG5+/;!+)1!7)N5!,1!/75!5@2;;2,1!*56.+/2,1;!F515*)/56!

DE!/545=,*L21FI!

!

!

"

("

'""

'("

#""

#("

)""

)("

$""

$("

=8> ?=!#; @+A+/ *72/+ I/J2+

!"#$

%

#$% +,-..-'/.*T(B6=*?N*&6)6P'19-/34*:/<)2=-/3*>6?'2/=*

+006<".*F%GHGI

*+,-./

0.1234

5637

89+,:

&""

&("

<""

<("

'"""

0,6N:616O.,P2/Q I/31GJ2/Q!

:616O.,P2/Q!

29A+3:!./!

3.99G:2/Q

I/31GJ2/Q!

6163:,232:4!GH6J!

-4!:616O.,P2/Q!

J6R236H

I/31GJ2/Q!J2,63:!

,6-.G/J!6MM63:

I/31GJ2/Q!

2/J2,63:!,6-.G/J!

6MM63:

K')-<N*8'1)=*M7M*+,-..-'/.*Q1',*#',,2"-/3

V6(1*%GUG

!

!

!

!

&""

&("

<""

<("

'"""

'"("

''""

!"#$%

<""<("'"""'"("''""''("'#""'#("

0,6N:616O.,P2/Q

!"#$%

'"""

''""

'#""

')""

'$""

'(""

'%""

';""

'&""

0,6N:616O.,P2/Q

!"#$

%

&6<W*8'1)=*M7M*+,-..-'/.*01',*#',,2"-/3

!

:616O.,P2/Q I/31GJ2/Q!

:616O.,P2/Q!

29A+3:!./!

3.99G:2/Q

I/31GJ2/Q!

6163:,232:4!GH6J!

-4!:616O.,P2/Q!

J6R236H

I/31GJ2/Q!J2,63:!

,6-.G/J!6MM63:

I/31GJ2/Q!

2/J2,63:!

,6-.G/J!6MM63:

:616O.,P2/Q I/31GJ2/Q!

:616O.,P2/Q!

29A+3:!./!

3.99G:2/Q

I/31GJ2/Q!

6163:,232:4!GH6J!

-4!:616O.,P2/Q!

J6R236H

I/31GJ2/Q!J2,63:!

,6-.G/J!6MM63:

I/31GJ2/Q!

2/J2,63:!

,6-.G/J!6MM63:

&6<W*8'1)=*M7M*+,-..-'/.*01',*#',,2"-/3

V6(1*%GHG

!

!

!

!

! JR

(

!

!(

B&1C$(:ED(9<E(06+''+%,'(7+#$(#0407%&M+,A(1,-(21&+%"'(&0/%",-(0==05#'(7%&4-7+-0(EURU(1,-(EU\U;(

!

9!+,@C)*2;,1!,G!15/!5@2;;2,1;!,N5*!/2@5!21!/75!;@)*/!)16!+)*D,1!=,*46;!72F742F7/;!7,=!/75!+,@D2156!

)+/2,1!,G!C,42+E!@)L5*;!)16!`B!216.;/*E!45)6;!#$P!5@2;;2,1;!/,!C5)L!D5/=551!PWKW!)16!PWKQ!21!

65N54,C56!+,.1/*25;!=7245!6*)@)/2+)44E!;4,=21F!6,=1!/75!C*,c5+/56!F*,=/7!21!65N54,C21F!+,.1/*25;^!=75*5!

)!C5)L!21!5@2;;2,1;!2;!*5)+756!)*,.16!PWRW^!G,44,=56!DE!)!65+4215!21!15/!5@2;;2,1;I!

!

"

#""

$""

%""

&""

'"""

'#""

0,6N:616O.,P2/Q I/31GJ2/Q!

:616O.,P2/Q!

29A+3:!./!

3.99G:2/Q

I/31GJ2/Q!

6163:,232:4!GH6J!

-4!:616O.,P2/Q!

J6R236H

I/31GJ2/Q!J2,63:!

,6-.G/J!6MM63:

I/31GJ2/Q!

2/J2,63:!,6-.G/J!

6MM63:

!"#$%

T,(1"*8'1)=*M7M*+,-..-'/.*01',*#',,2"-/3

V6(1*%GUG

"

#""

$""

%""

&""

'"""

'#""

0,6N:616O.,P2/Q I/31GJ2/Q!

:616O.,P2/Q!

29A+3:!./!

3.99G:2/Q

I/31GJ2/Q!

6163:,232:4!GH6J!

-4!:616O.,P2/Q!

J6R236H

I/31GJ2/Q!J2,63:!

,6-.G/J!6MM63:

I/31GJ2/Q!

2/J2,63:!,6-.G/J!

6MM63:

!"#$

%

T,(1"*8'1)=*M7M*+,-..-'/.*01',*#',,2"-/3

V6(1*%GHG

!

! JJ

!

(B&1C$(:R;(EUU\`EU\U(9<E(06+''+%,(=&%6(5%66"#+,AO(0405#&+5+#.("'0O(1,-(&0/%",-(0==05#'(+,(1(51&/%,(7%&4-;(

(

((

B&1C$(:VD(EUU\`EU\U(9<E(06+''+%,'(=&%6(5%66"#+,AO(0405#&+5+#.("'0O(1,-(&0/%",-(0==05#'(+,(1('61&#(7%&4-;(

!

#,@C)*21F!/75!#$P!5@2;;2,1;!,G!)!+)*D,1!=,*46!C*5O/545+,@@./21F!/,!/7,;5!,G!)!;@)*/!=,*46^!21+4.621F!

/75! 2@C)+/! ,G! /545=,*L21F^! C*,N265;! )! @5);.*5! ,G! /75! ,N5*)44! 2@C)+/! /7)/! )+/2N5! )16! 5GG5+/2N5! C,42+E!

@)L5*;!)16!)1!51F)F56!`B!216.;/*E!+)1!)+725N5!=2/7!/5+71,4,FE!3;55!F*)C7!D54,=8I!

!

"

("

'""

'("

#""

#("

)""

)("

#""( #"'" #"'( #"#" #"#( #")" #")( #"$" #"$( #"("

!"#$%

#@>A$5*8$>XS

#$% +,-..-'/.01',*#',,2"-/34*+)6<"1-<-"N*R.64*(/=*>6?'2/=*+006<". =8>

?=

@+A+/

8B!>=!CD!*>

E8=

F:76,!?G,.A6

*72/+

F:76,!>H2+

I/J2+

K2JJ16!?+H:

L+:2/!>96,23+

>M,23+

"

("

'""

'("

#""

#("

)""

#""( #"'" #"'( #"#" #"#( #")" #")( #"$" #"$( #"("

!"#$%

T!@>&*8$>XS

#$%*+,-..-'/.*01',*#',,2"-/34*+)6<"1-<-"N*R.64*(/=*>6?'2/=*+006<".

=8>

?=

@+A+/

8B!>=!CD!*>

E8=

F:76,!?G,.A6

*72/+

F:76,!>H2+

I/J2+

K2JJ16!?+H:

L+:2/!>96,23+

>M,23+

!

! JQ

!(

B&1C$(:\D(9%6/+,0-(+6C15#(%=(0==05#+20(C%4+5.(61M0&'O()*(+,-"'#&.O(1,-(#05$,%4%A.;(

!

B75!F*)C7!72F742F7/;!/7)/!,N5*)44!)4@,;/!RIQ!D2442,1!/,1;!,G!#$P!5@2;;2,1;!+)1!D5!;)N56!21!PWQWI!<75*5);!

/75! 4)*F5;/! +,1/*2D./2,1! /,! ;.+7! ;)N21F;!=244! +,@5!G*,@!$"#>! +,.1/*25;^!,N5*! /2@5! ;2F12G2+)1/!5@2;;2,1!

*56.+/2,1;!)*5!)4;,!F515*)/56!21!65N54,C21F!)16!5@5*F21F!+,.1/*25;I!B72;!6E1)@2+!2;!5N51!@,*5!5N2651/!

=751! 4,,L21F!)/! /75!15=!;)N21F;! 32I5I^! 21+*5);5;!,G!#$P!5@2;;2,1!*56.+/2,1;!+,@C)*56! /,! /75!C*5N2,.;!

C5*2,68!F515*)/56!21!)1E!F2N51!C5*2,6!3;55!D54,=8I!!

!

!(

B&1C$(:]D(X07(9<E(06+''+%,(&0-"5#+%,'(/.(5%",#&.(%20&(#+60e5%6/+,0-(+6C15#(%=(0==05#+20(C%4+5.(61M0&'O()*(+,-"'#&.O(1,-(#05$,%4%A.;(

!

9;!72F742F7/56!)D,N5^!=7245!15=!;)N21F;!C5)L!21!$"#>!+,.1/*25;!D5/=551!PWPQ!)16!PWRQ^!65N54,C21F!)16!

5@5*F21F!+,.1/*25;! G*,@!9;2)!)16!_)/21!9@5*2+)!C*,N265!)!F*,=21F!C*,C,*/2,1!,G!/75!)662/2,1)4!;)N21F;!

"

'""

#""

)""

$""

(""

%""

;""

&""

<""

'"""

#""" #""( #"'" #"'( #"#" #"#( #")" #")( #"$" #"$( #"("

!"#$

%

#',?-/6=*:,;(<"*F#$% +,-..-'/*>6=2<"-'/.I*'0*+006<"-B6*K')-<N*!(961.4*

:#&*:/=2."1N4*(/=*&6<W/')'3N

=8>

?=!#;

@+A+/

8B!>=!CD!*>

E8=

F:76,!?G,.A6

*72/+

F:76,!>H2+

I/J2+

K2JJ16!?+H:

L+:2/!>96,23+

>M,23+

"

#"

$"

%"

&"

'""

'#"

'$"

'%"

'&"

#""(N#"'" #"'"N#"'( #"'(N#"#" #"#"N#"#( #"#(N#")" #")"N#")( #")(N#"$" #"$"N#"$( #"$(N#"("

!"#$%

Y56PY*#$% +,-..-'/*>6=2<"-'/.*@<W-6B6=*B-(*&6)6P'19-/3Z*#',?-/6=*

:,;(<"*'0*K')-<N*!(961.4*:#&*:/=2."1N4*(/=*&6<W/')'3N

=8>

?=!#;

@+A+/

8B!>=!CD!*>

E8=

F:76,!?G,.A6

*72/+

F:76,!>H2+

I/J2+

K2JJ16!?+H:

L+:2/!>96,23+

>M,23+

!

! J\

)+725N56^!6542N5*21F!/75!@)c,*2/E!,G!15=!;)N21F;!;/)*/21F!G*,@!)D,./!PWRWI!B72;!21;2F7/!+)1!C*,N265!.;5G.4!

F.26)1+5!/,!D,/7!C,42+E!@)L5*;!)16!/75!`B!216.;/*E!21!/5*@;!,G!G,+.;!G,*!)+/2,1!)16!/2@21FI!

!

`/!@.;/!D5!C,21/56!,./!/7)/!.1+5*/)21/E!);;,+2)/56!=2/7!/75!)1)4E;2;!.165*/)L51!@.;/!D5!+,1;265*56!72F7^!

);!*545N)1/!6)/)!2;!+.**51/4E!@2;;21F!21!)!1.@D5*!,G!)*5);I!>5;C2/5!/72;!42@2/)/2,1^!7,=5N5*^!/75!)1)4E;2;!

72F742F7/;! /7)/! +,@D2156! )+/2,1;! ,G! C,42+E! @)L5*;! )16! /75! `B! 216.;/*E! +)1! 6542N5*! *5;.4/;! /7)/! )*5!

6*)@)/2+)44E! ;.C5*2,*! 21! /5*@;! ,G! XYX! 5@2;;2,1! *56.+/2,1;! )+725N56I! B75! )1)4E;2;! )4;,! ;7,=;! /7)/!

=75*5);! $"#>! +,.1/*25;! =244! 42L54E! 6542N5*! /75! @)c,*2/E! ,G! 5@2;;2,1! *56.+/2,1;! 21! /75! ;7,*/! /5*@^!

65N54,C21F!)16!5@5*F21F!+,.1/*25;!=244!C4)E!)!C*5C,165*)1/!*,45!,N5*!/2@5I!!

!

g+&#"14(600#+,A'(

B,!].)1/2GE!/75!C,;;2D45!XYX!D515G2/;!,G!N2*/.)4!@55/21F;^!/75!)1)4E;2;!G,+.;56!,1!D.;215;;!)2*!/*)N54̂ !);!

/72;!)+/2N2/E!+)1!@,;/!+45)*4E!D5!/)*F5/56!G,*!;.D;/2/./2,1!DE!N2*/.)4O@55/21F!;,4./2,1;^!)16!D5+).;5!)2*!

/*)N54!2;!)!F*,=21F!;,.*+5!,G!#$P!5@2;;2,1;!)16!/7.;!)!/,C2+!,G!+,1+5*1!21!/75!+42@)/5!C,42+E!65D)/5!3;55!

D54,=I!!

!

!

"

(""

'"""

'(""

#"""

#(""

)"""

#""( #"'" #"'( #"#" #"#( #")"

K(..6/361*E,*A2.-/6..*@-1*&1(B6)*FA*E,I

>M,23+

L+:2/!>96,23+

K2JJ16!?+H:

I/J2+

F:76,!>H2+

*72/+

F:76,!?G,.A6

E8=

8B!>=!CD!*>

@+A+/

?=

=8>

!

! JZ

!(

B&1C$(:[D(f"'+,0''(1+&(#&1204O(M+4%60#0&'(#&12040-O(1,-(1''%5+1#0-(9<E((06+''+%,';((

!

9;!N2*/.)4!@55/21F;!+)1!)4;,!;.D;/2/./5!;7,*/5*!/*2C;!/7)/!=,.46!1,/!,++.*!N2)!)2*C4)15^!/75!C*,c5+/2,1;!

62;+.;;56!D54,=!+)1!D5!+,1;265*56!+,1;5*N)/2N5I!9;!=2/7!/545+,@@./21F^!21!)662/2,1!/,!62*5+/!5@2;;2,1!

*56.+/2,1!F515*)/56!DE!N2*/.)4!@55/21F;^!C,;;2D45!*5D,.16!5GG5+/;!)*5!)4;,!+,1;265*56!21!/75!)1)4E;2;I!B75!

F*)C7;!D54,=!72F742F7/56!/75!/,/)4!#$P!5@2;;2,1;!C*,c5+/56!G,*!D.;215;;!/*)N54!21!/75!62GG5*51/!=,*46;!

)1)4E056I!

!

((

"

("

'""

'("

#""

#("

)""

)("

$""

$("

#""( #"'" #"'( #"#" #"#( #")"

#$% +,-..-'/.*01',*A2.-/6..*@-1*&1(B6)4*K16OB-1"2()*!66"-/3.

>M,23+

L+:2/!>96,23+

K2JJ16!?+H:

I/J2+

F:76,!>H2+

*72/+

F:76,!?G,.A6

E8=

8B!>=!CD!*>

@+A+/

?=

=8>

"

("

'""

'("

#""

#("

)""

)("

$""

#""( #"'" #"'( #"#" #"#( #")" #")( #"$" #"$( #"("

@-1<1(0"*#$% +,-..-'/.*A2.-/6..*&1(B6)*456"*'0*C-1"2()*

!66"-/3.D*S-16<"*:,;(<"4*!"#$%

*+,-./

0.1234

5637

89+,:

!

! JT

((

B&1C$(:bD(9<E(06+''+%,'(=&%6(1+&5&1=#(/"'+,0''(#&1204(+,(-+==0&0,#(7%&4-';(

!

`1!D,/7!)!+)*D,1!)16!)!/5+7!=,*46^!D.;215;;!)2*O/*)N54!5@2;;2,1;!=,.46!+,1/21.5!/,!F*,=!65;C2/5!/75!

@2/2F)/21F!2@C)+/!,G!N2*/.)4!@55/21F;I!`1!/75!C,42+E!)16!;@)*/!=,*46;^!7,=5N5*^!5@2;;2,1;!G*,@!D.;215;;!

/*)N54!=,.46!D5!*56.+56I!`1!)!/5+7!=,*46^!21!/75!)D;51+5!,G!C,42+E!45)65*;72C^!/75!`B!216.;/*E!+,.46!C4)E!)!

;2F12G2+)1/!*,45^!);!)!72F75*!)6,C/2,1!,G!N2*/.)4!@55/21F;!36*2N51!DE!/75!`B!216.;/*E8!+,.C456!=2/7!)!

*54)/2N54E!215GG2+251/!/*)1;C,*/!;5+/,*!3+).;56!DE!4)+L!,G!;/*,1F!+42@)/5!+7)1F5!C,42+E8!=,.46!45)6!/,!

;2F12G2+)1/!F*,;;!*56.+/2,1;!21!5@2;;2,1;!3;55!F*)C7;!D54,=^!45G/8I!b1G,*/.1)/54E^!4)+L!,G!;/*,1F!+42@)/5!

+7)1F5!C,42+25;!=,.46!)4;,!@5)1!/75!C*5;51+5!,G!;2F12G2+)1/!15F)/2N5!*5D,.16!5GG5+/;^!=72+7!=,.46!

+,.1/5*D)4)1+5!)!;2F12G2+)1/!C*,C,*/2,1!,G!/75!62*5+/!F)21;!)+725N56!=2/7!N2*/.)4!@55/21F;!3F*)C7;!D54,=8I!!

!

!

!

"

("

'""

'("

#""

#("

)""

)("

$""

$("

#""( #"'" #"'( #"#" #"#( #")" #")( #"$" #"$( #"("

@-1<1(0"*#$% +,-..-'/.*A2.-/6..*&1(B6)4*56"*'0*C-1"2()*

!66"-/3.D*:,;(<"4*#'116<"6=*0'1*>6?'2/=*+006<".*!"#$%

*+,-./

0.1234

5637

89+,:

"

("

'""

'("

#""

#("

#""( #"'" #"'( #"#" #"#( #")" #")( #"$" #"$( #"("

!"#$

%

#$% +,-..-'/*>6=2<"-'/.*S61-B-/3*01',*C-1"2()*!66"-/3.*-/*

S-00616/"*8'1)=.*K1-'1*"'*>6?'2/=*+006<".

*+,-./

0.1234

5637

89+,:

!

! JV

!(

B&1C$(:aD(9<E(06+''+%,(&0-"5#+%,'(=&%6(2+&#"14(600#+,A'(7+#$+,(-+==0&0,#(7%&4-';(

!

B75!F*)C7;!D54,=!C*,N265!G.*/75*!65/)24!,1!/75!2@C)+/!/7)/!N)*2,.;!*5D,.16!5GG5+/;!+)1!7)N5!,1!/75!

5@2;;2,1!*56.+/2,1;!F515*)/56!DE!N2*/.)4!@55/21F;I!

!

"

("

'""

'("

#""

#("

#""( #"'" #"'( #"#" #"#( #")" #")( #"$" #"$( #"("

!"#$

%

#$% +,-..-'/*>6=2<"-'/.*S61-B-/3*01',*C-1"2()*!66"-/3.*-/*

S-00616/".*8'1)=.*:/<)2=-/3*>6?'2/=*+006<".

*+,-./

0.1234

5637

89+,:

!

! QW

!

!

!

#("

#;"

#<"

)'"

))"

)("

);"

)<"

$'"

$)"

0,6!R2,:G+1!

966:2/QH

I/31GJ2/Q!R2,:G+1!

966:2/QH

I/31GJ2/Q!

6163:,232:4!GH6

I/31GJ2/Q!J2,63:!

,6-.G/J!6MM63:

I/31GJ2/Q!2/J2,63:!

,6-.G/J!6MM63:

!"#$%

M7M*+,-..-'/.*A2.-/6..*&1(B6)4*#(1?'/*8'1)=

V6(1*%GUG

'("

';"

'<"

#'"

#)"

#("

#;"

#<"

)'"

))"

0,6!R2,:G+1!

966:2/QH

I/31GJ2/Q!R2,:G+1!

966:2/QH

I/31GJ2/Q!

6163:,232:4!GH6

I/31GJ2/Q!J2,63:!

,6-.G/J!6MM63:

I/31GJ2/Q!2/J2,63:!

,6-.G/J!6MM63:

!"#$%

M7M*+,-..-'/.*A2.-/6..*&1(B6)4*K')-<N*8'1)=

V6(1*%GUG

!

! QK

!

!

!

!(

B&1C$(EUD(g+&#"14(600#+,A'h(+6C15#O(+,54"-+,A(-+==0&0,#(&0/%",-(0==05#'(+,(-+==0&0,#(7%&4-'O(EURU;(

!

>5;C2/5!)2*!/*)N54h;!G);/5*!F*,=/7!21!65N54,C21F!+,.1/*25;^!/75!C*,c5+/2,1;!2162+)/5!/7)/!)!4)*F5*!;7)*5!,G!

#$P!5@2;;2,1!*56.+/2,1;!@)E!D5!)+725N56!21!65N54,C56!+,.1/*25;I!9;!=2/7!/545+,@@./21F^!/72;!+)1!D5!

5SC4)2156!DE!)!F*5)/5*!1.@D5*!,G!D.;215;;!/*)N545*;!)16!DE!)1!5+,1,@2+!;C5+2)420)/2,1!21!;5+/,*;!/7)/!)*5!

@,*5!;.2/)D45!G,*!)1!)6,C/2,1!,G!N2*/.)4O@55/21F!;,4./2,1;!3)/!45);/!21!/75!;7,*/!)16!@562.@!/5*@8!21!

$"#>!5+,1,@25;I!9;!=2/7!/545+,@@./21F^!,N5*!/2@5!)!;2F12G2+)1/!N,4.@5!,G!5@2;;2,1!*56.+/2,1;!=244!

D5+,@5!C,;;2D45!21!65N54,C21F!+,.1/*25;!3;55!F*)C7;!D54,=8I!

!

'("

#""

#("

)""

)("

$""

$("

0,6!R2,:G+1!

966:2/QH

I/31GJ2/Q!R2,:G+1!

966:2/QH

I/31GJ2/Q!

6163:,232:4!GH6

I/31GJ2/Q!J2,63:!

,6-.G/J!6MM63:

I/31GJ2/Q!2/J2,63:!

,6-.G/J!6MM63:

!"#$%

M7M*+,-..-'/.*A2.-/6..*&1(B6)4*&6<W*8'1)=

V6(1*%GUG

("

'""

'("

#""

#("

)""

)("

0,6!R2,:G+1!

966:2/QH

I/31GJ2/Q!R2,:G+1!

966:2/QH

I/31GJ2/Q!

6163:,232:4!GH6

I/31GJ2/Q!J2,63:!

,6-.G/J!6MM63:

I/31GJ2/Q!2/J2,63:!

,6-.G/J!6MM63:

!"#$%

M7M*+,-..-'/.*A2.-/6..*&1(B6)4*T,(1"*8'1)=

V6(1*%GUG

!

! QP

((

((

B&1C$(E:D(9<E(06+''+%,(&0-"5#+%,'(0,1/40-(/.(2+&#"14(600#+,A'(/.(&0A+%,;(

!

9;!72F742F7/56!DE!/75!/=,!F*)C7;!D54,=^!)!;@)*/!=,*46!=,.46!212/2)44E!F515*)/5!5@2;;2,1!*56.+/2,1;!DE!

*56.+21F!/75!5@2;;2,1;!);;,+2)/56!=2/7!D.;215;;!/*)N54!21!$"#>!+,.1/*25;^!D./!+,1/21.5!/,!;7,=!F*,=/7!21!

65N54,C21F!+,.1/*25;I!%*,@!)D,./!PWPW!/,!PWPQ^!5@2;;2,1;!65*2N21F!G*,@!D.;215;;!/*)N54!=,.46!/751!

65+*5);5!21!65N54,C21F!+,.1/*25;!);!=544^!21+4.621F!#721)I!

!

"

(

'"

'(

#"

#(

)"

)(

$"

=8> ?= @+A+/ *72/+ I/J2+

#$% +,-..-'/*>6=2<"-'/.*+/(?)6=*?N*C-1"2()*!66"-/3.*

:/<)2=-/3*>6?'2/=*+006<".*%GUG*!"#$%

*+,-./

0.1234

5637

89+,:

"

(

'"

'(

#"

#(

)"

)(

$"

$(

=8> ?= @+A+/ *72/+ I/J2+

#$% +,-..-'/*>6=2<"-'/.*+/(?)6=*?N*C-1"2()*!66"-/3.4*

:/<)2=-/3*>6?'2/=*+006<".4*%GHG*!"#$%

*+,-./

0.1234

5637

89+,:

!

! QR

!(

B&1C$(EED(9<E(06+''+%,'(%20&(#+60(=&%6(/"'+,0''(#&1204O(,0#(%=(2+&#"14(600#+,A'((1,-(&0/%",-(0==05#'O(51&/%,(7%&4-;(

!

!(

B&1C$(ERD(9<E(06+''+%,'(%20&(#+60(=&%6(/"'+,0''(#&1204O(,0#(%=(2+&#"14(600#+,A'((1,-(&0/%",-(0==05#'O('61&#(7%&4-;(

!

9;!72F742F7/56!21!;5+/2,1!KIP!)D,N5^!;/)/2;/2+)4!6)/)!,1!N2*/.)4!@55/21F;!2;!1,/!+,445+/56^!=7245!5S2;/21F!

+);5!;/.6E!)1)4E;5;!)*5!D);56!,1!)!N)*25/E!,G!)CC*,)+75;^!@5/7,6,4,F25;^!)16!6)/)!;5/;^!)16!/EC2+)44E!

G,+.;!,1!2162N26.)4!+,@C)125;I!B75!.1+5*/)21/25;!);;,+2)/56!=2/7!/75!5;/2@)/5;!C*,N2656!)D,N5!)*5!

/75*5G,*5!72F7I!B75!;[email protected])/2,1;^!7,=5N5*^!C*,N265!.;5G.4!2162+)/2,1;!,1!/75!;205!,G!/75!5@2;;2,1!

*56.+/2,1;!/7)/!+,.46!C,/51/2)44E!D5!)+725N56I!B75E!)4;,!C*,N265!21;2F7/!,1!/75!15F)/2N5!*5D,.16!5GG5+/;!

/7)/!+)1!C,/51/2)44E!,++.*!21!/75!)D;51+5!,G!5GG5+/2N5!+42@)/5!+7)1F5!C,42+25;I!?.D42+!C,42+25;!)16!

;/*)/5F25;!=244!/75*5G,*5!D5!/75!G,+.;!,G!,.*!15S/!;5+/2,1I!

"

'"

#"

)"

$"

("

%"

;"

&"

#""( #"'" #"'( #"#" #"#( #")" #")( #"$" #"$( #"("

!"#$

%

#@>A$5*8$>XS

#$% +,-..-'/.*01',*A2.-/6..*&1(B6)4*56"*'0*C-1"2()*!66"-/3.*(/=*>6?'2/=*

+006<".

=8>

?=

@+A+/

8B!>=!CD!*>

E8=

F:76,!?G,.A6

*72/+

F:76,!>H2+

I/J2+

K2JJ16!?+H:

L+:2/!>96,23+

>M,23+

"

'"

#"

)"

$"

("

%"

#""( #"'" #"'( #"#" #"#( #")" #")( #"$" #"$( #"("

!"#$%

T!@>&*8$>XS

#$% +,-..-'/.*01',*A2.-/6..*&1(B6)4*56"*'0*C-1"2()*!66"-/3.*(/=*>6?'2/=*

+006<".=8>

?=

@+A+/

8B!>=!CD!*>

E8=

F:76,!?G,.A6

*72/+

F:76,!>H2+

I/J2+

K2JJ16!?+H:

L+:2/!>96,23+

>M,23+

!

! QJ

5 Policies and strategies

B75! )1)4E;2;! .165*/)L51! )D,N5! 244.;/*)/5;! 7,=! 62GG5*51/! D57)N2,*;! G*,@! C*2N)/5O;5+/,*! +,@C)125;!

;.CC4E21F! )16!.;21F! `B^! );!=544! );! G*,@!C,42+E!@)L5*;^! +)1! 45)6! /,! 6*)@)/2+)44E! 62GG5*51/! ,./+,@5;! 21!

/5*@;!,G!/75!C,/51/2)4!2@C)+/!,G!/545=,*L21F!)16!N2*/.)4!@55/21F;!,1!XYX!5@2;;2,1;I!

B75! ,CC,*/.12/25;! /,! *56.+5! XYX! *56.+/2,1;! ,GG5*56! DE! /545=,*L21F! )16! N2*/.)4! @55/21F;! =244! 1,/! D5!

7)*N5;/56!)./,@)/2+)44E^!);^!DE! 2@C*,N21F!5GG2+251+E!)16!C*,6.+/2N2/E^! /75;5!;,4./2,1;!)4;,!6542N5*!@,*5!

G*55! /2@5! /,! =,*L5*;^! 72F75*! C*,G2/;! /,! +,@C)125;^! )16! 72F75*! 62;C,;)D45! 21+,@5I! B75! .;5! ,G! /75;5!

)662/2,1)4!*5;,.*+5;!+)1!45)6!/,!72F75*!XYX!5@2;;2,1;!/7)/!15F)/5!212/2)4!F)21;I!B75!;205!,G!/72;!*5D,.16!

5GG5+/!=244!65C516!,1!/5+71,4,F2+)4!)16!5+,1,@2+!65N54,C@51/!)16!,1!/75!D*,)65*!;/*)/5F25;!)16!C,42+25;!

/7)/!;,+25/25;!)16!D.;215;;5;!=244!C.*;.5I!!

B75! C*,c5+/2,1;! 244.;/*)/56! 21! ;5+/2,1! J! 72F742F7/! /75! 2@C,*/)1+5! ,G! )! +,@D2156! 5GG,*/! G*,@! D,/7! /75!

C*2N)/5!)16!/75!C.D42+!;5+/,*;I!'.+7!+,@D2156!5GG,*/!+)1!C4)E!)!L5E!*,45! 21!542@21)/21F!5S2;/21F!D)**25*;!

G,*! /75! 2@C45@51/)/2,1!,G! /545=,*L21F!)16!N2*/.)4O@55/21F!;,4./2,1;^! 21! *56.+21F! /75!15F)/2N5! G556D)+L!

/7)/! @)E! ,++.*! =751! )662/2,1)4! *5;,.*+5;! )*5! @)65! )N)24)D45! DE! ;.+7! ;,4./2,1;^! )16! 21! )+/2N)/21F!

N2*/.,.;!+E+45;!/7)/!45N5*)F5!/75;5!`B!;,4./2,1;!/,!G.*/75*!65+*5);5!XYX!5@2;;2,1;!3;55!D,S!D54,=8I!!

!

!5#+21#+,A(2+&#"%"'(5.540'(

U2*/.,.;! +E+45;! +)1! D5! )+/2N)/56! =751! /75! 2@C45@51/)/2,1g.;5! ,G! )1! `B! ;,4./2,1! /7)/! *56.+5;! XYX!

5@2;;2,1;!

! @)L5;!2/!5);25*!G,*!@,*5!,G!/75!;)@5!;,4./2,1!/,!D5!65C4,E56a!

! 45)6;! /,! )! 72F75*! .;5! ,G! +,@C45@51/)*E! `B! ;,4./2,1;! /7)/! )4;,! )+725N5! XYX! 5@2;;2,1!

*56.+/2,1;a!!

! 45)6;!/,!)!D*,)65*!)6,C/2,1!,G!,*F)120)/2,1)4!;/*.+/.*5;!)16!C*,+5;;5;!/7)/!*5].2*5!G5=5*!

XYX!5@2;;2,1;a!)16!!

! G,;/5*;!)!+.4/.*5!)16!D57)N2,*;!/7)/!6*2N5!;,+25/E!/,=)*6;!4,=5*!XYX!5@2;;2,1;I!

!

#.**51/4E! /75*5! 2;!)! 42@2/56!.165*;/)1621F! ,1! 7,=!C*2N)/5O;5+/,*! +,@C)125;!)16! C.D42+! )./7,*2/25;! +)1!

=,*L!/,F5/75*!/,!G.44E!)+725N5!/75;5!F,)4;^!);!/75*5!2;! 21;.GG2+251/!21;2F7/!,1!/75!N)*2,.;!G556D)+L!4,,C;!

/7)/! /545=,*L21F! )16! N2*/.)4! @55/21F;! +)1! F515*)/5I! >5;C2/5! /75;5! 42@2/)/2,1;^! )! 1.@D5*! ,G! 1,O*5F*5/!

;/*)/5F25;!)CC5)*!/,!D5!C*5;51/I!B75E!21+4.65!/75!G,44,=21Ff!

• >5C4,E! /75! D*,)6D)16! 21G*);/*.+/.*5! 155656! /,! 51)D45! `B! )CC42+)/2,1;! /7)/! *56.+5!XYX! 5@2;;2,1;^!

/7.;!,GG5*21F!)1!)4/5*1)/2N5!/,!21G*);/*.+/.*5;!/7)/^!DE!/752*!1)/.*5^!45)6!/,!)662/2,1)4!XYX!5@2;;2,1;!

3/72;!@,N5!1,/!,14E!C*,@,/5;!/545=,*L21F!)16!N2*/.)4!@55/21F;!D./!)4;,!;.CC,*/;!,/75*!`B!;,4./2,1;!

/7)/!+)1!*56.+5!XYX!5@2;;2,1;8!!

• "SC42+2/4E! 421L! /75! )6,C/2,1! ,G! /545=,*L21F! )16! N2*/.)4! @55/21F;! =2/7! /75! 1556! /,! *56.+5! XYX!

5@2;;2,1;^! 21+*5);21F! )=)*515;;! ,1! /75! XYX! ,CC,*/.12/25;! )16! *2;L;! );;,+2)/56! =2/7! /75;5! /=,!

;,4./2,1;!)16!D.24621F!+)C)+2/E!)@,1F;/!C,42+E!@)L5*;^!D.;215;;!5S5+./2N5;^!)16!5@C4,E55;^!);!=544!

);!=2/721!;,+25/E!

• `651/2GE!)16!*5@,N5!*5F.4)/,*E!D)**25*;!/7)/!72165*!/75!65C4,E@51/!,G!/545=,*L21F!)16!N2*/.)4!

@55/21F;^!5IFI^!1)/2,1)4!*5F.4)/2,1;!,*!+,445+/2N5!D)*F)21;!/7)/!65@)16!C7E;2+)4!C*5;51+5!21!)!

=,*LC4)+5^!);!=544!);!*5].2*5@51/;!/,!21/5*)+/!=2/7!C.D42+!,GG2+2)4;!,*!+.;/,@5*!*5C*5;51/)/2N5;!21!

C5*;,1!)16!,1!C)C5*^!5N51!=751!;.+7!21/5*)+/2,1!+,.46!5);24E!/)L5!C4)+5!*5@,/54E!=2/7!`B!

!

! QQ

• b;5!C.D42+!C*,+.*5@51/!)16!C.D42+!;5*N2+5;!21!F515*)4!/,!;C.*!/75!)6,C/2,1!,G!/545=,*L21F!)16!N2*/.)4!

@55/21F;^!=2/7!)!G,+.;!,1!XYX!5@2;;2,1!*56.+/2,1;!!

• 9*/2+.4)/5!@5/7,6,4,F25;! /,! +,445+/! *545N)1/! 6)/)! )16! );;5;;! /75! 2@C)+/! ,G! /545=,*L21F! )16! N2*/.)4!

@55/21F;!)/!/75!45N54!,G!2162N26.)4!2@C45@51/)/2,1;!M!/72;!@)E!*5].2*5!3`B8!;E;/5@;!/,!+,@@.12+)/5!

*545N)1/! 21G,*@)/2,1!D5/=551!62GG5*51/!+,@C)125;^!,*!D5/=551!+,@C)125;!)16!5@C4,E55;^!)16!@)E!

)4;,!21+4.65!)CC*,)+75;!/,!/*)+L!2162*5+/!2@C)+/!/7*,.F7,./!/75!5+,1,@E!

• 'E;/5@)/2+)44E!5N)4.)/5!/75! 2@C)+/!,G!/545=,*L21F!)16!N2*/.)4O@55/21F!65C4,E@51/;!/,!);;5;;!62*5+/!

5GG5+/;!)16!2Gg=7)/!N2*/.,.;!+E+45;!=5*5!)+/2N)/56^!2Gg=7)/!15F)/2N5!,./+,@5;!,++.**56^!)16!=7)/!15/!

2@C)+/!,1!XYX!5@2;;2,1;!=);!)+725N56!

• '5/! .C! )CC*,C*2)/5! 6)/)O+,445+/2,1! ;E;/5@;! /7)/! )*5! )D45! /,! *5F.4)*4E! F)/75*! /75! ;/)/2;/2+)4! 6)/)!

155656!/,!);;5;;!)16!@,12/,*!C*,F*5;;!21!/72;!G2546^!)/!)1!)FF*5F)/56!45N54!

• #,445+/!)16!62;;5@21)/5!21G,*@)/2,1!)D,./!D5;/!C*)+/2+5;!,1!/545=,*L21F!)16!N2*/.)4!@55/21F;^!.;21F!

5S)@C45;!,G!,*F)120)/2,1;!/7)/!)*5!;.++5;;G.4!)/!@212@2021F!62*5+/!XYX!5@2;;2,1!=7245!)+/2N)/21F!

C,;2/2N5!5@2;;2,1!*56.+/2,1;!+E+45;!!

• `1/*,6.+5!D*,)6!C,42+25;!/7)/^!=751!*5;,.*+5;!3/2@5!,*!@,15E8!)*5!42D5*)/56!DE!/545=,*L21F!,*!N2*/.)4!

@55/21F;^!)./,@)/2+)44E!C*,N265!21+51/2N5;!G,*!/75!.;5!;.+7!*5;,.*+5;!21!=)E;!/7)/!45)6!/,!)662/2,1)4!

*56.+/2,1;!21!XYX!5@2;;2,1!M!G,*!5S)@C45^!)!=72/5O+5*/2G2+)/5!,*!,GG;5/!;E;/5@!/7)/!C*,N265;!*5=)*6;!

2G!/75!5+,1,@2+!;)N21F;!F515*)/56!DE!/545=,*L21F!,*!N2*/.)4!@55/21F;!)*5!65C4,E56!21!212/2)/2N5;!/7)/!

G.*/75*!*56.+5!XYX!5@2;;2,1;!3;.+7!);!)!*515=)D45!515*FE!21N5;/@51/8!!

• %.16!/5+71,4,FE!65N54,C@51/!212/2)/2N5;!/,!2@C*,N5!/545=,*L21F!)16!N2*/.)4O@55/21F!;,4./2,1;!)16!/,!

/)24,*!/75@!/,!/75!1556;!,G!+,.1/*25;!,*!;5+/,*;!/7)/!+)1!)6,C/!;.+7!;,4./2,1;!21!)1!5)*4E!C7);5!,G!

65N54,C@51/^!/7.;!)+725N21F!)!4,=OXYXO5@2;;2,1!C)/7I!()1E!,CC,*/.12/25;!)*5!42L54E!/,!D5!C*5;51/!21!

65N54,C21F!+,.1/*25;!=2/7!72F7!F*,=/7!

• `@C45@51/!+)C)+2/EOD.24621F!)16!/5+71,4,FEO/*)1;G5*!C,42+25;!65;2F156!/,!D515G2/!65N54,C21F!

+,.1/*25;!,*!;5+/,*;!/7)/!)*5!4)+L21F!21!+*2/2+)4!L1,=456F5!)16!5SC5*/2;5^!D./!/7)/!7)N5!/75!C,/51/2)4!/,!

)6,C/!/545=,*L21F!)16!N2*/.)4!@55/21F;!/,!*56.+5!XYX!5@2;;2,1;!)16!)+/2N)/5!4,=O+)*D,1!+E+45;!!

(,;/!,G! /75;5!)+/2N2/25;!)*5!@,;/!5GG5+/2N54E!.165*/)L51!=2/7! /75!)+/2N5!C)*/2+2C)/2,1!,G!D,/7!/75!C.D42+!

)16!C*2N)/5!;5+/,*^!);!72F742F7/56!DE!/75!/)D45!D54,=f!

!

( 3"/4+5('05#%&( )*(+,-"'#&.( G01-+,A("'0&'(I#&0,-'0##0&'J(

"1;.*5!D*,)6D)16!21G*);/*.+/.*5!

"!!

3*5F.4)/,*E!G*)@5=,*L!)16!21+51/2N5;8!

"""!

362*5+/!21N5;/@51/8!

!

-.246!L1,=456F5!)16!+)C)+2/E!,1!`B!.;5!/,!*56.+5!XYX!5@2;;2,1;!

"""!

3d+,*5!D.;215;;e!,G!/75!C.D42+!;5+/,*8!

"""!!3@,;/!L1,=456F5)D45!,1!/5+71,4,FE!)16!2/;!.;5;8!

"""!

362*5+/!5SC5*251+5!)16!C*)+/2+)4!21;2F7/8!

:5@,N5!*5F.4)/,*E!D)**25*;!!

"""!

3);;5;;!)16!*5N2;5!*5F.4)/2,18!

""!

32651/2GE!D)**25*;!)16!C*,C,;5!;,4./2,1;8!

""!

32651/2GE!D)**25*;!)16!C*,C,;5!;,4./2,1;8!

_5N5*)F5!C*,+.*5@51/!/,!;.CC,*/!XYX!*56.+/2,1;!=2/7!4,=O+)*D,1!G556D)+L!

"""! ! ""!

9*/2+.4)/5!@5/7,6,4,F25;!G,*!6)/)!+,445+/2,1!)16!

"!

3G,*!62;;5@21)/2,1!)16!

"""!

3=,*L!=2/7!+.;/,@5*;!

"""!

362*5+/!)CC42+)/2,1!)16!

!

! Q\

)1)4E;2;!! ;/)16)*620)/2,18! )16!G)+242/)/58! ;/)16)*6!65N54,C@51/8!

'E;/5@)/2+)44E!);;5;;!/75!XYX!2@C)+/!,G!`B!;,4./2,1;!321+4.621F!*5D,.16!5GG5+/;8!

"""!

3G,*!@)+*,O45N54!)1)4E;5;8!

"""!

3;E;/5@)/2+)44E!);;5;;!/75!2@C)+/!,G!C*,6.+/;!

)16!;5*N2+5;8!

"""!

3F)21!62*5+/!5SC5*251+5!)16!C*)+/2+)4!21;2F7/8!

'5/!.C!6)/)O+,445+/2,1!;E;/5@;!

"""!

3@)+*,!45N54!)16!/,!+*5)/5!;/)16)*6;8!

"""!

35@D56!6)/)!+,445+/2,1!)16!+,@@.12+)/2,1!+)C)D242/25;!21!`B8!

"""!

32@C45@51/!+,@C)1EO!)16!;.CC4EO+7)21O=265!

;E;/5@;8!

>2;;5@21)/5!D5;/!C*)+/2+5;!

"""!

3+,.1/*E!45N548!

"""!

3=2/7!+.;/,@5*;!)16!C,42+E!@)L5*;8!

"""!

3=2/7!C55*;^!;.CC425*;^!)16!C,42+E!@)L5*;8!

`1/*,6.+5!C,42+25;!/7)/!+7)1154!*5;,.*+5;!/,=)*6;!+*5)/21F!4,=O+)*D,1!G556D)+L!

"""!

!3);;5;;!)16!65N54,C!)CC*,C*2)/5!C,42+25;8!

""!

3C*,N265!)6N2+5!)16!5SC4,*5!;,4./2,1;8!

""!

3C*,N265!)6N2+5!)16!5SC4,*5!;,4./2,1;8!

B5+71,4,FE!65N54,C@51/!)16!/)24,*21F!/,!65N54,C21F!+,.1/*25;!

"""!

3C*,N265!;.CC,*/!)16!L1,=456F58!

"""!

365N54,C!/5+71,4,F25;8!

"""!

3754C!)*/2+.4)/5!*5].2*5@51/;8!

#)C)+2/E!D.24621F!)16!62;;5@21)/2,1!21!65N54,C21F!+,.1/*25;!

"""!

3;.CC,*/!=2/7!/,,4;!)16!G.1621F!21;/*.@51/;8!

"""!

3=,*L!=2/7!4,+)4!;.CC425*;!)16!+.;/,@5*;8!

"""!

3=,*L!=2/7!4,+)4!;.CC425*;!)16!+.;/,@5*;8!

*1/40(:[D(3%4+5+0'(1,-('#&1#0A+0'(#%(&0-"50(BKB(06+''+%,'(7+#$()*(1,-(A0,0&1#0(4%7L51&/%,(=00-/15M(+,(&041#+%,(#%(-+==0&0,#('#1M0$%4-0&';(@0.D(""""""""""""(i(+6C%&#1,#(&%40j(""""""""(i(60-+"6(+6C%&#1,#(&%40j(""""(i(4+6+#0-(&%40;(*$0(,%#0'(+,(/&15M0#'(C&%2+-0(1(

'$%&#(0NC41,1#+%,(%=(#$0(&%40(%=(-+==0&0,#('#1M0$%4-0&';((

-E!c,21/4E!=,*L21F!)/!/75!2@C45@51/)/2,1!,G!/75;5!;/*)/5F25;^!C,42+E!@)L5*;!)16!C*2N)/5O;5+/,*!+,@C)125;!

@)E! 51)D45! `B! )CC42+)/2,1;^! ;.+7! );! /75! ,15;! ;.CC,*/21F! /545=,*L21F! )16! N2*/.)4!@55/21F;^! /,! F)21! )!

D*,)65*! )++5C/)1+5! 21! ;,+25/EI! B75E! =,.46! 6542N5*! F*5)/5*! XYX! 5@2;;2,1! *56.+/2,1;! =7245! 42D5*)/21F!

*5;,.*+5;!)16!C*,N2621F!@,654;!/7)/!+)1!754C! *56.+5!XYX!5@2;;2,1;!@,*5!D*,)64E^!/7.;!G,;/5*21F! 4,=O

+)*D,1!G556D)+L!4,,C;I!`G!/72;!C,/51/2)4!2;!G.44E!)+725N56^!/75!*5;.4/;!21!/5*@;!,G!XYX!5@2;;2,1!*56.+/2,1;!

+)1!D5!6*)@)/2+^!);!72F742F7/56!21!;5+/2,1!QI!!

!

! !

!

! QZ

6 Appendix 1 – Assumption tables ',@5!,G!/75!);;.@C/2,1;!./242056!21!D.24621F!/75!C*,c5+/2,1;!G,*!/75!62GG5*51/!=,*46;!)*5!244.;/*)/56!D54,=I!

!

6.1 Teleworking

(

• GTg(51&(%7,0&'$+C(&1#0(IC0&(:OUUU(C%C"41#+%,J(C&0L(1,-(C%'#L#0407%&M+,A(

• #)*D,1!=,*46f!%,*!72;/,*2+)4!6)/)!G,*!PWWW!)16!PWWQ!);!=544!);!G./.*5!C*,c5+/2,1;!,1!

+)*! ,=15*;72C! *)/5;! G,*! /75! *5F2,1;! +,1;265*56! 21! /75! ;/.6E^! G2F.*5;! G*,@! /75!

`1/5*1)/2,1)4! "15*FE!9F51+E! 3`"98! )16! /75!<,*46! -.;215;;!#,.1+24! ,1!'.;/)21)D45!

>5N54,C@51/! 3<-#'>8!=5*5! .;56I! #)*! ,=15*;72C! G2F.*5;! C,;/O/545+,@@./21F! )*5!

+,**5+/56!DE!/75!/545=,*L5*;!/7)/!F2N5!.C!/752*!+)*;I!B75!C*,C,*/2,1!,G!/545=,*L5*;!

/7)/!F2N5!.C! /752*! N572+45;! 2;!);;.@56! /,!D5! ;@)44! 21! /75! +)*D,1!)16! /5+7!=,*46;^!

)16!72F75*!21!/75!C,42+E!)16!;@)*/!=,*46;I!

!

!

!

!

• ?,42+E!=,*46f! `1! /72;!=,*46^! 2/!=);! );;.@56! /7)/^! 6.5!@)214E! /,! /75! )6,C/2,1! )16!

2@C45@51/)/2,1! ,G! )@D2/2,.;! )16! 5GG5+/2N5! XYXO5@2;;2,1O*56.+/2,1! C,42+25;! )16!

/)*F5/;! 21! /75! /*)1;C,*/)/2,1! ;5+/,*! );!=544! );! 21!,/75*! ;5+/,*;^! /75! F*,=/7! 21! +)*!

,=15*;72C!*)/5;!=244!65+*5);5!,N5*!/2@5^!);!+,@C)*56!/,!/75!+)*D,1!=,*46^! 21!D,/7!

65N54,C56!+,.1/*25;!)16!65N54,C21F!+,.1/*25;I!`1!65N54,C21F!+,.1/*25;^!;.+7!65+4215!

=,.46!@)214E!/)L5!C4)+5!21!/75!;5+,16!7)4G!,G!/75!/,/)4!/2@5!C5*2,6!+,1;265*56^!=7245!

21! /75! G2*;/! 7)4G^! +)*! ,=15*;72C! *)/5;! )*5! 5SC5+/56! /,! 21+*5);5! 6.5! /,! F*,=21F!

)N5*)F5!21+,@5;I!!

!

LDV Car ownership rate (per 1000 population) pre telecommuting

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050USA 618 626 636 644 651 659 667 674 682 690 698

EU 27 463 463 501 520 537 553 569 585 601 618 635

Japan 395 395 396 397 398 399 400 401 402 403 404

SK AU NZ CA 360 380 399 418 437 456 476 495 514 533 552

FSU 100 108 133 168 212 258 310 340 373 408 447

Other Europe 201 218 235 304 345 391 440 466 493 522 551

China 13 17 26 37 50 66 86 111 142 181 231

Other Asia 21 25 29 33 37 46 56 68 82 98 117

India 10 14 17 21 26 30 40 51 66 83 105

Middle East 42 45 47 51 57 63 68 74 79 85 91

Latin America 78 87 101 118 136 157 181 209 240 276 317

Africa 20 23 27 31 34 38 42 46 50 54 58

Car ownership rate post telecommuting (per 1000 inhabitants)2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050

USA 618 626 636 643 650 657 664 671 678 685 692

EU 27 463 463 501 520 536 552 567 583 599 615 631

Japan 395 395 396 397 397 398 399 399 400 400 401

SK AU NZ CA 360 380 399 418 437 456 474 493 511 530 548

FSU 100 108 133 168 211 258 309 339 372 407 445

Other Europe 201 218 235 304 345 391 440 465 492 519 549

China 13 17 26 37 50 66 86 110 142 181 230

Other Asia 21 25 29 33 37 46 56 68 82 98 116

India 10 14 17 21 26 30 39 51 65 83 104

Middle East 42 45 47 51 57 63 68 73 79 85 91

Latin America 78 87 101 118 136 157 181 208 240 275 315

Africa 20 23 27 31 34 38 42 46 50 54 58

!

! QT

!

!

• B5+7!=,*46f!`1!/72;!=,*46^!/75!;)@5!G2F.*5;!21+4.656!21!/75!+)*D,1!=,*46!=5*5!.;56^!

);! 2/! =);! );;.@56! /7)/! /75! `B! 216.;/*E! =244! 1,/! 7)N5! )! 62*5+/! 2@C)+/! ,1! +)*!

,=15*;72C! *)/5;! )*,.16! /75!=,*46I! _,=5*! ,=15*;72C! *)/5;! )*5^! 7,=5N5*^! ,D/)2156!

=751!/75!N572+45;!/7)/!=244!D5!F2N51!.C!DE!/545+,@@./5*;!)*5!)4;,!+,1;265*56I!

!

!

!

LDV Car ownership rate (per 1000 population) pre telecommuting

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050USA 618 626 636 641 645 649 653 657 662 666 670

EU 27 463 463 499 515 529 542 555 567 580 593 607

Japan 395 395 394 393 392 391 390 389 388 387 386

SK AU NZ CA 360 380 397 414 431 447 464 480 496 512 527

FSU 100 108 133 168 211 255 305 333 364 396 432

Other Europe 201 218 235 304 344 387 434 457 481 506 532

China 13 17 26 37 50 65 84 108 138 176 223

Other Asia 21 25 29 33 37 46 55 67 80 95 113

India 10 14 17 21 25 30 39 50 64 81 101

Middle East 42 45 47 51 57 62 67 72 77 83 88

Latin America 78 87 101 118 135 155 179 205 234 268 306

Africa 20 23 27 31 34 38 41 45 49 52 56

Car ownership rate post telecommuting (per 1000 inhabitants)2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050

USA 618 626 635 639 643 646 649 651 654 656 658

EU 27 463 463 499 514 527 540 551 562 574 585 596

Japan 395 395 394 392 391 389 387 385 383 381 379

SK AU NZ CA 360 380 397 413 430 445 461 476 490 504 518

FSU 100 108 133 168 210 255 304 331 361 392 426

Other Europe 201 218 235 304 343 386 432 454 477 501 526

China 13 17 26 37 50 65 84 108 137 174 220

Other Asia 21 25 29 33 37 45 55 67 80 94 112

India 10 14 17 21 25 30 39 50 64 80 100

Middle East 42 45 47 51 56 62 67 72 77 82 87

Latin America 78 87 101 117 135 155 178 204 233 265 302

Africa 20 23 27 31 34 38 41 45 48 52 56

LDV Car ownership rate (per 1000 population) pre telecommuting

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050USA 618 626 636 644 651 659 667 674 682 690 698

EU 27 463 463 501 520 537 553 569 585 601 618 635

Japan 395 395 396 397 398 399 400 401 402 403 404

SK AU NZ CA 360 380 399 418 437 456 476 495 514 533 552

FSU 100 108 133 168 212 258 310 340 373 408 447

Other Europe 201 218 235 304 345 391 440 466 493 522 551

China 13 17 26 37 50 66 86 111 142 181 231

Other Asia 21 25 29 33 37 46 56 68 82 98 117

India 10 14 17 21 26 30 40 51 66 83 105

Middle East 42 45 47 51 57 63 68 74 79 85 91

Latin America 78 87 101 118 136 157 181 209 240 276 317

Africa 20 23 27 31 34 38 42 46 50 54 58

Car ownership rate post telecommuting (per 1000 inhabitants)2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050

USA 618 626 635 643 650 657 664 670 677 683 689

EU 27 463 463 501 519 536 551 567 582 597 612 627

Japan 395 395 396 397 397 398 398 399 399 399 399

SK AU NZ CA 360 380 399 418 437 455 474 492 510 528 545

FSU 100 108 133 168 211 258 309 339 371 406 444

Other Europe 201 218 235 304 345 390 439 464 491 518 547

China 13 17 26 37 50 66 85 110 141 180 229

Other Asia 21 25 29 33 37 46 56 68 82 98 116

India 10 14 17 21 26 30 39 51 65 83 104

Middle East 42 45 47 51 57 63 68 73 79 85 91

Latin America 78 87 101 117 136 157 181 208 239 274 314

Africa 20 23 27 31 34 38 42 46 50 54 58

!

! QV

• '@)*/!=,*46f!B75!G2F.*5;!21+4.656!21!/72;!=,*46!=5*5!D);56!,1!/7,;5!21+4.656!21!/75!

C,42+E! =,*46^! G,*! /75! *5);,1;! 62;+.;;56! )D,N5I! `1! )! ;@)*/! =,*46! /75! 2@C)+/! ,G!

/545=,*L21F!,1!+.*D21F!+)*!,=15*;72C!2;!/75!F*5)/5;/I!

!

!

!

!

• GTg(120&1A0(#&1204(C0&(20$+540(I20$+540(M+4%60#0&'(C0&(.01&J((

• #)*D,1!=,*46f!9;!G,*!_>U!+)*!,=15*;72C!*)/5;^!G2F.*5;!G,*!)N5*)F5!/*)N54!C5*!N572+45!

=5*5!/)L51!G*,@!/75!`1/5*1)/2,1)4!"15*FE!9F51+E!)16!/75!<,*46!-.;215;;!#,.1+24!,1!

'.;/)21)D45!>5N54,C@51/I!

• B5+7!=,*46f!`1!/72;!=,*46^!/75!;)@5!G2F.*5;!21+4.656!21!/75!dF*)E!=,*46e!=5*5!.;56^!

);!2/!=);!);;.@56!/7)/!/75!`B!216.;/*E!=244!1,/!7)N5!)1!2@C)+/!,1!)N5*)F5!/*)N54!C5*!

N572+45!,/75*!/7)1!/7)/!);;,+2)/56!=2/7!/75!*56.+/2,1!21!/*)N54!6.5!/,!/545+,@@./21F!

)16!/545+,1G5*51+21FI!

!

!

!

• ?,42+E!=,*46f! `1! /72;!=,*46! 2/! 2;! );;.@56! /7)/^!6.5! /,! /75! ;)@5! *5);,1;!62;+.;;56!

)D,N5!G,*!+)*!,=15*;72C!*)/5;^!/75!)N5*)F5!/*)N54!C5*!N572+45!=244!/516!/,!65+*5);5!

,N5*! /2@5^!D,/7! 21!65N54,C56!)16! 21!65N54,C21F!+,.1/*25;! 321!)! 4)/5*!C7);5! G,*! /75!

4)//5*8I!!

LDV Car ownership rate (per 1000 population) pre telecommuting

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050USA 618 626 636 641 645 649 653 657 662 666 670

EU 27 463 463 499 515 529 542 555 567 580 593 607

Japan 395 395 394 393 392 391 390 389 388 387 386

SK AU NZ CA 360 380 397 414 431 447 464 480 496 512 527

FSU 100 108 133 168 211 255 305 333 364 396 432

Other Europe 201 218 235 304 344 387 434 457 481 506 532

China 13 17 26 37 50 65 84 108 138 176 223

Other Asia 21 25 29 33 37 46 55 67 80 95 113

India 10 14 17 21 25 30 39 50 64 81 101

Middle East 42 45 47 51 57 62 67 72 77 83 88

Latin America 78 87 101 118 135 155 179 205 234 268 306

Africa 20 23 27 31 34 38 41 45 49 52 56

Car ownership rate post telecommuting (per 1000 inhabitants)2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050

USA 618 626 634 631 625 609 583 546 499 459 435

EU 27 463 463 498 509 515 513 500 477 442 412 394

Japan 395 395 393 388 381 369 350 325 294 268 251

SK AU NZ CA 360 380 397 410 420 424 419 404 379 356 343

FSU 100 108 133 167 207 245 282 292 296 302 313

Other Europe 201 218 235 302 337 372 401 401 392 385 386

China 13 17 26 37 48 61 74 87 102 120 143

Other Asia 21 25 29 33 36 43 48 54 59 65 73

India 10 14 17 21 25 28 34 40 47 55 65

Middle East 42 45 47 51 55 58 59 58 57 56 57

Latin America 78 87 101 116 131 145 156 165 173 183 196

Africa 20 23 27 30 33 35 36 36 36 36 36

LDV average travel per vehicle (vehicle km per year) - IEA/WBCSD numbers

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050USA 17,600 17,600 17,600 17,600 17,600 17,600 17,600 17,600 17,600 17,600 17,600

EU 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500

Japan 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000

SK AU NZ CA 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500 12,500

FSU 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000

Other Europe 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000

China 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000

Other Asia 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000

India 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000

Middle East 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000 13,000

Latin America 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000

Africa 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000

!

! \W

• '@)*/!=,*46f!B75!G2F.*5;!21+4.656!21!/72;!=,*46!=5*5!D);56!,1!/7,;5!21+4.656!21!/75!

C,42+E!=,*46^!G,*!/75!*5);,1;!62;+.;;56!)D,N5I!

!

!

!

!

• *0407%&M+,A(+6C4060,#1#+%,(1'(1(C0&50,#1A0(%=(#%#14(5%66"#0&'(

• #)*D,1! =,*46f! Y2;/,*2+)4! 6)/)! ,1! /75! C515/*)/2,1! ,G! /545=,*L21F! 21! /75! 62GG5*51/!

*5F2,1;!+,1;265*56!21!/75!;/.6E!=5*5!/)L51!G*,@!/75!G,44,=21F!;,.*+5;f!<,*46)/<,*L!

3PWWZ8^! X)*/15*! 3PWWQ8^! b[! $GG2+5! G,*! A)/2,1)4! '/)/2;/2+;! 3PWWQ8^! )16! X)*52;! 3PWWP8I!

:5F)*621F!G./.*5!C*,c5+/2,1;^!F*,=/7!*)/5;!+,1;2;/51/!=2/7!/7,;5!*5F2;/5*56!21!/75!*5+51/!C);/!

=5*5!.;56I!!

!

!

!

• ?,42+E!=,*46f!`1!/72;!=,*46^!2/!2;!);;.@56!/7)/!/75!2@C45@51/)/2,1!,G!)@D2/2,.;!)16!

5GG5+/2N5! XYXO5@2;;2,1O*56.+/2,1! C,42+25;! )16! /)*F5/;^! C)*/2+.4)*4E! 21! /75!

/*)1;C,*/)/2,1!;5+/,*^!=244!2162*5+/4E!45)6!/,!)!*)/5!,G!2@C45@51/)/2,1!,G!/545=,*L21F!

/7)/!2;!@)*F21)44E!G);/5*!/7)1!21!)!+)*D,1!=,*46I!!

!

!

!

• B5+7!=,*46f! `1! /72;!=,*46^! 2/!=);!);;.@56! /7)/! )FF*5;;2N5!)16! 5GG5+/2N5! :j>!)16!

@)*L5/21F!;/*)/5F25;!DE!/75!`B!216.;/*E!/)*F5/56!/,!/545=,*L21FO*54)/56!/5+71,4,F25;!

LDV average travel per vehicle (vehicle km per year) - Pretelecommuting

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050USA 17,600 17,600 17,600 17,424 17,072 16,544 16,016 15,488 14,960 14,432 14,080

EU 27 12,500 12,500 12,500 12,375 12,125 11,750 11,375 11,000 10,625 10,250 10,000

Japan 10,000 10,000 10,000 9,900 9,700 9,400 9,100 8,800 8,500 8,200 8,000

SK AU NZ CA 12,500 12,500 12,500 12,375 12,125 11,750 11,375 11,000 10,625 10,250 10,000

FSU 13,000 13,000 13,000 12,870 12,610 12,220 11,830 11,440 11,050 10,660 10,400

Other Europe 11,000 11,000 11,000 10,890 10,670 10,340 10,010 9,680 9,350 9,020 8,800

China 10,000 10,000 10,000 9,900 9,700 9,400 9,100 8,800 8,500 8,200 8,000

Other Asia 10,000 10,000 10,000 9,900 9,700 9,400 9,100 8,800 8,500 8,200 8,000

India 8,000 8,000 8,000 7,920 7,760 7,520 7,280 7,040 6,800 6,560 6,400

Middle East 13,000 13,000 13,000 12,870 12,610 12,220 11,830 11,440 11,050 10,660 10,400

Latin America 12,000 12,000 12,000 11,880 11,640 11,280 10,920 10,560 10,200 9,840 9,600

Africa 10,000 10,000 10,000 9,900 9,700 9,400 9,100 8,800 8,500 8,200 8,000

Telecommuting take up - as % of number of commuters

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050USA 11.0% 17.0% 19.6% 22.2% 24.8% 27.4% 30.0% 32.5% 35.0% 37.5% 40.0%

EU 5.5% 8.0% 11.4% 14.8% 18.2% 21.6% 25.0% 27.5% 30.0% 32.5% 35.0%

Japan 6.5% 12.0% 14.6% 17.2% 19.8% 22.4% 25.0% 28.8% 32.5% 36.3% 40.0%

SK AU NZ CA 6.5% 6.5% 10.2% 13.9% 17.6% 21.3% 25.0% 27.5% 30.0% 32.5% 35.0%

FSU 2.7% 4.0% 6.2% 8.4% 10.6% 12.8% 15.0% 17.5% 20.0% 22.5% 25.0%

Other Europe 2.7% 4.0% 6.2% 8.4% 10.6% 12.8% 15.0% 17.5% 20.0% 22.5% 25.0%

China 2.7% 4.0% 6.2% 8.4% 10.6% 12.8% 15.0% 17.5% 20.0% 22.5% 25.0%

Other Asia 2.7% 4.0% 6.2% 8.4% 10.6% 12.8% 15.0% 17.5% 20.0% 22.5% 25.0%

India 2.7% 4.0% 6.2% 8.4% 10.6% 12.8% 15.0% 17.5% 20.0% 22.5% 25.0%

Middle East 2.7% 4.0% 6.2% 8.4% 10.6% 12.8% 15.0% 17.5% 20.0% 22.5% 25.0%

Latin America 2.7% 4.0% 6.2% 8.4% 10.6% 12.8% 15.0% 17.5% 20.0% 22.5% 25.0%

Africa 2.7% 4.0% 6.2% 8.4% 10.6% 12.8% 15.0% 17.5% 20.0% 22.5% 25.0%

Telecommuting take up - as % of number of commuters

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050

USA 11% 17% 20% 23% 26% 29% 33% 36% 39% 42% 45%

EU 5% 8% 12% 16% 20% 24% 29% 33% 37% 41% 45%

Japan 7% 12% 16% 19% 23% 27% 30% 34% 38% 41% 45%

SK AU NZ CA 7% 7% 11% 15% 19% 24% 28% 32% 36% 41% 45%

FSU 3% 4% 7% 10% 13% 16% 18% 21% 24% 27% 30%

Other Europe 3% 4% 7% 10% 13% 16% 18% 21% 24% 27% 30%

China 3% 4% 7% 10% 13% 16% 18% 21% 24% 27% 30%

Other Asia 3% 4% 7% 10% 13% 16% 18% 21% 24% 27% 30%

India 3% 4% 7% 10% 13% 16% 18% 21% 24% 27% 30%

Middle East 3% 4% 7% 10% 13% 16% 18% 21% 24% 27% 30%

Latin America 3% 4% 7% 10% 13% 16% 18% 21% 24% 27% 30%

Africa 3% 4% 7% 10% 13% 16% 18% 21% 24% 27% 30%

!

! \K

)16!;5*N2+5;!=244! 45)6! /,!)! F*5)/5*! )16! G);/5*! )6,C/2,1! ,G! /545=,*L21F!DE!51)D421F!

D5//5*! )16! 655C5*! N2*/.)4! 21/5*)+/2,1;! )@,1F! 5@C4,E55;! 3);! =544! );! D5/=551! /75!

4)//5*!)16!5@C4,E5*;8^!/7.;!D*,)65121F!/75!/EC5!,G!;5+/,*;!)16!C*,G5;;2,1;!21!=72+7!

/545=,*L!+)1!D5!+,16.+/56I!!

!

!

!

• '@)*/!=,*46f!`1!/72;!=,*46^!2/!2;!);;.@56!/7)/!21!)662/2,1!/,!/75!)FF*5;;2N5!:j>!)16!

@)*L5/21F! ;/*)/5F25;! DE! /75! `B! 216.;/*E^! C,42+E! @)L5*;! =,.46! )4;,! )*/2+.4)/5!

)@D2/2,.;! XYXO5@2;;2,1O*56.+/2,1! C,42+25;! /7)/! 45N5*)F5! `BI! B72;! 45)6;! /,! /75!

72F75;/! )6,C/2,1! ,G! /545=,*L21F^! =72+7! =244! D5! C*5G5**56! /,! C7E;2+)4! /*)N54! 3G,*!

+,@@./21F!C.*C,;5;8!DE!)!+,1;265*)D45!)16!F*,=21F!1.@D5*!,G!C5,C45!=,*46=265I!!

!

!

Telecommuting take up - as % of number of commuters

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050USA 11% 17% 22% 27% 31% 36% 41% 46% 50% 55% 60%

EU 5% 8% 14% 20% 25% 31% 37% 43% 48% 54% 60%

Japan 7% 12% 17% 23% 28% 33% 39% 44% 49% 55% 60%

SK AU NZ CA 7% 7% 12% 18% 24% 30% 36% 42% 48% 54% 60%

FSU 3% 4% 8% 12% 16% 20% 24% 28% 32% 36% 40%

Other Europe 3% 4% 8% 12% 16% 20% 24% 28% 32% 36% 40%

China 3% 4% 8% 12% 16% 20% 24% 28% 32% 36% 40%

Other Asia 3% 4% 8% 12% 16% 20% 24% 28% 32% 36% 40%

India 3% 4% 8% 12% 16% 20% 24% 28% 32% 36% 40%

Middle East 3% 4% 8% 12% 16% 20% 24% 28% 32% 36% 40%

Latin America 3% 4% 8% 12% 16% 20% 24% 28% 32% 36% 40%

Africa 3% 4% 8% 12% 16% 20% 24% 28% 32% 36% 40%

Telecommuting take up - as % of number of commuters

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050USA 11% 17% 23% 29% 35% 41% 46% 52% 58% 64% 70%

EU 5% 8% 15% 22% 29% 36% 42% 49% 56% 63% 70%

Japan 7% 12% 18% 25% 31% 38% 44% 51% 57% 64% 70%

SK AU NZ CA 7% 7% 14% 21% 28% 35% 42% 49% 56% 63% 70%

FSU 3% 4% 10% 15% 21% 27% 32% 38% 44% 49% 55%

Other Europe 3% 4% 10% 15% 21% 27% 32% 38% 44% 49% 55%

China 3% 4% 10% 15% 21% 27% 32% 38% 44% 49% 55%

Other Asia 3% 4% 10% 15% 21% 27% 32% 38% 44% 49% 55%

India 3% 4% 10% 15% 21% 27% 32% 38% 44% 49% 55%

Middle East 3% 4% 10% 15% 21% 27% 32% 38% 44% 49% 55%

Latin America 3% 4% 10% 15% 21% 27% 32% 38% 44% 49% 55%

Africa 3% 4% 10% 15% 21% 27% 32% 38% 44% 49% 55%

!

! \P

• !20&1A0(#0407%&M+,A(-1.'(C0&(700M(

• #)*D,1! =,*46f! %2F.*5;! ,1! /75! )N5*)F5! /545=,*L21F! 6)E;! C5*! =55L! 21! /75! N)*2,.;!

*5F2,1;!)16!+,.1/*25;! 21+4.656! 21! /72;! ;/.6E!=5*5! /)L51! G*,@!3,*!+)4+.4)/56!D);56!

,18! /75! G,44,=21F! ;,.*+5;f! <,*46)/<,*L! 3PWWZ8^! X)*/15*! 3PWWQ8^! b[! $GG2+5! G,*!

A)/2,1)4! '/)/2;/2+;! 3PWWQ8^! )16! X)*52;! 3PWWP8I! :5F)*621F! G./.*5! C*,c5+/2,1;^! )! F*,=/7! *)/5!

;2@24)*!/,!/7)/!@5);.*56!21!/75!C);/!G5=!E5)*;!G,*!/75!1.@D5*!,G!6)E;!/545=,*L56!C5*!=55L!

3DE!/545=,*L5*;8!=);!)CC4256I!!

!

!

!

• ?,42+E!=,*46f!`1!/72;!=,*46^!2/!2;!);;.@56!/7)/!/75!2@C45@51/)/2,1!,G!)@D2/2,.;!)16!

5GG5+/2N5! XYXO5@2;;2,1O*56.+/2,1! C,42+25;! )16! /)*F5/;^! C)*/2+.4)*4E! 21! /75!

/*)1;C,*/)/2,1!;5+/,*^!=244!2162*5+/4E!45)6!/,!)!@,*5!G*5].51/!.;5!,G!/545=,*L21F!3DE!

+.**51/!/545=,*L5*;8I!!

!

!

!

• B5+7! =,*46f! `1! /72;! =,*46^! 2/! 2;! );;.@56! /7)/! )FF*5;;2N5! )16! 5GG5+/2N5! :j>! )16!

@)*L5/21F!;/*)/5F25;!DE!/75!`B!216.;/*E!/)*F5/56!/,!/545=,*L21FO*54)/56!/5+71,4,F25;!

)16! ;5*N2+5;! =244! 21+*5);5! /75! G*5].51+E! ,G! /545=,*L21F! DE! 51)D421F! D5//5*! )16!

655C5*! N2*/.)4! 21/5*)+/2,1;! )@,1F! 5@C4,E55;! 3);! =544! );! D5/=551! /75! 4)//5*! )16!

5@C4,E5*;8^! /7.;! D*,)65121F! /75! /EC5! ,G! )+/2N2/25;! /7)/! @)E! D5! +)**256! ,./! G*,@!

*5@,/5!4,+)/2,1;!N2)!/545=,*L21FI!!

Average telecommuting days per week

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050USA 2.50 2.70 2.73 2.76 2.78 2.81 2.84 2.87 2.89 2.92 2.95

EU 0.90 1.00 1.14 1.29 1.43 1.58 1.72 1.87 2.01 2.16 2.30

Japan 1.80 2.20 2.24 2.29 2.33 2.38 2.42 2.47 2.51 2.56 2.60

SK AU NZ CA 0.90 1.00 1.17 1.33 1.50 1.67 1.83 2.00 2.17 2.33 2.50

FSU 0.90 1.00 1.14 1.29 1.43 1.58 1.72 1.87 2.01 2.16 2.30

Other Europe 0.90 1.00 1.14 1.29 1.43 1.58 1.72 1.87 2.01 2.16 2.30

China 0.90 1.00 1.14 1.29 1.43 1.58 1.72 1.87 2.01 2.16 2.30

Other Asia 0.90 1.00 1.14 1.29 1.43 1.58 1.72 1.87 2.01 2.16 2.30

India 0.90 1.00 1.14 1.29 1.43 1.58 1.72 1.87 2.01 2.16 2.30

Middle East 0.90 1.00 1.14 1.29 1.43 1.58 1.72 1.87 2.01 2.16 2.30

Latin America 0.90 1.00 1.14 1.29 1.43 1.58 1.72 1.87 2.01 2.16 2.30

Africa 0.90 1.00 1.14 1.29 1.43 1.58 1.72 1.87 2.01 2.16 2.30

Average telecommuting days per week 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.5

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050

USA 2.50 2.70 2.74 2.79 2.83 2.88 2.92 2.97 3.01 3.06 3.10

EU 0.90 1.00 1.20 1.40 1.60 1.80 2.00 2.20 2.40 2.60 2.80

Japan 1.80 2.20 2.27 2.33 2.40 2.47 2.53 2.60 2.67 2.73 2.80

SK AU NZ CA 1.00 1.00 1.19 1.38 1.57 1.76 1.94 2.13 2.32 2.51 2.70

FSU 0.90 1.00 1.15 1.30 1.45 1.60 1.75 1.90 2.05 2.20 2.35

Other Europe 0.90 1.00 1.15 1.30 1.45 1.60 1.75 1.90 2.05 2.20 2.35

China 0.90 1.00 1.15 1.30 1.45 1.60 1.75 1.90 2.05 2.20 2.35

Other Asia 0.90 1.00 1.15 1.30 1.45 1.60 1.75 1.90 2.05 2.20 2.35

India 0.90 1.00 1.15 1.30 1.45 1.60 1.75 1.90 2.05 2.20 2.35

Middle East 0.90 1.00 1.15 1.30 1.45 1.60 1.75 1.90 2.05 2.20 2.35

Latin America 0.90 1.00 1.15 1.30 1.45 1.60 1.75 1.90 2.05 2.20 2.35

Africa 0.90 1.00 1.15 1.30 1.45 1.60 1.75 1.90 2.05 2.20 2.35

!

! \R

!

!

• '@)*/! =,*46f! `1! /72;! =,*46^! 2/! 2;! );;.@56! /7)/! /75! +,@D2156! 5GG5+/! ,G! )@D2/2,.;!

XYXO5@2;;2,1O*56.+/2,1! C,42+25;! )16! )FF*5;;2N5! :j>! )16!@)*L5/21F! ;/*)/5F25;! DE!

/75! `B! 216.;/*E! =244! 45)6! /,! /75! 72F75;/! .;5gG*5].51+E! ,G! /545=,*L21F^! =72+7! =244!

*5C4)+5!C7E;2+)4!/*)N54!DE!+,@@./5*;!21!)!+,1;265*)D45!)16!F*,=21F!1.@D5*!,G!6)E;I!

!

!

!

!

• T+&05#(&0/%",-(0==05#(I-&+20,(/.(1--+#+%,14(#+60(121+41/+4+#.JO(+,5&01'0-(

M+4%60#0&'(#&12040-(/.(#0405%66"#0&'(=%&(5$%&0'(%&(40+'"&0(

(

• #)*D,1!=,*46f!9;;.@C/2,1;!,1!/72;!*5D,.16!5GG5+/!)*5!D);56!,1!/75!*5N25=!,G!,N5*!RW!

;/.625;! .165*/)L51!DE! '/5N51! ',**544! b[":#! 3PWWZ8I! `1! )! +)*D,1!=,*46! /72;! *5D,.16!

5GG5+/!2;!);;.@56!/,!*5@)21!+,1;/)1/!,N5*!/2@5I!

!

!

!

• ?,42+E!=,*46f!`1!/72;!=,*46^!2/!2;!);;.@56!/7)/!/75!2@C45@51/)/2,1!,G!)@D2/2,.;!)16!

5GG5+/2N5! XYXO5@2;;2,1O*56.+/2,1! C,42+25;! )16! /)*F5/;^! C)*/2+.4)*4E! 21! /75!

/*)1;C,*/)/2,1! ;5+/,*^! =244! 2162*5+/4E! 45)6! /,! G5=5*! L24,@5/5*;! /*)N5456! DE!

/545+,@@./5*;!G,*!452;.*5!)16!+7,*5;I!

Average telecommuting days per week 0% 2% 5% 8% 11% 14% 16% 18% 20%

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050USA 2.50 2.70 2.74 2.84 2.98 3.11 3.24 3.38 3.49 3.61 3.72

EU 0.90 1.00 1.20 1.43 1.68 1.94 2.22 2.51 2.78 3.07 3.36

Japan 1.80 2.20 2.27 2.38 2.52 2.66 2.81 2.96 3.09 3.23 3.36

SK AU NZ CA 1.00 1.00 1.19 1.41 1.65 1.90 2.16 2.43 2.69 2.96 3.24

FSU 0.90 1.00 1.15 1.33 1.52 1.73 1.94 2.17 2.38 2.60 2.82

Other Europe 0.90 1.00 1.15 1.33 1.52 1.73 1.94 2.17 2.38 2.60 2.82

China 0.90 1.00 1.15 1.33 1.52 1.73 1.94 2.17 2.38 2.60 2.82

Other Asia 0.90 1.00 1.15 1.33 1.52 1.73 1.94 2.17 2.38 2.60 2.82

India 0.90 1.00 1.15 1.33 1.52 1.73 1.94 2.17 2.38 2.60 2.82

Middle East 0.90 1.00 1.15 1.33 1.52 1.73 1.94 2.17 2.38 2.60 2.82

Latin America 0.90 1.00 1.15 1.33 1.52 1.73 1.94 2.17 2.38 2.60 2.82

Africa 0.90 1.00 1.15 1.33 1.52 1.73 1.94 2.17 2.38 2.60 2.82

Average telecommuting days per week

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050USA 2.50 2.70 2.86 3.02 3.18 3.34 3.50 3.68 3.85 4.03 4.20

EU 0.90 1.00 1.39 1.78 2.17 2.56 2.95 3.26 3.58 3.89 4.20

Japan 1.80 2.20 2.42 2.64 2.86 3.08 3.30 3.53 3.75 3.98 4.20

SK AU NZ CA 1.00 1.00 1.38 1.77 2.15 2.54 2.92 3.07 3.21 3.36 3.50

FSU 0.90 1.00 1.30 1.60 1.90 2.20 2.50 2.75 3.00 3.25 3.50

Other Europe 0.90 1.00 1.30 1.60 1.90 2.20 2.50 2.75 3.00 3.25 3.50

China 0.90 1.00 1.30 1.60 1.90 2.20 2.50 2.75 3.00 3.25 3.50

Other Asia 0.90 1.00 1.30 1.60 1.90 2.20 2.50 2.75 3.00 3.25 3.50

India 0.90 1.00 1.30 1.60 1.90 2.20 2.50 2.75 3.00 3.25 3.50

Middle East 0.90 1.00 1.30 1.60 1.90 2.20 2.50 2.75 3.00 3.25 3.50

Latin America 0.90 1.00 1.30 1.60 1.90 2.20 2.50 2.75 3.00 3.25 3.50

Africa 0.90 1.00 1.30 1.60 1.90 2.20 2.50 2.75 3.00 3.25 3.50

Direct rebound effect - increased km travelled by telecommuters working from home as % of km saved by telecommuting

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050USA 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%

EU 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%

Japan 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%

SK AU NZ CA 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%

FSU 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%

Other Europe 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%

China 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%

Other Asia 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%

India 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%

Middle East 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%

Latin America 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%

Africa 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%

!

! \J

!

!

!

• B5+7!=,*46f!')@5!);!21!+)*D,1!=,*46I!!

!

• '@)*/!=,*46f!`1!/72;!=,*46^!2/!2;!);;.@56!/7)/!/75!2@C45@51/)/2,1!,G!`B!;,4./2,1;!21!

)!G*)@5=,*L!/7)/!C.*;.5;!XYX!5@2;;2,1!*56.+/2,1;^!+,@D2156!=2/7!)@D2/2,.;!XYXO

5@2;;2,1O*56.+/2,1!C,42+25;^!=244!45)6!/,!/75!15./*)420)/2,1!,G!/72;!*5D,.16!5GG5+/I!

!

!

!

!

• ),-+&05#(&0/%",-(0==05#(I-&+20,(/.(+,5%60(121+41/+4+#.JO(+6C15#(%,(BKB(%=(

6%,0.('120-(/.(#0405%66"#+,A(

(

B75!XYX!5@2;;2,1;!);;,+2)/56!=2/7!/75!5SC5162/.*5;!,G!/75!5+,1,@2+!;)N21F;!@)65!)N)24)D45!

DE! /545=,*L21F! =);! .;56! );! )! C*,SE! G,*! ;5N5*)4! 2162*5+/! 5GG5+/;! /7)/! @)E! *5;.4/! G*,@!

/545=,*L21F!3)16!62;+.;;56!21!;5+/2,1!KIJ8I!!

!

• #)*D,1!=,*46f!')N21F;!G*,@!/545+,@@./21F!35IFI^!65*2N21F! G*,@!G5=5*! G.54!C.*+7);5;8!

)*5!);;.@56!/,!D5!;C51/!21!F,,6;!,*!;5*N2+5;!/7)/!F515*)/5!5@2;;2,1;!C*,C,*/2,1)/5!/,!

/75!XYX! 21/51;2/E! 3XYX!5@2;;2,1;gX>?8! ,G! 2162N26.)4! *5F2,1;I!"@2;;2,1;!C5*!X>?!)*5!

);;.@56!/,!65+4215!;/5)624E!,N5*!/2@5I!

Direct rebound effect - increased km travelled by telecommuters working from home as % of km saved by telecommuting

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050

USA 25% 25% 25% 20% 15% 15% 15% 15% 15% 15% 15%

EU 25% 25% 25% 20% 15% 15% 15% 15% 15% 15% 15%

Japan 25% 25% 25% 20% 15% 15% 15% 15% 15% 15% 15%

SK AU NZ CA 25% 25% 25% 20% 15% 15% 15% 15% 15% 15% 15%

FSU 25% 25% 25% 20% 15% 15% 15% 15% 15% 15% 15%

Other Europe 25% 25% 25% 20% 15% 15% 15% 15% 15% 15% 15%

China 25% 25% 25% 20% 15% 15% 15% 15% 15% 15% 15%

Other Asia 25% 25% 25% 20% 15% 15% 15% 15% 15% 15% 15%

India 25% 25% 25% 20% 15% 15% 15% 15% 15% 15% 15%

Middle East 25% 25% 25% 20% 15% 15% 15% 15% 15% 15% 15%

Latin America 25% 25% 25% 20% 15% 15% 15% 15% 15% 15% 15%

Africa 25% 25% 25% 20% 15% 15% 15% 15% 15% 15% 15%

Direct rebound effect - increased km travelled by telecommuters working from home as % of km saved by telecommuting

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050USA 25% 25% 25% 20% 15% 10% 5% 0% 0% 0% 0%

EU 25% 25% 25% 20% 15% 10% 5% 0% 0% 0% 0%

Japan 25% 25% 25% 20% 15% 10% 5% 0% 0% 0% 0%

SK AU NZ CA 25% 25% 25% 20% 15% 10% 5% 0% 0% 0% 0%

FSU 25% 25% 25% 20% 15% 10% 5% 0% 0% 0% 0%

Other Europe 25% 25% 25% 20% 15% 10% 5% 0% 0% 0% 0%

China 25% 25% 25% 20% 15% 10% 5% 0% 0% 0% 0%

Other Asia 25% 25% 25% 20% 15% 10% 5% 0% 0% 0% 0%

India 25% 25% 25% 20% 15% 10% 5% 0% 0% 0% 0%

Middle East 25% 25% 25% 20% 15% 10% 5% 0% 0% 0% 0%

Latin America 25% 25% 25% 20% 15% 10% 5% 0% 0% 0% 0%

Africa 25% 25% 25% 20% 15% 10% 5% 0% 0% 0% 0%

!

! \Q

!

!

• ?,42+E!=,*46f!9;! 21!)!+)*D,1!=,*46^! 2/! 2;!);;.@56!/7)/!;)N21F;!G*,@!/545+,@@./21F!

)*5! ;C51/! ,1!F,,6;! ,*! ;5*N2+5;! /7)/! F515*)/5! 5@2;;2,1;! 21! C*,C,*/2,1! /,! /75!XYX!

21/51;2/E!3XYX!5@2;;2,1;gX>?8!,G!2162N26.)4!*5F2,1;I!`1!)!C,42+E!=,*46^!7,=5N5*^!2/!2;!

);;.@56!/7)/!5GG5+/2N5!+42@)/5!+7)1F5!C,42+25;!=244!45)6!/,!)1!,N5*)44!65+*5);5!21!/75!

+)*D,1!21/51;2/E!,G!*5F2,1)4!5+,1,@25;I!

!

!

!

• B5+7!=,*46f!')@5!);!21!+)*D,1!=,*46I!!

!

• '@)*/!=,*46f! `1! /72;! =,*46^! 2/! 2;! );;.@56! /7)/! /75! `B! 216.;/*E! )16! C,42+E!@)L5*;!

)*/2+.4)/5!C,42+25;!)16!;/*)/5F25;!/7)/!51)D45!/75!+*5)/2,1!,G!N2*/.,.;!+E+45;!21!=72+7!

/75! )662/2,1)4! *5;,.*+5;! F515*)/56! DE! 212/2)4! 5@2;;2,1! *56.+/2,1;! )*5! 65C4,E56! 21!

=)E;!/7)/!)+725N5!G.*/75*!*56.+/2,1;!21!5@2;;2,1;I!

!

!

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050USA 0.64 0.64 0.64 0.62 0.60 0.58 0.56 0.54 0.52 0.50 0.48

EU 0.39 0.39 0.38 0.37 0.36 0.35 0.34 0.33 0.32 0.31 0.30

Japan 0.39 0.39 0.38 0.37 0.36 0.35 0.34 0.33 0.32 0.31 0.30

SK AU NZ CA 0.39 0.39 0.38 0.37 0.36 0.35 0.34 0.33 0.32 0.31 0.30

FSU 0.39 0.39 0.38 0.37 0.36 0.35 0.34 0.33 0.32 0.31 0.30

Other Europe 0.39 0.39 0.38 0.37 0.36 0.35 0.34 0.33 0.32 0.31 0.30

China 0.90 0.90 0.90 0.90 0.85 0.80 0.75 0.70 0.65 0.60 0.55

Other Asia 0.90 0.90 0.90 0.90 0.90 0.90 0.88 0.86 0.84 0.82 0.80

India 0.90 0.90 0.90 0.90 0.85 0.80 0.75 0.70 0.65 0.60 0.55

Middle East 0.90 0.90 0.90 0.90 0.90 0.90 0.88 0.86 0.84 0.82 0.80

Latin America 0.60 0.60 0.60 0.60 0.60 0.60 0.58 0.56 0.54 0.52 0.50

Africa 0.60 0.60 0.60 0.60 0.60 0.60 0.58 0.56 0.54 0.52 0.50

simple average 0.59 0.59 0.59 0.59 0.59 0.59 0.59 0.59 0.59 0.59 0.59

Indirect rebound effect - kg CO2 emissions associated to each US $ saved by telecommuters (and spent in other goods and services

causing CO2 emissions)

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050USA 0.64 0.64 0.62 0.57 0.49 0.41 0.34 0.27 0.21 0.15 0.10

EU 0.39 0.39 0.37 0.34 0.30 0.25 0.20 0.17 0.13 0.09 0.06

Japan 0.39 0.39 0.37 0.34 0.30 0.25 0.20 0.17 0.13 0.09 0.06

SK AU NZ CA 0.39 0.39 0.38 0.35 0.31 0.27 0.24 0.20 0.17 0.14 0.11

FSU 0.39 0.39 0.38 0.35 0.31 0.27 0.24 0.20 0.17 0.14 0.11

Other Europe 0.39 0.39 0.38 0.35 0.31 0.27 0.24 0.20 0.17 0.14 0.11

China 0.90 0.90 0.89 0.85 0.73 0.62 0.53 0.43 0.35 0.28 0.21

Other Asia 0.90 0.90 0.89 0.85 0.77 0.70 0.62 0.53 0.45 0.38 0.30

India 0.90 0.90 0.89 0.85 0.73 0.62 0.53 0.43 0.35 0.28 0.21

Middle East 0.90 0.90 0.89 0.85 0.77 0.70 0.62 0.53 0.45 0.38 0.30

Latin America 0.60 0.60 0.59 0.56 0.52 0.47 0.41 0.35 0.29 0.24 0.19

Africa 0.60 0.60 0.59 0.56 0.52 0.47 0.41 0.35 0.29 0.24 0.19

simple average 0.59 0.59 0.58 0.55 0.50 0.46 0.41 0.36 0.32 0.27 0.22

Indirect rebound effect - kg CO2 emissions associated to each US $ saved by telecommuters (and spent in other goods and services

causing CO2 emissions)

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050USA 0.64 0.64 0.62 0.30 0.20 0.10 - (0.10) (0.10) (0.10) (0.10)

EU 0.39 0.39 0.37 0.20 0.10 - (0.10) (0.10) (0.10) (0.10) (0.10)

Japan 0.39 0.39 0.37 0.30 0.20 0.10 - (0.10) (0.10) (0.10) (0.10)

SK AU NZ CA 0.39 0.39 0.38 0.30 0.20 0.10 - (0.10) (0.10) (0.10) (0.10)

FSU 0.39 0.39 0.38 0.35 0.31 0.20 0.10 - (0.10) (0.10) (0.10)

Other Europe 0.39 0.39 0.38 0.35 0.31 0.20 0.10 - (0.10) (0.10) (0.10)

China 0.90 0.90 0.89 0.85 0.60 0.40 0.20 - (0.10) (0.10) (0.10)

Other Asia 0.90 0.90 0.89 0.85 0.60 0.40 0.20 - (0.10) (0.10) (0.10)

India 0.90 0.90 0.89 0.85 0.60 0.40 0.20 - (0.10) (0.10) (0.10)

Middle East 0.90 0.90 0.89 0.85 0.60 0.30 0.10 - (0.10) (0.10) (0.10)

Latin America 0.60 0.60 0.59 0.56 0.30 0.20 0.10 - (0.10) (0.10) (0.10)

Africa 0.60 0.60 0.59 0.56 0.30 0.20 0.10 - (0.10) (0.10) (0.10)

simple average 0.59 0.59 0.58 0.55 0.30 0.20 0.10 - (0.10) (0.10) (0.10)

Indirect rebound effect - kg CO2 emissions associated to each US $ saved by telecommuters (and spent in other goods and services

causing CO2 emissions)

!

! \\

6.2 Virtual meetings

(

• *%#14(/"'+,0''(#&1204O(C1''0,A0&LM+4%60#0&'((

A,! ;/)/2;/2+)4! 6)/)! =5*5! G,.16! ,1! D.;215;;! /*)N54! C);;51F5*OL24,@5/5*;I! B72;! 6)/)! =);!

/75*5G,*5! 5;/2@)/56! .;21F! /,/)4! C);;51F5*OL24,@5/5*! 6)/)! )16! )1! "+,GE;! );;.@C/2,1! ,1! /75!

C5*+51/)F5!,G!D.;215;;!)2*!/*)N54!*54)/2N5!/,!/,/)4!)2*!/*)N54I!Y2;/,*2+)4!6)/)!)16!C*,c5+/2,1;!,1!

/,/)4!C);;51F5*OL24,@5/5*;!,G!/*)N54!=5*5!/)L51!G*,@!3,*!+)4+.4)/56!D);56!,18!G2F.*5;!G*,@!/75!

`1/5*1)/2,1)4! #2N24! 9N2)/2,1! $*F)120)/2,1! 3`#9$8! )16^! G,*! ".*,C5)1! +,.1/*25;^! G*,@! /75!

".*,C5)1!"1N2*,1@51/!9F51+E!3""98I!B75;5!6)/)!)16!C*,c5+/2,1;!=5*5!.;56!G,*!)44!=,*46;I!!

!

!

!

!

Total passenger-km of travel (bil)

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050USA 885 1,040 1,219 1,376 1,545 1,724 1,949 2,149 2,357 2,576 2,803

EU 980 1,188 1,400 1,610 1,771 1,985 2,125 2,259 2,390 2,569 2,695

Japan 253 280 356 403 433 483 520 557 594 644 681

SK AU NZ CA 240 284 346 398 443 499 553 605 659 723 782

FSU 63 78 94 118 147 177 210 253 304 366 441

Other Europe 52 70 95 127 170 205 248 292 339 388 438

China 141 197 266 422 721 1,027 1,481 1,922 2,363 2,801 3,239

Other Asia 197 248 316 398 493 604 734 895 1,087 1,316 1,591

India 50 66 89 118 152 193 244 304 378 469 583

Middle East 102 121 144 172 209 251 295 340 390 444 502

Latin America 281 337 430 546 690 869 1,095 1,368 1,706 2,125 2,643

Africa 77 98 126 161 204 256 319 392 478 580 698

business travel as % of total passenger-km travel

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050USA 18% 17% 17% 17% 16% 16% 16% 16% 15% 15% 15%

EU 32% 32% 30% 28% 27% 25% 23% 22% 20% 18% 17%

Japan 26% 26% 25% 24% 23% 22% 20% 19% 18% 17% 16%

SK AU NZ CA 26% 26% 25% 24% 23% 22% 20% 19% 18% 17% 16%

FSU 40% 40% 38% 37% 35% 33% 32% 30% 28% 27% 25%

Other Europe 40% 40% 38% 37% 35% 33% 32% 30% 28% 27% 25%

China 57% 50% 47% 45% 43% 41% 39% 37% 34% 32% 30%

Other Asia 57% 50% 47% 45% 43% 41% 39% 37% 34% 32% 30%

India 57% 50% 47% 45% 43% 41% 39% 37% 34% 32% 30%

Middle East 57% 50% 47% 45% 43% 41% 39% 37% 34% 32% 30%

Latin America 57% 50% 47% 45% 43% 41% 39% 37% 34% 32% 30%

Africa 57% 50% 47% 45% 43% 41% 39% 37% 34% 32% 30%

!

! \Z

• f"'+,0''(#&1204(12%+-0-(7+#$(2+&#"14(600#+,A'(1'(1(C0&50,#1A0(%=(#%#14(

• #)*D,1!=,*46f!%2F.*5;!,1!/75!)6,C/2,1!,G!/545+,1G5*51+21F!=5*5!D);56!,1!)15+6,/)4!

5N2651+5!)16!,++);2,1)4!;.*N5E;! 21+4.656! 21!)!1.@D5*!,G!;/.625;^! 21+4.621F!-)*+4)E!

+)*6!-.;215;;!)16!%./.*5!%,.16)/2,1!3PWWZ8^!9*1G)4L!3PWWP8^!)16!:,E!)16!%242;/*).4/!3KVVT8I!!

!

!

!

• ?,42+E!=,*46f!`1!/72;!=,*46^! 2/! 2;!);;.@56!/7)/! /75!)6,C/2,1!)16! 2@C45@51/)/2,1!,G!

)@D2/2,.;! )16! 5GG5+/2N5! XYXO5@2;;2,1O*56.+/2,1! C,42+25;! M! 5;C5+2)44E! 21! /75!

/*)1;C,*/)/2,1!;5+/,*!3;.+7!);!/75!C*,C,;56!+)C!,1!XYX!5@2;;2,1;!G*,@!)N2)/2,1!21!

/75!"b8!=244!2162*5+/4E!45)6!/,!)!72F75*!)6,C/2,1!,G!/545+,1G5*51+21F!/7)1!21!)!+)*D,1!

=,*46I!

!

!

!

• B5+7! =,*46f! `1! /72;! =,*46^! 2/! 2;! );;.@56! /7)/! )FF*5;;2N5! )16! 5GG5+/2N5! :j>! )16!

@)*L5/21F! ;/*)/5F25;! DE! /75! `B! 216.;/*E! /)*F5/56! /,! /545+,1G5*51+21FO*54)/56!

/5+71,4,F25;!)16!;5*N2+5;! 3C)*/2+.4)*4E! N265,+,1G5*51+21F8!=244! 45)6! /,! )! ;2F12G2+)1/!

)16! F*,=21F! .;5! ,G! /545+,1G5*51+21F! DE! 51)D421F! @,*5! *542)D45^! 21/5*)+/2N5^! )16!

@5)121FG.4!+,@@.12+)/2,1;!D5/=551!C5,C45!N2)!N2*/.)4!@55/21F;I!B72;!=,.46!45)6!/,!

)1! 21+*5);5! 21! /75! 1.@D5*! )16! /75! /EC5! ,G! @55/21F;! /7)/! +,.46! D5! 7546! N2)!

/545+,1G5*51+21FI!

!

!

business travel avoided with virtual meetings % of total 0.5 0.7 1 1.2 1.25 1 1 0.95 1

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050USA 4% 8% 9% 12% 16% 21% 27% 30% 33% 34% 35%

EU 3% 5% 6% 9% 13% 17% 22% 25% 28% 29% 30%

Japan 3% 6% 7% 10% 13% 18% 22% 25% 28% 29% 30%

SK AU NZ CA 3% 6% 7% 10% 13% 18% 22% 25% 28% 29% 30%

FSU 1% 1% 3% 6% 9% 13% 17% 20% 22% 24% 25%

Other Europe 1% 1% 3% 5% 8% 12% 17% 20% 23% 24% 25%

China 1% 1% 3% 5% 8% 12% 17% 20% 23% 24% 25%

Other Asia 1% 1% 3% 5% 8% 12% 17% 20% 23% 24% 25%

India 1% 1% 3% 5% 8% 12% 17% 20% 23% 24% 25%

Middle East 1% 1% 3% 5% 8% 12% 17% 20% 23% 24% 25%

Latin America 1% 1% 3% 5% 8% 12% 17% 20% 23% 24% 25%

Africa 1% 1% 3% 5% 8% 12% 17% 20% 23% 24% 25%

business travel avoided with virtual meetings % of total

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050USA 4% 8% 9% 13% 18% 24% 30% 34% 37% 39% 40%

EU 3% 5% 7% 11% 16% 22% 29% 33% 37% 38% 40%

Japan 3% 6% 8% 12% 17% 23% 29% 33% 37% 39% 40%

SK AU NZ CA 3% 6% 7% 11% 15% 20% 26% 29% 32% 34% 35%

FSU 1% 1% 2% 4% 7% 12% 19% 23% 26% 28% 30%

Other Europe 1% 1% 2% 4% 7% 12% 19% 23% 26% 28% 30%

China 1% 1% 2% 4% 7% 12% 19% 23% 26% 28% 30%

Other Asia 1% 1% 2% 4% 7% 12% 19% 23% 26% 28% 30%

India 1% 1% 2% 4% 7% 12% 19% 23% 26% 28% 30%

Middle East 1% 1% 2% 4% 7% 12% 19% 23% 26% 28% 30%

Latin America 1% 1% 2% 4% 7% 12% 19% 23% 26% 28% 30%

Africa 1% 1% 2% 4% 7% 12% 19% 23% 26% 28% 30%

business travel avoided with virtual meetings % of total

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050USA 4% 8% 11% 20% 31% 44% 50% 55% 57% 60% 60%

EU 3% 5% 8% 17% 27% 39% 44% 49% 52% 54% 55%

Japan 3% 6% 10% 19% 30% 43% 49% 54% 57% 60% 60%

SK AU NZ CA 3% 6% 9% 18% 28% 40% 45% 49% 52% 55% 55%

FSU 1% 1% 3% 5% 9% 16% 24% 29% 34% 38% 40%

Other Europe 1% 1% 3% 5% 9% 16% 24% 29% 34% 38% 40%

China 1% 1% 3% 5% 9% 16% 24% 29% 34% 38% 40%

Other Asia 1% 1% 3% 5% 9% 16% 24% 29% 34% 38% 40%

India 1% 1% 3% 5% 9% 16% 24% 29% 34% 38% 40%

Middle East 1% 1% 3% 5% 9% 16% 24% 29% 34% 38% 40%

Latin America 1% 1% 3% 5% 9% 16% 24% 29% 34% 38% 40%

Africa 1% 1% 3% 5% 9% 16% 24% 29% 34% 38% 40%

!

! \T

• '@)*/!=,*46f!`1!/72;!=,*46^!2/!2;!);;.@56!/7)/!/75!+,@D2156!5GG5+/;!,G!/75!;.CC,*/2N5!

C,42+E!51N2*,1@51/!62;+.;;56!21!/75!C,42+E!=,*46!)16!,G!/75!C*,)+/2N5!)16!5GG5+/2N5!

`B! 216.;/*E! 21! /75! /5+7! =,*46! =244! 45)6! /,! )! =265;C*5)6! )16! F*,=21F! .;5! ,G!

/545+,1G5*51+21F!);!)1!)4/5*1)/2N5!/,!C7E;2+)4!/*)N54I!!

!

!

(

• !--+#+%,14(0405#&+5+#.("'0-(C0&($%"&(%=(2+&#"14(600#+,A(IMZ$J(

• #)*D,1! =,*46f! `1! /72;! =,*46! 2/! 2;! );;.@56! /7)/! )N5*)F5! 545+/*2+2/E! .;5! =,.46! D5!

5].2N)451/! /,! /75! 545+/*2+2/E! .;56! DE! )! 72F7O516! ;,4./2,1^! ;,! /75! Y?! Y)4,!

/545C*5;51+5!;,4./2,1!=);!/)L51!);!D51+7@)*L!3;55!Y?^!PWWT8I!

!

!

!

• ?,42+E!=,*46f!"GG5+/2N5!+42@)/5!+7)1F5!C,42+E!2;!);;.@56!/,!6*2N5!)!*56.+/2,1!21!/75!

)N5*)F5!545+/*2+2/E!.;56!DE!N2*/.)4O@55/21F!;,4./2,1;I!

!

!

!

business travel avoided with virtual meetings % of total

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050USA 4% 8% 14% 25% 39% 53% 66% 78% 83% 88% 90%

EU 3% 5% 12% 23% 37% 52% 64% 77% 82% 87% 90%

Japan 3% 6% 12% 24% 38% 52% 65% 78% 83% 87% 90%

SK AU NZ CA 3% 6% 12% 24% 38% 52% 65% 78% 83% 87% 90%

FSU 1% 1% 4% 8% 15% 26% 37% 46% 53% 60% 65%

Other Europe 1% 1% 4% 8% 15% 26% 37% 46% 53% 60% 65%

China 1% 1% 4% 8% 15% 26% 37% 46% 53% 60% 65%

Other Asia 1% 1% 4% 8% 15% 26% 37% 46% 53% 60% 65%

India 1% 1% 4% 8% 15% 26% 37% 46% 53% 60% 65%

Middle East 1% 1% 4% 8% 15% 26% 37% 46% 53% 60% 65%

Latin America 1% 1% 4% 8% 15% 26% 37% 46% 53% 60% 65%

Africa 1% 1% 4% 8% 15% 26% 37% 46% 53% 60% 65%

Additional electricity used per hour of virtual meeting (kWh)

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050USA 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43

EU 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43

Japan 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43

SK AU NZ CA 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43

FSU 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43

Other Europe 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43

China 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43

Other Asia 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43

India 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43

Middle East 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43

Latin America 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43

Africa 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43 2.43

Additional electricity used per hour of virtual meeting (kWh) -5.0% -10.0% -15.0% -20.0% -25.0% -30.0% -35.0% -40.0%

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050USA 2.43 2.43 2.43 2.31 2.19 2.07 1.94 1.82 1.70 1.58 1.46

EU 2.43 2.43 2.43 2.31 2.19 2.07 1.94 1.82 1.70 1.58 1.46

Japan 2.43 2.43 2.43 2.31 2.19 2.07 1.94 1.82 1.70 1.58 1.46

SK AU NZ CA 2.43 2.43 2.43 2.31 2.19 2.07 1.94 1.82 1.70 1.58 1.46

FSU 2.43 2.43 2.43 2.31 2.19 2.07 1.94 1.82 1.70 1.58 1.46

Other Europe 2.43 2.43 2.43 2.31 2.19 2.07 1.94 1.82 1.70 1.58 1.46

China 2.43 2.43 2.43 2.31 2.19 2.07 1.94 1.82 1.70 1.58 1.46

Other Asia 2.43 2.43 2.43 2.31 2.19 2.07 1.94 1.82 1.70 1.58 1.46

India 2.43 2.43 2.43 2.31 2.19 2.07 1.94 1.82 1.70 1.58 1.46

Middle East 2.43 2.43 2.43 2.31 2.19 2.07 1.94 1.82 1.70 1.58 1.46

Latin America 2.43 2.43 2.43 2.31 2.19 2.07 1.94 1.82 1.70 1.58 1.46

Africa 2.43 2.43 2.43 2.31 2.19 2.07 1.94 1.82 1.70 1.58 1.46

!

! \V

• B5+7! =,*46f! `1! /72;! =,*46! 2/! 2;! );;.@56! /7)/! /75! `B! 216.;/*E! )+725N5;! ;2F12G2+)1/!

2@C*,N5@51/;!21!/5*@;!,G!545+/*2+2/E!155656!/,!6542N5*!N2*/.)4O@55/21F!;,4./2,1;I!

!

!

!

• '@)*/!=,*46f!`1!/72;!=,*46!)1!5N51!G);/5*! 21+*5);5!21!515*FE!5GG2+251+E!2;!)+725N56!

G,*! N2*/.)4O@55/21F! /5+71,4,F25;! /7)1L;! /,! /75! +,@D2156! 5GG,*/! ,G! /75! `B! 216.;/*E^!

C,42+E!@)L5*;^!)16!516!.;5*;I!

!

!

(

• T+&05#(1,-(+,-+&05#(&0/%",-(0==05#'(

%,*!N2*/.)4!@55/21F;^!/75!);;.@C/2,1;!@)65!G,*!62*5+/!)16!2162*5+/!*5D,.16!5GG5+/;!=5*5!21!4215!

=2/7!/75!);;.@C/2,1;!@)65!G,*!/545=,*L21FI!!

!

Additional electricity used per hour of virtual meeting (kWh)

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050USA 2.43 2.43 2.43 1.94 1.46 1.09 0.85 0.68 0.58 0.51 0.49

EU 2.43 2.43 2.43 1.94 1.46 1.09 0.85 0.68 0.58 0.51 0.49

Japan 2.43 2.43 2.43 1.94 1.46 1.09 0.85 0.68 0.58 0.51 0.49

SK AU NZ CA 2.43 2.43 2.43 1.94 1.46 1.09 0.85 0.68 0.58 0.51 0.49

FSU 2.43 2.43 2.43 1.94 1.46 1.09 0.85 0.68 0.58 0.51 0.49

Other Europe 2.43 2.43 2.43 1.94 1.46 1.09 0.85 0.68 0.58 0.51 0.49

China 2.43 2.43 2.43 1.94 1.46 1.09 0.85 0.68 0.58 0.51 0.49

Other Asia 2.43 2.43 2.43 1.94 1.46 1.09 0.85 0.68 0.58 0.51 0.49

India 2.43 2.43 2.43 1.94 1.46 1.09 0.85 0.68 0.58 0.51 0.49

Middle East 2.43 2.43 2.43 1.94 1.46 1.09 0.85 0.68 0.58 0.51 0.49

Latin America 2.43 2.43 2.43 1.94 1.46 1.09 0.85 0.68 0.58 0.51 0.49

Africa 2.43 2.43 2.43 1.94 1.46 1.09 0.85 0.68 0.58 0.51 0.49

Additional electricity used per hour of virtual meeting (kWh)

2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050USA 2.43 2.43 2.43 1.94 1.22 0.73 0.49 0.34 0.24 0.17 0.12

EU 2.43 2.43 2.43 1.94 1.22 0.73 0.49 0.34 0.24 0.17 0.12

Japan 2.43 2.43 2.43 1.94 1.22 0.73 0.49 0.34 0.24 0.17 0.12

SK AU NZ CA 2.43 2.43 2.43 1.94 1.22 0.73 0.49 0.34 0.24 0.17 0.12

FSU 2.43 2.43 2.43 1.94 1.22 0.73 0.49 0.34 0.24 0.17 0.12

Other Europe 2.43 2.43 2.43 1.94 1.22 0.73 0.49 0.34 0.24 0.17 0.12

China 2.43 2.43 2.43 1.94 1.22 0.73 0.49 0.34 0.24 0.17 0.12

Other Asia 2.43 2.43 2.43 1.94 1.22 0.73 0.49 0.34 0.24 0.17 0.12

India 2.43 2.43 2.43 1.94 1.22 0.73 0.49 0.34 0.24 0.17 0.12

Middle East 2.43 2.43 2.43 1.94 1.22 0.73 0.49 0.34 0.24 0.17 0.12

Latin America 2.43 2.43 2.43 1.94 1.22 0.73 0.49 0.34 0.24 0.17 0.12

Africa 2.43 2.43 2.43 1.94 1.22 0.73 0.49 0.34 0.24 0.17 0.12

!

! ZW

7 Appendix 2: Summary data for EU countries (

*0407%&M+,A(`(9<E(06+''+%,'(=%&(5%66"#+,A(C&0L#0407%&M+,A(

(

! !

! !

!

CO2 emissions Pre-teleworking

Carbon world

-

5

10

15

20

25

30

35

40

2005

2010

2015

2020

2025

2030

2035

2040

2045

2050

MtC

O2

France

Germany

Italy

Netherlands

Spain

UK

Rest of EU 15

rest of EU 27

CO2 emissions Pre-teleworking

Policy world

-

5

10

15

20

25

30

35

40

20

05

20

10

20

15

20

20

20

25

20

30

20

35

20

40

20

45

20

50

MtC

O2

France

Germany

Italy

Netherlands

Spain

UK

Rest of EU 15

rest of EU 27

CO2 emissions Pre-teleworking

Tech world

-

5

10

15

20

25

30

35

40

2005

2010

2015

2020

2025

2030

2035

2040

2045

2050

MrC

O2

France

Germany

Italy

Netherlands

Spain

UK

Rest of EU 15

rest of EU 27

CO2 emissions Pre-teleworking

Smart World

-

5

10

15

20

25

30

35

40

20

05

20

10

20

15

20

20

20

25

20

30

20

35

20

40

20

45

20

50

MtC

O2

France

Germany

Italy

Netherlands

Spain

UK

Rest of EU 15

rest of EU 27

!

! ZK

*0407%&M+,A(`(9<E(06+''+%,'(=%&(5%66"#+,A(7+#$(#0407%&M+,AO(+,54"-+,A(&0/%",-(0==05#'(

(

! !

! !

Commuting CO2 emissions including impact

of teleworking and rebound effects

Carbon World

-

5

10

15

20

25

30

35

40

2005

2010

2015

2020

2025

2030

2035

2040

2045

2050

MtC

O2

France

Germany

Italy

Netherlands

Spain

UK

Rest of EU 15

Rest of EU 27

CO2 emissions from commuting net of

teleworking and rebound effects

Policy world

-

5

10

15

20

25

30

35

40

20

05

20

10

20

15

20

20

20

25

20

30

20

35

20

40

20

45

20

50

MtC

O2

France

Germany

Italy

Netherlands

Spain

UK

Rest of EU 15

Rest of EU 27

CO2 emissions from commuting considering

impact of teleworking and rebound effects

Tech World

-

5

10

15

20

25

30

35

40

2005

2010

2015

2020

2025

2030

2035

2040

2045

2050

MtC

O2

France

Germany

Italy

Netherlands

Spain

UK

Rest of EU 15

Rest of EU 27

CO2 emissions from commuting considering

teleworking and rebound effects

Smart world

-

5

10

15

20

25

30

35

40

2005

2010

2015

2020

2025

2030

2035

2040

2045

2050

MtC

O2

France

Germany

Italy

Netherlands

Spain

UK

Rest of EU 15

Rest of EU 27

!

! ZP

g+&#"14(600#+,A'(`(/"'+,0''(1+&L#&1204(06+''+%,'O(C&0`2+&#"14(600#+,A'(

(

( (

( (

!

CO2 emissions from business air travel

pre-virtual meetings

Carbon World

0

2

4

6

8

10

12

14

16

18

2000

2005

2010

2015

2020

2025

2030

2035

2040

2045

2050

MtC

O2

France

Germany

Italy

Netherlands

Spain

UK

Rest of EU 15

rest of EU 27

CO2 emissions business travel

pre-virtual meetings

Policy World

0

2

4

6

8

10

12

14

2000

2005

2010

2015

2020

2025

2030

2035

2040

2045

2050

MtC

O2

France

Germany

Italy

Netherlands

Spain

UK

Rest of EU 15

rest of EU 27

CO2 emissions for business air travel

pre-virtual meetings

Tech World

0

2

4

6

8

10

12

14

16

18

2000

2005

2010

2015

2020

2025

2030

2035

2040

2045

2050

MtC

O2

France

Germany

Italy

Netherlands

Spain

UK

Rest of EU 15

rest of EU 27

Business travel CO2 emissions

pre virtual meetings

Smart World

0

2

4

6

8

10

12

14

2005

2010

2015

2020

2025

2030

2035

2040

2045

2050

MrC

O2

France

Germany

Italy

Netherlands

Spain

UK

Rest of EU 15

rest of EU 27

!

! ZR

g+&#"14(600#+,A'(`(/"'+,0''(1+&L#&1204(06+''+%,'(7+#$(2+&#"14(600#+,A'O(5%,'+-0&+,A(06+''+%,'(

-0&+2+,A(=&%6(0405#&+5+#.("'0(1,-(&0/%",-(0==05#'(

(

( (

( (

(

! !

CO2 emissions business air travel net of virtual

meetings and rebound effects

Carbon world

-

2

4

6

8

10

12

14

2000

2005

2010

2015

2020

2025

2030

2035

2040

2045

2050

MtC

O2

France

Germany

Italy

Netherlands

Spain

UK

Rest of EU 15

rest of EU 27

CO2 emissions business air travel net of

virtual meetings and rebound effects

Policy world

-

2

4

6

8

10

12

14

2005

2010

2015

2020

2025

2030

2035

2040

2045

2050

MtC

O2

France

Germany

Italy

Netherlands

Spain

UK

Rest of EU 15

rest of EU 27

CO2 emissions business air travel net of

virtual meetings and rebound effects

Tech World

-

2

4

6

8

10

12

14

2005

2010

2015

2020

2025

2030

2035

2040

2045

2050

France

Germany

Italy

Netherlands

Spain

UK

Rest of EU 15

rest of EU 27

CO2 emissions business air travel net of

virtual meetings and rebound effects

Smart world

-

2

4

6

8

10

12

14

2005

2010

2015

2020

2025

2030

2035

2040

2045

2050

MtC

O2

France

Germany

Italy

Netherlands

Spain

UK

Rest of EU 15

rest of EU 27

!

! ZJ

8 Appendix 3: Unemployed people interested in teleworking !

!*1/40(:D(H,06C4%.0-(C0%C40(+,#0&0'#0-(+,(#0407%&M+,AO('%"&50D(B1&0+'(IEUUEJ;(

!

!

! !

!

! ZQ

9 Bibliographic references !!

959^!PWWZI!k,71!9I!t'L2Ch!_)2/15*!)16![)*51!"7*7)*6O()*/2150I!96N)1+56!"45+/*,12+;!)16!`1G,*@)/2,1!B5+71,4,F25;f!B75!`11,N)/2,1O_56!#42@)/5!#7)1F5!',4./2,1I!9N)24)D45!)/!7//Cfgg===I)5)15/I,*Fg)5)+,.1+24;g959".*,C5u"15*FEu"GG2+251+Eu:5C,*/uKZ'5CWZIC6GI!!

945S!"N)1;!)16!>)N26!'/5N51^!PWWZI!#42@)/5!+7)1F5f!/75!;/)/5!,G!/75!65D)/5^!#51/*5!,1!`1/5*1)/2,1)4!#,,C5*)/2,1^!B75!_,16,1!9++,*6!#$PI!9N)24)D45!)/!7//Cfgg===I4,16,1O)++,*6I+,I.LgG21)4u*5C,*/g*5C,*/;gC6GgDKIC6GI!!

9BjB^!PWWPI!:,D5*/!9/LE1;!5/!)4I!(5);.*5@51/!,G!51N2*,1@51/)4!2@C)+/!,G!/545=,*L!)6,C/2,1!)@26;/!+7)1F5!21!+,@C45S!,*F)120)/2,1;f!9BjB!;.*N5E!@5/7,6,4,FE!)16!*5;.4/;!21!*5;,.*+5;^!+,1;5*N)/2,1^!)16!*5+E+421FI!R\!3PWWP8!P\ZMPTQI!

9*1G)4L^!?I!PWWPI!-(&./0#,E%7(#(.>,0)5,F%##/.(%),F&"6").(%)G,!<","1"&*()*,&%#",%4,HI!8702"5,3%11/)(30.(%),(),%&*0)(20.(%)2,0)5,(.2,(1;03.,%),.&06"#9,```""f!_.16^!_.16!b12N5*;2/EI!

9*1G)4L^!?I^!KVVVI!H)4%&10.(%),."3<)%#%*>,(),;%##/.(%),;&"6").(%)G,!"#"3%)4"&")3()*,0)5,."#"$%&',/2"5,02,.%%#2,(),.<",&"5/3.(%),%4,$%&'8&"#0."5,.&06"#I!```""f!_.16^!_.16!b12N5*;2/EI!

9.;/*)42)1!:5;2651/2)4!-.24621F!'5+/,*!X*5517,.;5!X);!"@2;;2,1;!KVVWMPWKW!7//Cfgg===IF*5517,.;5IF,NI).gD.24621F;gC.D42+)/2,1;g*5;2651/2)4I7/@4I!!

-)*+4)E+)*6!-.;215;;!)16!%./.*5!%,.16)/2,1I!PWW\I!!<",@0&3#0>30&5,@/2()"22,!&06"#,J/&6">,KLLDMKLLNI!!

-2*/45;^!9I-I^!)16!:I<I!k,71^!KVTJI!'/.6E!,G!/75!C5*G,*@)1+5!,G!)1!515*FE!@)1)F5@51/!;E;/5@I!-'":B^!_,16,1I!

-,;/,1!#,1;.4/21F!X*,.C!3KVVV8!?)C5*!)16!/75!"45+/*,12+!(562)I!!

-*)[email protected]^! (IkI^! )16! (IkI! -*)6G,*6^! KVVVf! $C/2@)4! ;.C5*N2;,*E! +,1/*,4! ,G! +,,421F! C4)1/;! =2/7,./!;/,*)F5I!%21)4!:5C,*/!,1!9'Y:9"!:5;5)*+7!?*,c5+/!TPR.

-*)[email protected]^!(IkI^!)16!kI"I!-*).1^!KVVVf!B75! 2@C)+/!,G!65@)16O+,1/*,4456!)16!5+,1,@205*!N51/24)/2,1!;/*)/5F25;!,1!515*FE!.;5!21!D.24621F;I!OJPQOR,!&0)203.(%)2^!KWQ3P8^!CCI!RVOQWI(

-Bg%,*.@!G,*!/75!%./.*5I!`#B!);!)!@,65!,G!/*)1;C,*/f!9!*5N25=!,G!/75!.;5!,G!21G,*@)/2,1!)16!+,@@.12+)/2,1!/5+71,4,FE!/,!)+725N5!/*)1;C,*/!C,42+E!F,)4;I!9N)24)D45!)/!7//Cfgg===ID/C4+I+,@g',+25/E)1651N2*,1@51/g:5C,*/;g`#B);)@,65,G/*)1;C,*/G21)4IC6GI!!

#)42G,*12)!"15*FE!#,@@2;;2,1^!PWWRI!d>5N54,C@51/!,G!)!:5)4OB2@5!(,12/,*21Fg>E1)@2+!:)/21F!'E;/5@!G,*!$N5*75)6!_215;^e!DE!">(!`1/5*1)/2,1)4^!`1+I!

#);;)*^![I!3PWWR8!k.C2/5*!@)*L5/!G,*5+);/!*5C,*/f!:5/)24!/7*,.F7!PWWZI!>)*251!#f!k.C2/5*!>2*5+/I!!

#"'`^!`BB^!("^!:9(-v__^!PWWQI!'/.6E!,1!"15*FE!`1G*);/*.+/.*5!#,;/;!)16!`1N5;/@51/;!D5/=551!KVV\!)16!PWKR!3(562.@OB5*@8!)16!%.*/75*!/,!PWPR!3_,1FOB5*@8!,1!/75!B*)1;O".*,C5)1!"15*FE!A5/=,*L!)16!`/;!#,115+/2,1!/,!A52F7D,.*21F!:5F2,1;I!B"AO"15*FEO`1N5;/I!

#,@C./5*!;[email protected])/2,1!/5+71,4,FE!2@C45@51/56!21!'7510751!.*D)1!C4)1121F!)16!65;2F1!3#7215;58I!9N)24)D45!)/!7//Cfgg===IT\N*I+,@g+);5g+2/EC4)1121FgPWWJKKgJQPJI7/@4I!!

#,,L^!9I^!?I!Y)N5*^!KVVJI!d(55/21F!G)+5O/,OG)+5f!N265,+,1G5*51+21FIe!O(&#()",@/2()"22!KW3KK8I!!

>51;/)642^!kI(I^!PWWJI!d`@C)+/;!,G!N265,+,1G5*51+21F!,1!D.;215;;!/*)N54f!/75!A,*=5F2)1!5SC5*251+5Ie!S%/&)0#,%4,O(&,!&0)2;%&.,E0)0*"1").!KWf!RZKMRZ\I!

>,6F;,1^!k,71^!?)+5E^!k,1)/7)1^!!-5FF^!(2+7)54!3PWWW8!($B$:'!9A>!($>"('!:"U`'`B">f!B75!:,45!,G!B5+71,4,FE!21!:56.+21F!B*)N54!>5@)16;!)16!B*)GG2+!#,1F5;/2,1^!A":9^!_,16,1I!!>.)*/5^!>I_I^!AIBI!'1E65*^!PWWKI!E02."&()*,-(&./0#,!"012I!k,;;5EO-);;^!`1+If!')1!%*)1+2;+,I!

"?9g_-A_^!PWWWI!k,71!9I!d'L2Ce!_)2/15*!5/!)4I!:5O5;/2@)/21F!/75!911.)4!"15*FE!$./4,,L!PWWW!%,*5+);/!b;21F!bC6)/56!9;;.@C/2,1;!)D,./!/75!`1/5*15/!"+,1,@EI!9N)24)D45!)/!7//Cfgg516.;5I4D4IF,Ng`1G,gJ\JKTO)D;/*)+/I7/@4I!

d"O'/)/;^e!bI'I!#51;.;!-.*5).^!()E!PQ^!PWWZI!9N)24)D45!)/f!7//Cfgg===I+51;.;IF,Ng5,;g===gPWWQgPWWQ*5C,*/G21)4IC6GI!

"BA$g<<%I!>5112;!?)@421^![)/)421!'0,@,4)1E2I!')N21F!/75!?4)15/!)/!/75!'C556!,G!_2F7/I!9N)24)D45!)/!7//Cfgg);;5/;IC)16)I,*Fg6,=14,)6;g*,)6u@)Cu;C556u,Gu42F7/u==Gu5/1,IC6GI!!

!

! Z\

".*,C5)1!<,*L21F!#,162/2,1;!$D;5*N)/,*E^!PWWZI!T%/&.<,R/&%;"0),U%&'()*,I%)5(.(%)2,J/&6">,VKLLCW9,9N)24)D45!)/!7//Cfgg===I5.*,G,.16I5.*,C)I5.g6,+;g5=+,gJ"<#'g5GW\VTg+7)C/5*QIC6GI!

%.7*^!k,;5C7!?I!k*I^!'/5C751!-I!?,+2);L^!$+/,D5*!RK^!PWWZI!-*,)6D)16!'5*N2+5;f!"+,1,@2+!)16!"1N2*,1@51/)4!-515G2/;I!9N)24)D45!)/!7//Cfgg===I21/5*15/211,N)/2,1I,*Fg?,*/)4;gWg>,+.@51/;g%21)4uX*551u-515G2/;IC6GI!

X)*52;^![I^!PWWPI!!<",H).")2(.>,%4,!"#"$%&',(),KLLK,(),.<",RX+,J$(.Y"&#0)5+,0)5,.<",XJO9,9N)24)D45!)/,7//Cfgg===I5@C2*2+)ID20gC.D42L)/2,151g6,+.@51/;gX)*52;uB545=,*LO21/51;2/EuPWWPIC6GI!

X)*/15*^!PWWQI!!"#"$%&'()*G,!<",Z/(".,Q"6%#/.(%),VKLLD,X;50."W9,9N)24)D45!)/,7//Cfgg===I7,@5P,GG2+5I+,@gC6Gg/545=,*L21F/75].25/*5N,4./2,1IC6GI,

X).021O(w445*^!>I^!PWWPI!'.;/)21)D45!)*+72/5+/.*5!)16!.*D)12;@I!-2*L7x.;5*^!-);54^!PQQ!CCI!

Y)*N5E^!>I^!PWW\I!9!7)16D,,L!,1!4,=O515*FE!D.24621F;!)16!62;/*2+/!515*FE!;E;/5@;f!%.16)@51/)4;^!/5+712].5;^!)16!5S)@C45;I!k)@5;!)16!k)@5;^!_,16,1I!

Y52;L)151^!5/!)4I^!!PWWKI!>5@)/5*2)42;)/2,1f!B75!C,/51/2)4!G,*!`#B!)16!;5*N2+5;I!B75!%2112;7!"1N2*,1@51/!QRRI!B75!%2112;7!(212;/*E!,G!"1N2*,1@51/!321!%2112;78I!!

Y2F7O:,)6! '/*)/5F25;f! B75! ?,/51/2)4! ,G! `1G,*@)/2,1! B5+71,4,FE! 9CC42+)/2,1;! /,! "1)D45! "+,1,@EO<265!"15*FEO"GG2+251+E!X)21;I!:5C,*/!/,!/75!9#"""!G,*!/75!9#"""O959!".*,C5!?*,c5+/^!9.F.;/!KZ^!PWWZI!

Y,CL21;,1^! ?I^! k)@5;! ?I^! )16! ()*.E)@)! BI^! PWWRI! I%)4"&")3()*, 0., @!G, Q"2/#.2, %4, 0, 2/&6">, %), (.2,"3%)%1(3+,")6(&%)1").0#+,0)5,2%3(0#,(1;03.2I!:5C,*/!DE!'.;/)21`B^!b[!#"">^!?5/5*D,*,.F7I!

Y?^!PWWTI!Y?!#.;/,@5*!#);5!'/.6Ef!Y?!;,4./2,1!;5/;!15=!;/)16)*6!G,*!N2*/.)4!@55/21F^!*56.+21F!/75!1556!G,*!/*)N54!=7245!G)+242/)/21F!=,*46=265!+,44)D,*)/2,1I!9N)24)D45!)/!7//Cfgg7PWRRWI===PI7CI+,@g51/5*C*2;5g6,=14,)6;g"1N2*,u#;'/6Eb'uQuK\u_:IC6GI!

YEN)*2151^!kI^!KVVKI!#,;/!D515G2/!);;5;;@51/!@5/7,6;!G,*!-"('I!`1/5*1)/2,1)4!"15*FE!9F51+E!9115S!K\^!-.24621F!)16!"15*FE!()1)F5@51/!'E;/5@;f!b;5*!X.26)1+5I!9`U#^!#,N51/*E^!b[I!

`"9^!PWW\)I!"15*FE!B5+71,4,FE!?5*;C5+/2N5;!PWW\f!'+51)*2,;!)16!;/*)/5F25;!/,!PWQWI!`1/5*1)/2,1)4!"15*FE!9F51+E^!?)*2;I!

`"9^!PWW\DI!<,*46!"15*FE!$./4,,L!PWW\^!`1/5*1)/2,1)4!"15*FE!9F51+E^!?)*2;I!

`@C*,N21F!"15*FE!?5*G,*@)1+5!21!#)1)6)I!:5C,*/!/,!?)*42)@51/!.165*!/75!"15*FE!"GG2+251+E!9+/I!9N)24)D45!)/!7//Cfgg===I,55I1*+)1IF+I+)g+,*C,*)/5g;/)/2;/2+;g15.6g6C)g6)/)u5g?)*42)@51/WPuWRg?)*42)@51/WPuWRIC6G!!

`Bb!B545+,@@.12+)/2,1!>5N54,C@51/!'5+/,*!`#B!)CC42+)/2,1;!)16!+ED5*;5+.*2/E!62N2;2,1!?,42+25;!)16!'/*)/5F25;!>5N54,C@51/!`#B;!G,*!"O"1N2*,1@51/!KT!9C*24!PWWT!>:9%BI!

`B9#I!`B9#!C,;2/2,1!C)C5*^!k)1.)*E!\^!PWWRI!B75!2;;.5f!`11,N)/2,1^!21G,*@)/2,1!/5+71,4,FE^!)16!+42@)/5!+7)1F5I!9N)24)D45!)/!7//Cfgg===I2/)+I+)g9*+72N5g"O#,@@5*+5gWRk)1\B75`;;.5`11,N)/2,1`1G,*@)/2,1B5+71,4,FE)16#42@)/5#7)1F5I7/@.!

k5421;L2!_I!<I^!X*)5654!BI"I^!_).62;5!:I!9I^!(+#)44!>I!<I^!)16!?)/54!#I![I!AI^!d`16.;/*2)4!"+,4,FEf!#,1+5C/;!)16!9CC*,)+75;^e!F&%39,[0.#9,O3059,J3(9,XJO!TV3R8fZVROZVZ!3KVVP8I!9N)24)D45!,1!7//Cfgg===IC1);I,*Fg+F2g*5C*21/gTVgRgZVRI!!

[*)C@525*^!YI^!)16!"I!>*y;;45*!356;I8^!PWWKI!#"?Y"b'f!_2N21F!+,@G,*/!=2/7,./!75)/21FI!'C*21F5*OU5*4)F^!U2511)^!KRV!CCI!

B5N5*@,*5^! XIkI^! PWWWI! -.24621F! 515*FE! @)1)F5@51/! ;E;/5@;a! )CC42+)/2,1! /,! 4,=O515*FE! YU9#! )16!1)/.*)4!N51/24)/2,1!+,1/*,4I!'5+,16!562/2,1I!"j%A!'C,1^!B)E4,*!j!%*)1+2;!X*,.C^!_,16,1I!

?5*;;,1^!5/!)4I^!PWWWI!%./.*5!#$P!;)N21F;!G*,@!,1O4215!;7,CC21F!c5,C)*62;56!DE!D)6!C4)1121FI!9N)24)D45!)/!7//Cfgg===I;+)1)@5*2+)I15/g===gG/Cg"O"GG_,F2;/2+;'=5651IC6GI!!

?*2+5^!_I^!'I!65!4)!:.5!6.!#)1^!kI!'21/,1^!"I!<,**544^!AI!s7,.^!kI!')/7)E5^!)16!(I!_5N215^!PWW\I!'5+/,*)4!/*516;! 21! F4,D)4! 515*FE! .;5! )16! F*5517,.;5! F);! 5@2;;2,1;I! _-A_OQ\KJJ^! _)=*51+5! -5*L545E! A)/2,1)4!_)D,*)/,*E^!-5*L545E^!#9I!

:)4C7!X)E^!5/!)4I^!PWWQI!(,654421F!C)*)62F@!G,*!/75!51N2*,1@51/)4!2@C)+/;!,G!/75!62F2/)4!5+,1,@EI!k,.*1)4!,G!,*F)120)/2,1)4!)16!545+/*,12+!+,@@5*+5!3PWWQ8!\KMTPI!

:2+7)*6!'/)*L5E!)16![5N21!9165*;,1I!>,@5;/2+!/*)6)D45!].,/);f!9!C,42+E!21;/*.@51/!G,*!*56.+21F!F*5517,.;5!F);!5@2;;2,1;!G*,@!515*FE!.;5I!9N)24)D45!)/!7//Cfgg===I/E16)44I)+I.Lg*5;5)*+7g/75@5PgG21)4u*5C,*/;g/RuPPIC6GI!

!

! ZZ

:,@@^!KVVVI!B75!`1/5*15/!"+,1,@E!)16!X4,D)4!<)*@21Ff!9!'+51)*2,!,G!/75!`@C)+/!,G!"O+,@@5*+5!,1!"15*FE!)16!/75!"1N2*,1@51/I!B75!#51/5*!G,*!"15*FE!)16!#42@)/5!',4./2,1;^!9!62N2;2,1!,G!B75!X4,D)4!"1N2*,1@51/!)16!B5+71,4,FE!%,.16)/2,1I!9N)24)D45!)/!7//Cfgg===ICPC)E;I+,@g*5GgWJgWRZTJI7/@I!!!

:,@@^!PWWKI!B75!`1/5*15/!"+,1,@E!)16!X4,D)4!<)*@21Ff!9!'+51)*2,!,G!/75!`@C)+/!,G!"O+,@@5*+5!,1!"15*FE!)16!/75!"1N2*,1@51/I!#51/5*!G,*!"15*FE!)16!#42@)/5!',4./2,1;!3#"#'8!

:,@@^!k,;5C7^!PWWPI!B75!21/5*15/!)16!/75!15=!515*FE!5+,1,@Ef!:5;,.*+5;^!+,1;5*N)/2,1^!)16!*5+E+421F!R\!3PWWP8!KVZMPKWI!!

:,/7^![I<I^!%I!X,46;/521^!)16!kI![4521@)1^!PWWPI!"15*FE!+,1;.@C/2,1!DE!,GG2+5!)16!/545+,@@.12+)/2,1;!5].2C@51/!21!+,@@5*+2)4!D.24621F;I!U,4.@5!Kf!"15*FE!#,1;.@C/2,1!-);54215^!9*/7.*!>I!_2//45^!`1+I^!#)@D*26F5!3(98^!PWK!CCI!7//Cfgg===I55*5I515*FEIF,NgD.24621F;g!21G,g6,+.@51/;gC6G;g,GG2+5u/545+,@ON,4KuG21)4IC6G!

:,E^!kI^!%242)/*).4/^!?I!KVVTI!dB75!2@C)+/!,G!15=!D.;215;;!C*)+/2+5;!)16!21G,*@)/2,1!/5+71,4,F25;!,1!D.;215;;!)2*O/*)N54!65@)16Ie!S%/&)0#,%4,O(&,!&0)2;%&.,E0)0*"1").!Jf!ZZOT\I!!

'+,//!()//75=;!5/!)4I^!PWWP!"15*FE!2@C42+)/2,1;!,G!,14215!D,,L!*5/)2421F!21!/75!b'!)16!k)C)1I!"1N2*,1@51/)4!`@C)+/!9;;5;;@51/!:5N25=^!JVROQWZI!

'22L)N2*/)!5/!)4I^!PWWR!"GG5+/;!,G!"O#,@@5*+5!,1!X*5517,.;5!X);!"@2;;2,1;f!9!#);5!'/.6E!,G!X*,+5*E!Y,@5!>542N5*E!21!%214)16I!

',**544!'/5N5I!b[":#^!PWWZI!B75!*5D,.16!5GG5+/!L5E!2;;.5;^!@)21!G21621F;I!?*5;51/56!$+/,D5*!RK^!PWWZ^!)/!/75!"15*FE!`1;/2/./5^!_,16,1I!

'C5*421F^!>I^!)16!>I!')4,1^!PWWPI!B*)1;C,*/)/2,1!21!65N54,C21F!+,.1/*25;f!91!,N5*N25=!,G!F*5517,.;5!F);!*56.+/2,1!;/*)/5F25;I!?5=!#51/5*!,1!X4,D)4!#42@)/5!#7)1F5^!9*421F/,1^!JW!CCI!

B)L)7);72![)0.5^!PWWTI!:5D,.16!5GG5+/;!,G!N265,+,1G5*51+5!21!62GG5*51/!+,.1/*25;I!ABB!"15*FE!)16!"1N2*,1@51/!'E;/5@;!_)D,*)/,*25;^!ABB!#,*C,*)/2,1I!

B54;/*)^!PWWZI![)*4!()44,1!5/!)4I!B,=)*6;!)!72F7OD)16=26/7^!4,=O+)*D,1!G./.*5I!9N)24)D45!)/!7//Cfgg===I/54;/*)I+,@I).g)D,.//54;/*)g+;*g6,+;g+42@)/5uG.44u*5C,*/IC6GIC6GI!!

b[!$GG2+5!G,*!A)/2,1)4!'/)/2;/2+;^!PWWQI!\07%/&,E0&'".,!&")52!KKR3KW8f!JWQOJR\I!9N)24)D45!)/!

7//Cfgg===I;/)/2;/2+;IF,NI.Lg6,=14,)6;g/75@5u4)D,.*g_(Bu$+/WQIC6GI!

<,*46)/<,*LI!PWWZI!!"#"$%&',!&")5#()"2,4%&,KLLN9,9N)24)D45!)/!7//Cfgg===I=,*L21FG*,@)1E=75*5I,*Fg15=;gB*5164215;uPWW\IC6GI!,

&.6L51^!k,54^!!PWWZI!9;;5;;21F!/75!?,/51/2)4!,G!`1G,*@)/2,1!B5+71,4,FE!9CC42+)/2,1;!/,!"1)D45!"+,1,@E!<7245!"15*FE!"GG2+251+E!X)21;^!Y2F7!:,)6!'/*)/5F25;I!9!*5C,*/!G,*!/75!9@5*2+)1!#,.1+24!G,*!)1!"15*FEO"GG2+251/!"+,1,@E^!<);721F/,1^!>#I!

!

!

!