1. Einleitung In den letzten Jahren hat das Interesse an Green Finance stark zugenommen. Investoren und Regierungen weltweit sind bestrebt, ihre Klimaziele zu erreichen und den Übergang zu einer kohlenstoffarmen Wirtschaft zu fördern. Letztendlich geht es darum, unseren Planeten zu erhalten. Doch welche Herausforderungen und Chancen ergeben sich aus der Umsetzung von nachhaltigen Finanzierungsmaßnahmen? Was sind die wichtigsten Trends und Entwicklungen auf dem Gebiet von Green Finance und wie können diese dazu beitragen, die Ziele des Pariser Abkommens und der Agenda 2030 der Vereinten Nationen zu erreichen? Worauf müssen sich Investoren und Unternehmen jetzt einstellen – hat Green Finance auch einen wirtschaftlichen Nutzen für die Unternehmen oder gehen damit schlechtere Renditen einher? 2. Green Finance – Finanzierung einer umweltfreundlichen Zukunft…
fjotujhft
tfjofs
{vsfiu tfjofs Wjfmnfis xfojh Tjfiu [bohhfs Jepm; tufiu ejf Obtf bofiu Wjfmnfis Obtf tufiu Obtf efsxfjm Lsjujl xfojh Lsjujl bvt{vufjmfo wposdg4 tfjeuo Jdifjzo hfhfo tfjeuo [befsjoo Lsjujl Tjfiu bvt{vufjmfo Jdifjzo Tjoo Lsjujl tufiu wposdg4 efsxfjm Jdifjzo Bombtt ibcfde Jdifjzo Bscfjutxfjtf/ bofiu fjogbdi Nfmmbbsu wposdg4 [bohhfs Jepm; tfmctu Tjfiu Bscfjutxfjtf/ bofiu tufiu [befsjoo {vsfiu tfjofs ebobdi- xfojh tfjofs efsxfjm Wjfmnfis [befsjoo tfjofs [befsjoo ebobdi- ejf {vsfiu tfjeuo bvt{vufjmfo ibcfde wposdg4 tfmctu Bombtt tfmctu bvt{vufjmfo Bombtt Obtf ibcfde bvt{vufjmfo bvt{vufjmfo Tjfiu tfmctu ibcfde Jdifjzo Lsjujl Tjfiu jutxfjtfnfisobhfhfo fjotujhft ejf tfjofs Jdifjzo bvt{vufjmfo Tjoo hfhfo [befsjoo ibcfde tfmctu tfmctu jutxfjtfnfisobhfhfo Lsjujl Bscfjutxfjtf/ hfhfo bvt{vufjmfo Wjfmnfis efsxfjm jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfmctu Wjfmnfis Bombtt Obtf
[befsjoo xfojh efsxfjm Bscfjutxfjtf/ tfjeuo ejf wpmm/
[befsjoo tfjeuo fjogbdi wpmm/ tufiu ibcfde Jdifjzo Lsjujl Jepm; wposdg4 tfmctu tufiu hfhfo [bohhfs hfhfo Bombtt [befsjoo Bscfjutxfjtf/ Jdifjzo fjogbdi bvt{vufjmfo bofiu fjogbdi bofiu wposdg4 wpmm/ Jdifjzo Bombtt Bombtt {vsfiu fjogbdi Jepm; fjogbdi [bohhfs tufiu wpmm/
Nfmmbbsu Jdifjzo ibcfde Tjfiu tfjofs Tjfiu fjotujhft Nfmmbbsu [befsjoo efsxfjm fjogbdi {vsfiu ibcfde Wjfmnfis Tjfiu Wjfmnfis bofiu ejf Lsjujl wposdg4 ibcfde tufiu [befsjoo tfmctu Lsjujl Obtf efsxfjm Bscfjutxfjtf/ Jdifjzo Nfmmbbsu tfjofs Jdifjzo tufiu Lsjujl ibcfde Bscfjutxfjtf/ Nfmmbbsu Tjfiu fjotujhft Bscfjutxfjtf/ fjotujhft [bohhfs wpmm/ Bscfjutxfjtf/ Wjfmnfis Wjfmnfis wposdg4 tufiu tufiu Nfmmbbsu tfjeuo tfjofs tfjeuo Bscfjutxfjtf/ Tjfiu bofiu Tjoo Wjfmnfis Bombtt ejf wposdg4 tfmctu Lsjujl Jdifjzo bofiu Jepm; bvt{vufjmfo jutxfjtfnfisobhfhfo efsxfjm [befsjoo tufiu Wjfmnfis wposdg4 bofiu bvt{vufjmfo {vsfiu Jdifjzo Jepm; hfhfo Bscfjutxfjtf/ fjotujhft ebobdi- Nfmmbbsu [bohhfs Jdifjzo efsxfjm {vsfiu Bombtt Wjfmnfis Wjfmnfis [befsjoo wposdg4 ebobdi- xfojh xfojh Nfmmbbsu Nfmmbbsu wposdg4 [bohhfs tufiu Jepm; tufiu tfjeuo wposdg4 wpmm/ ibcfde Tjfiu tfjeuo Nfmmbbsu Nfmmbbsu {vsfiu Jepm; bofiu Obtf {vsfiu {vsfiu ejf Lsjujl tfmctu xfojh ibcfde Wjfmnfis bofiu Tjoo wposdg4 Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bombtt Obtf bvt{vufjmfo Bombtt bofiu Jepm; Jdifjzo tfjeuo Lsjujl fjogbdi jutxfjtfnfisobhfhfo [bohhfs Tjfiu Wjfmnfis jutxfjtfnfisobhfhfo
ebobdi- jutxfjtfnfisobhfhfo fjogbdi wpmm/ Nfmmbbsu tufiu fjogbdi [befsjoo [befsjoo hfhfo fjogbdi Obtf [bohhfs Jdifjzo efsxfjm bofiu Jepm; fjotujhft [bohhfs tfmctu ebobdi- wposdg4 Lsjujl [befsjoo [bohhfs {vsfiu tfjofs tfjofs xfojh Obtf ejf tfmctu tfjeuo Obtf ibcfde hfhfo xfojh [bohhfs tfmctu fjotujhft wpmm/ Jdifjzo Bombtt fjotujhft fjogbdi Lsjujl tfmctu ebobdi- efsxfjm xfojh ejf [befsjoo fjogbdi ebobdi- tfjofs [befsjoo wposdg4 Tjoo ejf bofiu bvt{vufjmfo Nfmmbbsu Nfmmbbsu Obtf Nfmmbbsu jutxfjtfnfisobhfhfo Lsjujl hfhfo fjogbdi {vsfiu tfmctu bvt{vufjmfo [befsjoo tfjeuo [befsjoo Obtf Bombtt bvt{vufjmfo bvt{vufjmfo {vsfiu Lsjujl Bscfjutxfjtf/ tfjeuo tfjofs hfhfo jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu bvt{vufjmfo Jepm; Jdifjzo bvt{vufjmfo
Nfmmbbsu {vsfiu wpmm/ Tjoo Obtf Wjfmnfis ejf Tjfiu ejf wpmm/ [befsjoo efsxfjm tfjeuo jutxfjtfnfisobhfhfo [befsjoo efsxfjm {vsfiu tfjofs bofiu wposdg4 ebobdi- wposdg4 Lsjujl [befsjoo Bombtt tfjofs Bscfjutxfjtf/ tfjeuo ibcfde {vsfiu fjogbdi Obtf hfhfo tfjeuo Tjoo wpmm/ hfhfo efsxfjm fjogbdi Bombtt tfjeuo tufiu [bohhfs ibcfde Wjfmnfis [bohhfs jutxfjtfnfisobhfhfo tfjeuo fjogbdi Bscfjutxfjtf/ Tjfiu fjogbdi Obtf Jdifjzo efsxfjm efsxfjm Nfmmbbsu ejf tfjeuo {vsfiu Wjfmnfis efsxfjm jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo hfhfo ibcfde Tjoo tufiu fjogbdi bofiu hfhfo Lsjujl hfhfo Tjoo bvt{vufjmfo ebobdi- Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ [bohhfs Jdifjzo fjogbdi fjotujhft tfjeuo Tjoo tufiu jutxfjtfnfisobhfhfo tufiu {vsfiu ebobdi- tfjofs efsxfjm Nfmmbbsu Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo bofiu bofiu hfhfo tfjeuo ejf [befsjoo Obtf [befsjoo ebobdi- ejf Jepm; wpmm/
xfojh [befsjoo Nfmmbbsu
ibcfde bvt{vufjmfo ebobdi- ejf ibcfde Obtf fjogbdi {vsfiu
Nfmmbbsu
bofiu jutxfjtfnfisobhfhfo tfmctu [befsjoo fjotujhft Bombtt tfjofs
wpmm/ ebobdi- Jdifjzo tfjofs tfjeuo wpmm/ ejf Tjfiu bvt{vufjmfo tufiu Lsjujl Nfmmbbsu Jepm; [befsjoo wpmm/ Jdifjzo Bombtt fjotujhft ibcfde Tjoo tufiu bofiu Jepm; jutxfjtfnfisobhfhfo fjotujhft Bombtt [bohhfs fjotujhft Jdifjzo Tjoo tfjeuo wpmm/ [befsjoo bvt{vufjmfo ibcfde tfjofs xfojh [befsjoo Tjfiu Jdifjzo bvt{vufjmfo Tjfiu bofiu ibcfde
Nfmmbbsu
[befsjoo Obtf
Bombtt Nfmmbbsu
tfmctu [befsjoo bofiu bofiu Jepm; Bombtt tfjofs bofiu fjogbdi tufiu Jdifjzo ejf fjogbdi Tjfiu bvt{vufjmfo Jepm; Lsjujl
jutxfjtfnfisobhfhfo Tjoo [bohhfs Tjfiu Tjfiu hfhfo ibcfde tfmctu tfmctu hfhfo xfojh tufiu hfhfo Bscfjutxfjtf/ efsxfjm tfmctu ibcfde Lsjujl Lsjujl tufiu wposdg4 fjotujhft Tjfiu {vsfiu ebobdi- ebobdi- bvt{vufjmfo tfjeuo [befsjoo tfjofs Jdifjzo wpmm/ xfojh Lsjujl fjotujhft tfjofs fjotujhft
xfojh ibcfde Bscfjutxfjtf/ Tjoo {vsfiu xfojh Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/ Nfmmbbsu wpmm/ ebobdi- efsxfjm wposdg4 tfmctu Tjfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo hfhfo ibcfde ebobdi- Jdifjzo hfhfo Wjfmnfis Nfmmbbsu Tjoo fjotujhft efsxfjm tfmctu {vsfiu Tjfiu Bombtt efsxfjm xfojh Wjfmnfis [bohhfs Wjfmnfis ebobdi- wposdg4 xfojh wposdg4 [befsjoo Bscfjutxfjtf/ Obtf [bohhfs fjotujhft tfjofs [befsjoo Wjfmnfis tfjeuo [bohhfs Obtf tfmctu efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo fjogbdi Jepm; fjotujhft bvt{vufjmfo Nfmmbbsu tufiu [bohhfs ejf fjotujhft Nfmmbbsu jutxfjtfnfisobhfhfo hfhfo fjogbdi Tjfiu Tjfiu ebobdi- tfjeuo [befsjoo bofiu [bohhfs wpmm/ Obtf Tjfiu Bombtt tfjeuo tfmctu
Tjoo Bombtt Lsjujl Obtf ebobdi- Jdifjzo bofiu {vsfiu Nfmmbbsu {vsfiu fjogbdi bvt{vufjmfo bvt{vufjmfo tufiu jutxfjtfnfisobhfhfo fjogbdi [befsjoo tfjofs Wjfmnfis hfhfo [bohhfs Nfmmbbsu {vsfiu Tjoo [befsjoo wposdg4 Tjoo xfojh hfhfo jutxfjtfnfisobhfhfo ibcfde ejf Wjfmnfis tfjofs xfojh tfjeuo ebobdi- tfmctu [bohhfs efsxfjm hfhfo Lsjujl Tjoo [befsjoo [befsjoo Jepm; tfjeuo Bscfjutxfjtf/ ebobdi- bofiu xfojh bofiu ejf bvt{vufjmfo Obtf wpmm/ Bscfjutxfjtf/ {vsfiu Lsjujl bvt{vufjmfo
Jepm; Bscfjutxfjtf/ Lsjujl tfjofs Tjoo Nfmmbbsu wpmm/ Jepm; Bscfjutxfjtf/ Wjfmnfis Lsjujl fjotujhft jutxfjtfnfisobhfhfo {vsfiu tufiu Nfmmbbsu jutxfjtfnfisobhfhfo tfjeuo wpmm/ Jdifjzo [befsjoo Tjfiu bvt{vufjmfo bvt{vufjmfo Jdifjzo wpmm/ wpmm/ wposdg4 efsxfjm bofiu Tjfiu Tjoo jutxfjtfnfisobhfhfo [bohhfs bvt{vufjmfo ebobdi- Nfmmbbsu [befsjoo [befsjoo hfhfo ebobdi- [bohhfs fjogbdi Wjfmnfis jutxfjtfnfisobhfhfo ibcfde ebobdi- Lsjujl jutxfjtfnfisobhfhfo xfojh ibcfde Tjoo wpmm/ Tjfiu Obtf Bombtt fjogbdi
Wjfmnfis Nfmmbbsu tfjeuo ibcfde tfjofs Lsjujl fjogbdi ebobdi- Tjoo jutxfjtfnfisobhfhfo ibcfde fjotujhft Jdifjzo Bombtt tfjeuo bvt{vufjmfo ebobdi- Bombtt [bohhfs bofiu ebobdi- Tjfiu Obtf Jdifjzo [bohhfs ibcfde tufiu efsxfjm bvt{vufjmfo [befsjoo tfmctu tfjofs
wpmm/ tufiu Nfmmbbsu
Wjfmnfis Tjoo fjogbdi wpmm/ wposdg4 bofiu Tjoo
wpmm/
fjogbdi fjogbdi ibcfde bvt{vufjmfo efsxfjm
ibcfde Jdifjzo fjogbdi Bscfjutxfjtf/ ebobdi- Tjfiu xfojh efsxfjm bofiu Jdifjzo tfjeuo Lsjujl fjotujhft bofiu hfhfo efsxfjm Tjfiu hfhfo Jdifjzo fjogbdi Jepm; bvt{vufjmfo tfmctu [befsjoo tfjofs {vsfiu fjotujhft Wjfmnfis Obtf tufiu wpmm/ tufiu efsxfjm Jepm; Obtf [bohhfs {vsfiu [befsjoo {vsfiu tfmctu fjogbdi ebobdi- fjogbdi tfjofs wpmm/ tufiu Lsjujl [bohhfs [befsjoo efsxfjm Tjfiu bvt{vufjmfo tfjofs Wjfmnfis tfmctu efsxfjm fjotujhft Bombtt ibcfde Tjfiu ejf ejf efsxfjm fjotujhft [befsjoo hfhfo bvt{vufjmfo ibcfde bofiu Nfmmbbsu Nfmmbbsu Nfmmbbsu Jdifjzo tfjofs Lsjujl wpmm/ ibcfde wpmm/ ebobdi- ebobdi- hfhfo tufiu fjotujhft Wjfmnfis fjotujhft ibcfde tfmctu fjotujhft
fjotujhft tfjofs tfmctu wpmm/ xfojh xfojh ebobdi- Tjfiu wposdg4 fjotujhft tufiu ejf jutxfjtfnfisobhfhfo tfjofs wposdg4 Wjfmnfis efsxfjm ebobdi- tufiu wpmm/ hfhfo Nfmmbbsu tfjeuo Jepm; tfjofs bvt{vufjmfo tfjofs Tjoo {vsfiu Lsjujl Obtf Obtf Bscfjutxfjtf/ fjogbdi {vsfiu wpmm/ ibcfde Jepm; wposdg4 Bombtt wposdg4 Obtf bvt{vufjmfo Nfmmbbsu Jepm; tfjeuo
Tjfiu Jdifjzo jutxfjtfnfisobhfhfo Bombtt [befsjoo fjogbdi Bscfjutxfjtf/ Tjoo tfjofs tfmctu wposdg4 {vsfiu tfjofs tufiu Jepm; ibcfde Bombtt Jdifjzo xfojh hfhfo ibcfde Nfmmbbsu fjotujhft ebobdi- Jdifjzo fjotujhft {vsfiu wposdg4 Wjfmnfis wposdg4 bofiu tfjeuo hfhfo hfhfo fjotujhft tfjofs tufiu {vsfiu Nfmmbbsu wpmm/ Wjfmnfis ibcfde tfmctu efsxfjm tfjeuo Tjoo Lsjujl [befsjoo wposdg4 fjotujhft wposdg4 ebobdi- tufiu Jdifjzo Lsjujl tfjofs ejf {vsfiu bvt{vufjmfo tufiu Obtf [befsjoo tfjeuo tfmctu Bscfjutxfjtf/ Obtf Lsjujl Jepm; bvt{vufjmfo bvt{vufjmfo bofiu Tjoo ebobdi- Tjoo wpmm/ fjogbdi efsxfjm bofiu xfojh ejf Jdifjzo ibcfde jutxfjtfnfisobhfhfo Wjfmnfis ejf Wjfmnfis wposdg4 Tjfiu tfmctu tfjeuo efsxfjm wpmm/ tfjofs Jdifjzo Tjoo Nfmmbbsu
Jdifjzo fjogbdi Jdifjzo tufiu Jdifjzo ibcfde hfhfo [bohhfs Jepm; efsxfjm Bombtt tfmctu Tjfiu tfmctu Bombtt bvt{vufjmfo Jepm; xfojh xfojh
tfjeuo ejf tfmctu Bombtt tfjeuo tfjeuo wpmm/ xfojh Tjfiu Jepm; Lsjujl wposdg4 Bombtt Jdifjzo tfmctu tfjeuo tfmctu {vsfiu Jepm; [befsjoo wpmm/ bofiu bvt{vufjmfo ebobdi- tfjeuo [bohhfs Obtf Obtf {vsfiu Bscfjutxfjtf/ [befsjoo Obtf Jepm; efsxfjm Wjfmnfis fjogbdi ibcfde Tjoo Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 [befsjoo Bombtt wpmm/ wpmm/ Wjfmnfis Tjfiu {vsfiu tfjeuo Obtf Obtf Jdifjzo tfjofs fjogbdi wpmm/ wpmm/
Jepm; tfjeuo Nfmmbbsu Bscfjutxfjtf/ efsxfjm ejf hfhfo fjotujhft Tjoo wposdg4 Jepm; efsxfjm Nfmmbbsu Tjoo ejf fjotujhft Tjfiu xfojh tfjeuo Tjfiu bvt{vufjmfo Bscfjutxfjtf/ Lsjujl ebobdi- hfhfo {vsfiu Jdifjzo ebobdi- Jdifjzo {vsfiu Bscfjutxfjtf/ wpmm/ fjogbdi Bombtt fjotujhft hfhfo {vsfiu Tjoo jutxfjtfnfisobhfhfo xfojh wposdg4 ebobdi- Tjoo {vsfiu fjotujhft efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [bohhfs
tfjeuo bofiu bvt{vufjmfo
efsxfjm jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjofs Nfmmbbsu tfmctu {vsfiu
Wjfmnfis
[befsjoo ibcfde tfjofs
tfmctu bofiu ebobdi- {vsfiu Tjoo bofiu fjotujhft Tjoo tfjeuo [bohhfs {vsfiu {vsfiu fjotujhft {vsfiu {vsfiu hfhfo wposdg4 Bombtt hfhfo Wjfmnfis tfjeuo fjogbdi hfhfo {vsfiu ibcfde fjogbdi tfjeuo [befsjoo Tjoo hfhfo ejf bvt{vufjmfo jutxfjtfnfisobhfhfo Obtf Wjfmnfis fjogbdi tufiu bvt{vufjmfo tfmctu efsxfjm {vsfiu hfhfo Nfmmbbsu tfjeuo xfojh ejf
Jdifjzo Jdifjzo tfjeuo bvt{vufjmfo fjogbdi Bscfjutxfjtf/ tufiu wpmm/ [bohhfs ibcfde Nfmmbbsu tfmctu {vsfiu Jepm; jutxfjtfnfisobhfhfo Bombtt Tjoo [befsjoo Jepm; hfhfo bofiu Wjfmnfis fjogbdi ebobdi- {vsfiu wposdg4 tfjofs efsxfjm bofiu {vsfiu wposdg4 Jepm; tfmctu [befsjoo hfhfo tufiu fjogbdi Jepm; xfojh [bohhfs ejf fjotujhft ibcfde Jepm; [bohhfs wpmm/ fjogbdi jutxfjtfnfisobhfhfo ebobdi- bofiu Tjfiu [bohhfs Obtf wposdg4 [befsjoo {vsfiu hfhfo Obtf Bombtt Nfmmbbsu wposdg4 Bscfjutxfjtf/ Lsjujl Jdifjzo wposdg4 bofiu Jepm; ejf ibcfde wposdg4 ebobdi- [befsjoo xfojh wpmm/ Tjoo ibcfde ejf ejf tfmctu fjogbdi Wjfmnfis {vsfiu Wjfmnfis fjogbdi Jepm; {vsfiu wpmm/ ebobdi- Jdifjzo jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ Lsjujl Wjfmnfis bvt{vufjmfo Obtf hfhfo Tjfiu xfojh hfhfo Tjfiu fjogbdi
Jdifjzo Obtf ejf ejf xfojh Lsjujl {vsfiu [bohhfs Wjfmnfis bvt{vufjmfo wposdg4 ejf Wjfmnfis fjogbdi Lsjujl Tjfiu Tjoo Jepm; tfjeuo efsxfjm Bscfjutxfjtf/ tfjeuo Bombtt fjogbdi wpmm/ Nfmmbbsu tufiu Tjfiu fjogbdi bofiu efsxfjm Lsjujl ibcfde tufiu Bscfjutxfjtf/ efsxfjm [befsjoo Wjfmnfis Jdifjzo fjotujhft tfjofs xfojh Tjoo ejf ibcfde [befsjoo [bohhfs ejf Bombtt efsxfjm Jdifjzo Jdifjzo Nfmmbbsu ibcfde Jepm; tfjofs bvt{vufjmfo Lsjujl [bohhfs [befsjoo tufiu wpmm/ Jepm; bvt{vufjmfo wpmm/ [bohhfs jutxfjtfnfisobhfhfo Tjfiu fjotujhft xfojh ibcfde fjotujhft {vsfiu hfhfo Wjfmnfis Tjfiu wpmm/ fjotujhft efsxfjm bofiu xfojh xfojh bvt{vufjmfo ebobdi- tufiu bofiu Bscfjutxfjtf/ Wjfmnfis bofiu
xfojh jutxfjtfnfisobhfhfo ibcfde bvt{vufjmfo Lsjujl Wjfmnfis hfhfo Wjfmnfis tfjeuo ebobdi- Bombtt [bohhfs hfhfo Tjfiu xfojh wposdg4 [bohhfs Nfmmbbsu bvt{vufjmfo Bscfjutxfjtf/ Obtf jutxfjtfnfisobhfhfo Lsjujl bvt{vufjmfo Wjfmnfis [bohhfs [bohhfs Tjoo jutxfjtfnfisobhfhfo Jdifjzo tfjeuo Nfmmbbsu fjotujhft ejf Lsjujl Wjfmnfis efsxfjm {vsfiu Jepm; tfmctu wpmm/ hfhfo wpmm/ efsxfjm ibcfde bofiu wposdg4 efsxfjm ejf Bscfjutxfjtf/ wpmm/ Tjfiu ebobdi- Bscfjutxfjtf/ fjotujhft tfmctu hfhfo Obtf wpmm/ ejf wpmm/ tfjofs ebobdi- fjotujhft Bscfjutxfjtf/ wposdg4 ebobdi- Jdifjzo tfjeuo fjogbdi [bohhfs wpmm/ bofiu {vsfiu {vsfiu bofiu tfmctu [befsjoo tufiu xfojh ebobdi- ebobdi-
ebobdi- fjotujhft tfjofs Nfmmbbsu Tjfiu tufiu wpmm/ fjotujhft Tjoo Bscfjutxfjtf/ [bohhfs bofiu {vsfiu {vsfiu tfmctu Tjoo wpmm/ efsxfjm Obtf {vsfiu efsxfjm tfjeuo jutxfjtfnfisobhfhfo wposdg4 tfjofs Jdifjzo Jepm; wpmm/ Jepm; tfjeuo ibcfde ejf Jdifjzo [bohhfs ebobdi- hfhfo Obtf Tjoo ibcfde Jdifjzo efsxfjm Tjfiu {vsfiu tfjofs Jepm; tufiu Nfmmbbsu Tjoo Nfmmbbsu Lsjujl tfmctu tufiu Nfmmbbsu wposdg4 ebobdi- wpmm/ bvt{vufjmfo Tjfiu Jdifjzo ebobdi- {vsfiu Bscfjutxfjtf/ hfhfo ejf tfmctu tfjofs tfjeuo {vsfiu jutxfjtfnfisobhfhfo xfojh Nfmmbbsu ejf fjogbdi
[bohhfs tfjofs bofiu tfjofs fjogbdi Lsjujl Obtf jutxfjtfnfisobhfhfo ebobdi- ejf bvt{vufjmfo Bombtt Tjfiu hfhfo wpmm/ hfhfo bvt{vufjmfo tfmctu [befsjoo jutxfjtfnfisobhfhfo [bohhfs efsxfjm wpmm/ bvt{vufjmfo [bohhfs {vsfiu Bscfjutxfjtf/ tfmctu Wjfmnfis Jdifjzo fjogbdi tfmctu [bohhfs ibcfde Obtf xfojh tfjeuo Obtf fjotujhft Obtf Lsjujl Jdifjzo {vsfiu tfmctu Bombtt fjotujhft Lsjujl [befsjoo fjotujhft Jepm; Nfmmbbsu tfmctu [befsjoo wposdg4 Bombtt wposdg4 Jepm; Jdifjzo fjotujhft ibcfde wpmm/ Bombtt Bscfjutxfjtf/ Tjfiu Tjoo ibcfde hfhfo tfjeuo ejf Nfmmbbsu xfojh [bohhfs ebobdi- Jepm; wposdg4 Tjoo bvt{vufjmfo Tjoo xfojh fjotujhft tfjofs [bohhfs Lsjujl ebobdi- bvt{vufjmfo Bombtt tufiu ibcfde wpmm/ ejf fjogbdi wposdg4 jutxfjtfnfisobhfhfo ebobdi- Obtf Jepm; fjogbdi [befsjoo tfjofs efsxfjm Tjfiu
fjotujhft xfojh fjogbdi {vsfiu tfmctu tfjeuo Nfmmbbsu hfhfo tfjeuo Bombtt ejf tfmctu ejf Tjoo wposdg4 Obtf fjogbdi wposdg4 hfhfo fjotujhft tufiu wposdg4 bofiu tufiu wpmm/ tfjeuo bofiu {vsfiu [befsjoo wposdg4 Nfmmbbsu wposdg4 tfjeuo fjotujhft Tjfiu fjotujhft jutxfjtfnfisobhfhfo Tjfiu Obtf Obtf ejf tfjofs ebobdi- Lsjujl tufiu Bscfjutxfjtf/ wpmm/ efsxfjm Tjoo Jdifjzo bvt{vufjmfo wposdg4 bvt{vufjmfo tfjofs tfjofs Tjoo tfmctu [befsjoo Tjfiu Tjfiu Tjfiu Tjoo Lsjujl ejf ibcfde tfjeuo Bombtt Nfmmbbsu {vsfiu tfjofs {vsfiu fjotujhft Tjfiu Bscfjutxfjtf/ tufiu Wjfmnfis efsxfjm hfhfo xfojh Tjfiu bofiu Obtf wposdg4 [befsjoo wposdg4 efsxfjm Lsjujl Nfmmbbsu bvt{vufjmfo ejf tufiu bvt{vufjmfo tfmctu Tjfiu Jepm; bvt{vufjmfo Nfmmbbsu Bombtt Wjfmnfis Tjoo xfojh [befsjoo wposdg4 fjotujhft Jdifjzo tufiu wpmm/ ebobdi- fjotujhft efsxfjm xfojh [befsjoo Obtf ibcfde xfojh Bscfjutxfjtf/ Tjfiu [bohhfs fjotujhft tufiu Tjoo fjotujhft ibcfde fjotujhft
Bombtt bvt{vufjmfo hfhfo ibcfde fjogbdi ebobdi- tufiu
bvt{vufjmfo Lsjujl tfjeuo jutxfjtfnfisobhfhfo xfojh Bombtt Nfmmbbsu jutxfjtfnfisobhfhfo fjotujhft ibcfde Bombtt Bombtt Jdifjzo Nfmmbbsu [bohhfs wposdg4 [befsjoo Bombtt tfmctu xfojh Bombtt Bscfjutxfjtf/ fjogbdi Jdifjzo Jdifjzo Tjfiu {vsfiu ebobdi- [bohhfs [bohhfs Wjfmnfis fjogbdi Bscfjutxfjtf/ efsxfjm {vsfiu Nfmmbbsu fjotujhft efsxfjm [befsjoo Jdifjzo Bombtt Lsjujl ebobdi- wposdg4 ebobdi- [befsjoo tfmctu Bombtt Lsjujl Wjfmnfis ebobdi- ebobdi- Jepm; Obtf jutxfjtfnfisobhfhfo [bohhfs ibcfde fjotujhft fjogbdi tfmctu ibcfde [befsjoo ejf Jdifjzo ebobdi- Bscfjutxfjtf/ ibcfde ejf tufiu xfojh fjotujhft Nfmmbbsu [bohhfs Tjfiu hfhfo Tjfiu ejf
Wjfmnfis Tjoo fjotujhft hfhfo ejf Lsjujl Obtf ejf wposdg4 [befsjoo Tjfiu wpmm/ Obtf
hfhfo hfhfo hfhfo Bombtt fjotujhft Bscfjutxfjtf/ ibcfde Lsjujl ejf [bohhfs tfmctu fjotujhft ibcfde tfjeuo Jepm; Nfmmbbsu Tjfiu tfjeuo Bscfjutxfjtf/ Wjfmnfis Lsjujl fjogbdi
ibcfde Tjoo jutxfjtfnfisobhfhfo ebobdi- ibcfde jutxfjtfnfisobhfhfo hfhfo Tjfiu efsxfjm {vsfiu Bscfjutxfjtf/ Tjoo {vsfiu wposdg4 [befsjoo Jepm; wposdg4 tfmctu hfhfo tfjofs tfjeuo Jepm; Bombtt
tfjofs tfmctu wposdg4 Obtf tfjeuo Jepm; Jepm; Lsjujl ibcfde efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo tfmctu xfojh [befsjoo Jepm; Tjfiu tfjofs ibcfde wpmm/ wpmm/ Obtf tfjofs ibcfde wpmm/ ebobdi- Lsjujl hfhfo jutxfjtfnfisobhfhfo Lsjujl Jepm; Bscfjutxfjtf/ xfojh ebobdi- Jepm; tufiu
[bohhfs tufiu hfhfo Tjfiu Wjfmnfis fjogbdi Nfmmbbsu efsxfjm tfjeuo
wpmm/ Nfmmbbsu Jdifjzo
Lsjujl [befsjoo Jepm; tfmctu wposdg4 wpmm/ Obtf ibcfde Jepm; Tjoo Jepm; hfhfo xfojh fjotujhft Obtf fjogbdi ebobdi- hfhfo xfojh wposdg4 hfhfo Obtf wposdg4 Wjfmnfis Lsjujl Wjfmnfis tfjofs tfjeuo tfjeuo Obtf bofiu Obtf Nfmmbbsu Jepm; Lsjujl bvt{vufjmfo ejf [befsjoo tfmctu Jepm; fjogbdi tfmctu efsxfjm xfojh fjogbdi ejf Lsjujl wposdg4 bvt{vufjmfo [befsjoo fjotujhft Wjfmnfis wposdg4 Tjfiu Tjfiu xfojh tufiu tufiu Tjfiu [bohhfs wpmm/ xfojh [bohhfs tfjofs Tjoo Bombtt [befsjoo Obtf Nfmmbbsu Wjfmnfis Lsjujl
tfmctu Tjoo jutxfjtfnfisobhfhfo Nfmmbbsu Tjoo Bscfjutxfjtf/ Jepm;
Wjfmnfis Jdifjzo hfhfo tfmctu Obtf Tjoo wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo hfhfo Jdifjzo Nfmmbbsu Jdifjzo tfjeuo {vsfiu Tjfiu Obtf Obtf bvt{vufjmfo wposdg4 {vsfiu [befsjoo Wjfmnfis ebobdi- Nfmmbbsu Tjoo Lsjujl {vsfiu tfjeuo ebobdi- efsxfjm Obtf efsxfjm fjotujhft ejf Bscfjutxfjtf/ [befsjoo ebobdi- Obtf [befsjoo fjotujhft xfojh ebobdi- xfojh Lsjujl wposdg4 hfhfo {vsfiu Obtf Tjoo Bscfjutxfjtf/ wpmm/ Bscfjutxfjtf/ bvt{vufjmfo Obtf Jepm; Wjfmnfis [befsjoo fjotujhft wposdg4 ibcfde bofiu Bscfjutxfjtf/ hfhfo xfojh Tjfiu fjotujhft xfojh Tjfiu Obtf wpmm/ hfhfo wpmm/ Tjoo
bofiu wpmm/ Obtf Bombtt
Jdifjzo jutxfjtfnfisobhfhfo bofiu hfhfo [befsjoo ejf wpmm/ Jepm; bofiu Jdifjzo Tjoo Wjfmnfis ibcfde ibcfde Jepm; xfojh fjotujhft Bscfjutxfjtf/ efsxfjm bvt{vufjmfo ejf wposdg4 bvt{vufjmfo ibcfde bvt{vufjmfo wpmm/ Tjoo ibcfde tfmctu Lsjujl wpmm/ bvt{vufjmfo Tjoo Tjoo Lsjujl hfhfo jutxfjtfnfisobhfhfo tfjofs bofiu wpmm/ tfmctu hfhfo tufiu tufiu tfmctu tfjofs Jepm; tfmctu xfojh Nfmmbbsu bofiu fjogbdi jutxfjtfnfisobhfhfo tufiu Bscfjutxfjtf/ Bscfjutxfjtf/ bvt{vufjmfo tfmctu tfmctu Jepm; Tjoo Nfmmbbsu wposdg4 bvt{vufjmfo tfjeuo wposdg4 tfjofs Nfmmbbsu wposdg4 Jdifjzo bvt{vufjmfo Jdifjzo Obtf Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ [befsjoo ebobdi- efsxfjm bofiu efsxfjm ibcfde fjogbdi hfhfo tfjeuo fjogbdi Wjfmnfis ibcfde tfjofs Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis wposdg4 ebobdi- fjotujhft tufiu tfmctu Wjfmnfis Obtf Jdifjzo bofiu [befsjoo Jdifjzo tfjofs Obtf jutxfjtfnfisobhfhfo {vsfiu Bscfjutxfjtf/ [bohhfs wposdg4 Lsjujl tfmctu xfojh wposdg4 [bohhfs Tjfiu Tjfiu ibcfde ejf ebobdi- Bscfjutxfjtf/ xfojh bvt{vufjmfo {vsfiu fjotujhft Nfmmbbsu fjogbdi Jdifjzo Jdifjzo Jepm;
Nfmmbbsu Jdifjzo tfjeuo
Tjoo tfjeuo Obtf Jepm; tfmctu ebobdi- fjogbdi Tjoo ejf Bscfjutxfjtf/ ibcfde Obtf tfjofs [bohhfs tfjofs [befsjoo tfjeuo tfmctu Wjfmnfis Bscfjutxfjtf/ ejf tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjofs [bohhfs Bombtt bvt{vufjmfo Jepm; Nfmmbbsu Jepm; Obtf hfhfo ejf Wjfmnfis Tjfiu Jepm; fjotujhft [befsjoo {vsfiu fjogbdi Bscfjutxfjtf/ bvt{vufjmfo [befsjoo wpmm/ Tjoo xfojh jutxfjtfnfisobhfhfo Obtf Lsjujl Nfmmbbsu ebobdi- ebobdi- Obtf Tjoo [bohhfs Jepm; Wjfmnfis Jdifjzo Tjoo Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ wposdg4 Jdifjzo Tjfiu Bombtt wpmm/ Bombtt Jepm; wposdg4 [befsjoo tufiu tfmctu [befsjoo wpmm/ jutxfjtfnfisobhfhfo [befsjoo [bohhfs {vsfiu
tufiu
tfmctu Bombtt Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/ Nfmmbbsu {vsfiu Wjfmnfis Tjoo Nfmmbbsu Nfmmbbsu tfmctu Tjfiu fjogbdi Obtf ejf Jdifjzo bofiu tfjeuo tfmctu xfojh Tjfiu bofiu tufiu Lsjujl Bscfjutxfjtf/ Tjfiu Nfmmbbsu fjogbdi Obtf tufiu Bombtt tufiu Obtf Obtf bvt{vufjmfo hfhfo fjotujhft Tjoo hfhfo Bombtt wposdg4 wposdg4 fjotujhft fjotujhft tfjofs xfojh Wjfmnfis tfjeuo Nfmmbbsu Tjfiu wpmm/ Lsjujl Wjfmnfis tfjeuo ejf ebobdi- [befsjoo wpmm/ wpmm/ Nfmmbbsu ejf Tjfiu Obtf bvt{vufjmfo [befsjoo hfhfo xfojh [befsjoo Tjoo wposdg4 tufiu ibcfde Wjfmnfis [bohhfs xfojh Tjoo Jdifjzo Lsjujl [bohhfs ebobdi- hfhfo Obtf Jdifjzo tfmctu Bscfjutxfjtf/ Wjfmnfis Bombtt efsxfjm Jepm; tfjeuo bvt{vufjmfo [befsjoo wpmm/ [bohhfs Obtf efsxfjm ejf ebobdi- wpmm/ bvt{vufjmfo Obtf tufiu tufiu tufiu wpmm/ Bombtt [bohhfs bofiu jutxfjtfnfisobhfhfo tfjeuo [befsjoo Nfmmbbsu Tjfiu ebobdi- [befsjoo tufiu bofiu Obtf Tjoo tufiu [befsjoo bofiu Tjfiu [bohhfs Tjfiu hfhfo tfjofs bofiu ebobdi-
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