Risk/investment-driven transmission expansion planning with multiple scenarios

This study presents a new methodology based on risk/investment to solve transmission network expansion planning (TNEP) problem with multiple future scenarios. Three mathematical models related to TNEP problems considering multiple future generation and load scenarios are also presented. These models will provide planners with a meaningful risk assessment that enable them to determine the necessary funding for transmission lines at a permissible risk level. The results using test and real systems show that the proposed method presents better solutions compared with scenario analysis method. ©The Institution of Engineering and Technology 2013.

An assessment of the economic and social impacts of climate change on the tourism sector in the Caribbean

There are significant, fundamental changes taking place in global air and sea surface temperatures and sea levels. The Fourth Assessment Report of the Intergovernmental Panel on Climate Change noted that many of the warmest years on the instrumental record of global surface temperatures have occurred within the last twelve years, i.e. 1995-2006 (IPCC, 2007). The Caribbean tourism product is particularly vulnerable to climate change. On the demand side, mitigation measures in other countries – for example, measures to reduce the consumption of fossil fuels – could have implications for airfares and cruise prices and, therefore, for the demand for travel, particularly to long-haul destinations such as the Caribbean (Clayton, 2009). On the supply side, sea level rise will cause beaches to disappear and damage coastal resorts. Changes in the frequency and severity of hurricanes are likely to magnify that damage. Other indirect impacts on the tourism product include rising insurance premiums and competition for water resources (Cashman, Cumberbatch, & Moore, 2012). The present report has used information on historic and future Caribbean climate data to calculate that the Caribbean tourism climatic index (TCI) ranges from −20 (impossible) to +100 (ideal). In addition to projections for the Caribbean, the report has produced TCI projections for the New York City area (specifically, Central Park), which have been used as comparators for Caribbean country projections. The conditions in the source market provide a benchmark against which visitors may judge their experience in the tourism destination. The historical and forecasted TCIs for the Caribbean under both the A2 and B2 climate scenarios of the IPCC suggest that climatic conditions in the Caribbean are expected to deteriorate, and are likely to become less conducive to tourism. More specifically, the greatest decline in the TCI is likely to occur during the northern hemisphere summer months from May to September. At the same time, the scenario analysis indicates that home conditions during the traditional tourist season (December – April) are likely to improve, which could make it more attractive for visitors from these markets to consider ‘staycations’ as an alternative to overseas trips.

O plantio associado entre banana (Musa acuminata Cultivar Cavendish "Grande Naine") e feijão-de-porco (Canavalia ensiformis (L.) D. C.): uma avaliação agronômica dos efeitos da competição por água, nitrogênio e energia luminosa

Nas regiões de clima tropical, o monocultivo da banana vem causando conseqüências ambientais desastrosas e, muitas vezes, impedindo uma exploração continuada de uma mesma área. A redução do rendimento é devido principalmente as limitações físico-químicas do solo e a rápida degradação do sistema radicular, agravada pela ação de parasitas do solo (nematóides, fungos, etc.). Em virtude destas limitações, várias iniciativas vem sendo buscadas para a minimização das perdas agronômicas e ambientais, destacando-se o melhoramento e a modificação genética, e a associação deste cultivo com espécies leguminosas. Porém uma das grandes dificuldades de avaliarmos os novos sistemas de cultivo alternativos concentra-se na falta de referenciais agronômicos relacionados principalmente com o funcionamento de sistemas de cultivos associados, especialmente relacionados aos fatores e condições que interferem diretamente na definição do rendimento da espécie principal. O presente estudo testou , em campo experimental, o uso de plantas de serviço associada a bananeira e seus efeitos na produção de biomassa durante seu o ciclo vegetativo. Isto porque é durante esta fase que a bananeira constrói sua capacidade de reservas de fotoassimilados e, consequentemente, define o potencial de produção e enchimento dos frutos. Além do monocultivo, definiu-se mais duas parcelas associadas com o feijão-de- porco: 1) o plantio simultâneo das duas espécies e; 2) o plantio de feijão-de-porco e, após 2 meses, a introdução da banana. Além de acompanhamento semanal das parcelas, realizou-se, bimensalmente, coletas destrutivas de dados sobre produção de matéria seca, superfície foliar e análise nutricional das plantas. Após a análise agronômica da fase vegetativa, aplicou-se a modelização dos sistemas de cultivo estudados e comparou-se os possíveis cenários sobre o rendimento final da bananeira, além de outros indicadores sobre os fatores de crescimento das plantas. Após o acompanhamento dos 7 primeiros meses do ciclo vegetativo, concluiu-se que a data de estabelecimento da associação foi determinante para o sucesso do cultivo associado. Podemos destacar que a associação entre a bananeira e o feijão-de-porco não causou limitações na produção de biomassa (4,2 ton/ha), quando comparada com o monocultivo (4,5 ton/ha). A redução do número de capinas também foi um indicador animador deste sistema de cultivo alternativo. Por outro lado, quando a bananeira foi plantada 60 dias após a leguminosa, a mesma representou uma séria limitação na produção de biomassa (2,7 ton/ha). Esta limitação deveu-se ao estado de forte competição devido a agressividade com que o feijão-de-porco recobria toda a parcela e alcançando uma altura (74 cm) superior que a muda de banana (29 cm). Em relação a primeira parte da metodologia aplicada - o diagnóstico agronômico -, a mesma foi eficiente para a avaliação do ciclo vegetativo da associação estudada, ficando a necessidade da continuidade do acompanhamento do ciclo reprodutivo, para a confirmação dos resultados em termos de formação e produção de frutos. Na fase de modelização, chegou-se a uma leitura dos resultados próxima dos resultados obtidos no campo. Em termos de rendimento em frutos, o monocultivo com adubação (400 kg/ha de nitrogênio) e irrigação (133 mm) teve um aumento na ordem de 50% no rendimento final (28 ton/ha) Quando comparada com a parcela nas condições reais do experimento (19,6 ton/ha). Já o rendimento em frutos da associação, apresentou o mesmo resultado com e sem adubação e irrigação (16 ton/ha). No tocante a contrução dos cenários, confirmou-se novamente algumas das vantagens da associação, principalmente na redução da adubação nitrogenada aplicada nos sistemas convencionais de cultivo. Finalmente, podemos imaginar a construção de várias formas de testar e otimizar o uso destes sistemas associados (cenários). Porém, confirma-se que a construção de novos referenciais agronômicos sobre sistemas de cultivo mais complexos (os cultivos associados) torna-se ainda muito necessário para a realização de avaliações mais precisas sobre estas alternativas. E, com estes novos referenciais técnicos, podemos imaginar, a médio e longo prazo, alguns dos benefícios das leguminosas sobre as propriedades físico-químicas do solo cultivado (cobertura viva, adubo verde, redução de adventícias, etc) e sobre a manutenção do rendimento dos cultivos (adubação verde).

O relações-públicas como gestor da Startup de uma agência de comunicação

This paper presents a new field for professional Public Relations: startups. And this new alignment brings context and typology with the business public relations as an entrepreneur and manager of a communications agency. This new type of business, startups, with accelerated growth characteristics and high-risk investments, and alternative becomes simultaneously an opportunity to undertake innovative projects up and turn into a business. In this sense, the work part of the mix of innovation and diffusion of new ideas, with the capacity of Public Relations professional to adapt and work with many different sectors. Considering this context, the study seeks, finds that public relations professionals become essential for mediating the process of scenario analysis for the deployment of startups, and can be very useful in the case of managers and initiators the agency itself as a startup company offering a strategic advantage by combining management and communication

Relações públicas em uma nova perspectiva de atuação: empresas start-up

This paper presents a new playing field for the public relations professional: the start-ups. This new company, with characteristics of fast growth and high-risk investments, becomes an alternative and, at the same time, opportunity for innovative projects that turns from theory into real business, product or service. This way, the work starts on the context of innovation and spread of new ideas, so people can understand the importance of the promotion and study of new ways to market. Faced with this context, public relations professionals are becoming essential in the mediating process of scenario analysis for the implantation of start-ups, as well as the communication of innovation and insight in this new business environment

Comunicação pública e os interesses do cidadão: uma perspectiva de relações públicas

This Project aims to study and verify the importance of effective communication in public organizations, considering current factors such as globalization and new trends in the behavior of the individuals. The issue is relevant because of the need to understand the relationships between the public institution and the various interest groups and research development of new practices of Public Relations as regards their influence on the municipal level. In this context, we present the concept of city, communication, citizenship and participation, focusing on the integration of these elements in the concept of Public Communication. Thus, attem pts to develop the applicability of instruments involving these concepts through scenario analysis, making communication purposal to the prefecture of Laranjal Paulista

Relações Públicas e o processo de análise de cenários

This paper, result of a bibliographic review, documentary research and interview with a professional of public relations area (PR), presents a scenario analysis tool and the way how the public relations professional can use it. Are pointed some abilities and strategic skills of this professional that can actually enable him to the prospection, building and analyze of scenarios, from the perspective of relationship with the organization publics. The scenario analysis tool is a strategic way to make some decisions, being used to the analysis of junctures, that can back up organizations' actions and activities, considering possible future results, in other words, the consequences and the developments caused by certain organization attitude or stance. On the end of this paper, we present a propose of strategic plan to Public Relations, using a suggested use for the tool

Strategie di sviluppo sostenibile: studio e applicazione della metodologia di analisi degli scenari in campo agro-ambientale

L’obiettivo del lavoro svolto nell’ambito del ciclo di dottorato è stato quello dell’applicazione della metodologia di analisi degli scenari, nell’ottica dello studio e applicazione di un metodo di analisi integrato e multidisciplinare che consenta individuare strategie di sviluppo sostenibile in relazione alla questione indagata. Lo studio sviluppato nel corso del dottorato è stato impostato su presupposti forniti dalla Regione Toscana (in entrambi i casi di studio trattati), che ha finanziato, attraverso la sua Agenzia Regionale per lo Sviluppo e Innovazione in ambito Agricolo (ARSIA), due Progetti di ricerca volti all’individuazione di strategie di sviluppo sostenibile concernenti due tematiche di particolare interesse in ambito regionale: lo sviluppo di coltivazioni non-food (biocarburanti, biomasse da energia, biopolimeri, biolubrificanti, fibre vegetali, coloranti naturali, fitofarmaci di origine vegetale) e la valutazione della possibilità di coesistenza tra colture convenzionali (non Geneticamente Modificate) e colture GM, in relazione alla Raccomandazione della Commissione 2003/556/CE che afferma che deve essere garantita la coesistenza tra colture transgeniche, convenzionali e biologiche, ovvero che devono essere presenti le condizioni per cui ciascun metodo di coltivazione possa poter essere adottato e praticato in UE. La sostenibilità delle situazioni studiate è stata valutata fornendo informazioni non solo per la situazioni attuali, ma anche per possibili evoluzioni future, così come richiesto dai principi dello sviluppo sostenibile. A tal proposito, occorre applicare metodologie di analisi che consentano di poter identificare obiettivi strategici in funzione dei cambiamenti che potrebbero essere registrati, in corrispondenza dell’evolversi delle diverse situazioni nel tempo. La metodologia di analisi in grado di soddisfare questi requisiti può essere identificata nell’analisi di scenario (scenario analysis), che si configura come uno strumento di analisi strategica in grado di riassumere numerose informazioni e dati riferiti agli attori, agli obiettivi, agli strumenti, alle cause ed agli effetti indotti da un cambiamento che potrebbe essere provocato da uno o più fattori contemplati nel corso dell’analisi. Questo metodo di analisi rappresenta un’importante strumento di ausilio alla definizione di politiche e strategie, che si rende particolarmente utile nel campo della public choice, come dimostrato dalle applicazioni presentate nel corso del lavoro.

Incident cancer burden attributable to excess body mass index in 30 European countries

Excess adiposity is associated with increased risks of developing adult malignancies. To inform public health policy and guide further research, the incident cancer burden attributable to excess body mass index (BMI >or= 25 kg/m(2)) across 30 European countries were estimated. Population attributable risks (PARs) were calculated using European- and gender-specific risk estimates from a published meta-analysis and gender-specific mean BMI estimates from a World Health Organization Global Infobase. Country-specific numbers of new cancers were derived from Globocan2002. A ten-year lag-period between risk exposure and cancer incidence was assumed and 95% confidence intervals (CI) were estimated in Monte Carlo simulations. In 2002, there were 2,171,351 new all cancer diagnoses in the 30 countries of Europe. Estimated PARs were 2.5% (95% CI 1.5-3.6%) in men and 4.1% (2.3-5.9%) in women. These collectively corresponded to 70,288 (95% CI 40,069-100,668) new cases. Sensitivity analyses revealed estimates were most influenced by the assumed shape of the BMI distribution in the population and cancer-specific risk estimates. In a scenario analysis of a plausible contemporary (2008) population, the estimated PARs increased to 3.2% (2.1-4.3%) and 8.6% (5.6-11.5%), respectively, in men and women. Endometrial, post-menopausal breast and colorectal cancers accounted for 65% of these cancers. This analysis quantifies the burden of incident cancers attributable to excess BMI in Europe. The estimates reported here provide a baseline for future modelling, and underline the need for research into interventions to control weight in the context of endometrial, breast and colorectal cancer.

Aus der Krise lernen – Wirtschaftlichkeit durch Flexibilität und Wandlungsfähigkeit sichern

Flexible und wandelbare Fabrikstrukturen sind von hoher Bedeutung, wenn Produktionsstätten in einem turbulenten Umfeld langfristig wettbewerbsfähig bleiben sollen; darin sind sich Forschung und Praxis einig. Während der jüngsten weltweiten Wirtschaftskrise wurden Experten aus dem Airline-Catering-Umfeld befragt, wie Betriebe dieser Branche auf starke Veränderungen vorbereitet sind. Vorgespräche und Analysen des Autors legten die Vermutung nahe, dass diese Dienstleistungsbranche besonderen Flexibilitätsanforderungen unterliegt. Im Rahmen einer detaillierten Studie, deren Erkenntnisse in einer Dissertation zusammengefasst werden, sind Interviews mit Experten geführt worden. Aus den Ergebnissen der Interviews wurden Schlussfolgerungen auf erforderliche, flexible Materialflusstechniklösungen, im Speziellen Elektrohängebahnen (EHB), und bauliche Anpassungen nach dem „Konzept Internet der Dinge“ gezogen. Szenarioanalysen zu Wirtschaftlichkeits- und Risikoaspekten durchleuchteten die generierten Ansätze. Anschließend an die quantitative Analyse wurden die Ansätze ebenfalls durch eine qualitative Bewertung herkömmlichen Lösungen gegenübergestellt. Die aufgebaute Bewertungsmethode ist sowohl geeignet, um in zukünftigen Projekten die Entscheidung für oder gegen eine wandelbare Ausführung zu treffen, als auch andere Branchen auf die grundsätzliche Sinnhaftigkeit des Einsatzes wandelbarer Materialflusstechnik zu überprüfen.

Forest dynamics during the transition from the Oldest Dryas to the Bølling–Allerød at Gerzensee—a simulation study

The aim of this study was to explore potential causes and mechanisms for the sequence and temporal pattern of tree taxa, specifically for the shift from shrub-tundra to birch–juniper woodland during and after the transition from the Oldest Dryas to the Bølling–Allerød in the region surrounding the lake Gerzensee in southern Central Europe. We tested the influence of climate, forest dynamics, community dynamics compared to other causes for delays. For this aim temperature reconstructed from a δ18O-record was used as input driving the multi-species forest-landscape model TreeMig. In a stepwise scenario analysis, population dynamics along with pollen production and transport were simulated and compared with pollen-influx data, according to scenarios of different δ18O/temperature sensitivities, different precipitation levels, with/without inter-specific competition, and with/without prescribed arrival of species. In the best-fitting scenarios, the effects on competitive relationships, pollen production, spatial forest structure, albedo, and surface roughness were examined in more detail. The appearance of most taxa in the data could only be explained by the coldest temperature scenario with a sensitivity of 0.3‰/°C, corresponding to an anomaly of − 15 °C. Once the taxa were present, their temporal pattern was shaped by competition. The later arrival of Pinus could not be explained even by the coldest temperatures, and its timing had to be prescribed by first observations in the pollen record. After the arrival into the simulation area, the expansion of Pinus was further influenced by competitors and minor climate oscillations. The rapid change in the simulated species composition went along with a drastic change in forest structure, leaf area, albedo, and surface roughness. Pollen increased only shortly after biomass. Based on our simulations, two alternative potential scenarios for the pollen pattern can be given: either very cold climate suppressed most species in the Oldest Dryas, or they were delayed by soil formation or migration. One taxon, Pinus, was delayed by migration and then additionally hindered by competition. Community dynamics affected the pattern in two ways: potentially by facilitation, i.e. by nitrogen-fixing pioneer species at the onset, whereas the later pattern was clearly shaped by competition. The simulated structural changes illustrate how vegetation on a larger scale could feed back to the climate system. For a better understanding, a more integrated simulation approach covering also the immigration from refugia would be necessary, for this combines climate-driven population dynamics, migration, individual pollen production and transport, soil dynamics, and physiology of individual pollen production.

Gobernar la complejidad urbana desde la sostenibilidad. Evaluación del gobierno de la gestión visible utilizando indicadores de gobernanza (Venezuela)

Se evalúa con indicadores de gobernanza urbana la sostenibilidad de las formas de hacer ciudad hibrida compleja del gobierno de la gestión visible (GGV). Argumenta que el GGV hace ciudad para legitimarse por desempeño y fortalecer la gobernanza local, en un contexto de mutaciones múltiples y radicales que tienden a diluir y centralizar el poder local y fractalizar la ciudad, profundizando la segregación sociopolítica-territorial y la ingobernabilidad genética de la ciudad hibrida, poniendo en riesgo el Estado federal descentralizado, el derecho a la ciudad, al gobierno local y la gobernanza urbana y multinivel (hipótesis). La estrategia de evaluación de gobernanza innovadora (EEG+i) diseñada para evaluar la relación entre las formas de hacer ciudad hibrida (variables espaciales) y gobernanza (variable a-espacial) es transversal, multidimensional y se construye desde la complejidad, el análisis de escenarios, formulación de constructos, modelos e indicadores de gobernanza, entretejiendo tres campos de conocimiento, gobierno, ciudad y sostenibilidad, en cuatro fases. La Fase 1, contextualiza la gobernanza en la dramática del siglo XXI. La Fase 2, desarrolla la fundamentación teórico-práctica, nuevos conceptos y un abordaje analítico propio ‘genética territorial’, para analizar y comprehender la complejidad de la ciudad hibrida de países en desarrollo, tejiendo ontogenética territorial y el carácter autopoiético del gen informal. En la Fase 3, se caracterizan las formas de hacer ciudad desde la genética del territorio, se formulan modelos e indicadores de gobernanza con los que se evalúan, aplicando un delphi y cuestionarios, los genes tipológicos-formas de hacer ciudad y validan las conclusiones. En la Fase 4, se correlacionan los resultados de los instrumentos aplicados con la praxis urbana del GGV, durante cuatro periodos de gobierno (1996-2010). Concluyendo que, la estrategia de evaluación comprobó las hipótesis y demostró la correlación transversal y multinivel existente entre, las mutaciones en curso que contradicen el modelo de gobernanza constitucional, el paisaje de gobernanza latinoamericano y venezolano, la praxis de los regímenes híbridos ricos en recursos naturales, las perspectivas de desarrollo globales y se expresa sociopolíticamente en déficit de gobernanza, Estado de derecho y cohesión-capital social y, espaciolocalmente, en la ciudad hibrida dispersa y diluida (compleja) y en el gobierno del poder diluido centralizado. La confrontación de flujos de poder centrípetos y centrífugos en la ciudad profundiza la fragmentación socioespacial y política y el deterioro de la calidad de vida, incrementando las protestas ciudadanas e ingobernabilidad que obstaculiza la superación de la pobreza y gobernanza urbana y multinivel. La evaluación de la praxis urbana del GGV evidenció que la correlación entre gobernanza, la producción de genes formales y la ciudad por iniciativa privada tiende a ser positiva y entre gobernanza, genes y producción de ciudad informal negativa, por el carácter autopoiético-autogobernable del gen informal y de los nuevos gobiernos sublocales que dificulta gobernar en gobernanza. La praxis del GGV es contraria al modelo de gobernanza formulado y la disolución centralizada del gobierno local y de la ciudad hibrida-dispersa es socio-espacial y políticamente insostenible. Se proponen estrategias y tácticas de gobernanza multinivel para recuperar la cohesión social y de planificación de la gestión innovadora (EG [PG] +i) para orquestar, desde el Consejo Local de Gobernanza (CLG) y con la participación de los espacios y gobiernos sublocales, un proyecto de ciudad compartido y sostenible. ABSTRACT The sustainability of the forms of making the hybrid-complex city by the visible management government (VMG) is evaluated using urban governance indicators. Argues that the VMG builds city to legitimate itself by performance and to strengthen local governance in a context of multiple and radical mutations that tend to dilute and centralize local power and fractalize the city, deepening the socio-spatial and political segregation, the genetic ingovernability of the hybrid city and placing the decentralized federal State, the right to city, local government and urban governance at risk (hypothesis). The innovative governance evaluation strategy (GES+i) designed to assess the relationship between the forms of making the hybrid city (spatial variables) and governance (a-spatial variable) is transversal, multidimensional; is constructed from complexity, scenario analysis, the formulation of concepts, models and governance indicators, weaving three fields of knowledge, government, city and sustainability in four phases. Phase 1, contextualizes governance in the dramatic of the twenty-first century. Phase 2, develops the theoretical and practical foundations, new concepts and a proper analytical approach to comprehend the complexity of the hybrid city from developing countries, weaving territorial ontogenetic with the autopiethic character of the informal city gen. In Phase 3, the ways of making city are characterized from the genetics of territory; governance indicators and models are formulated to evaluate, using delphi and questionnaires, the ways of making city and validate the conclusions. In Phase 4, the results of the instruments applied are correlated with the urban praxis of the VMG during the four periods of government analyzed (1996-2010). Concluding that, the evaluation strategy proved the hypothesis and showed the transversal and multilevel correlation between, mutations that contradict the constitutional governance model, the governance landscape of Latinamerica and the country, the praxis of the hybrid regimes rich in natural resources, the perspectives of the glocal economy and expresses socio-politically the governance and rule of law and social capital-cohesion deficit and spatial-temporarily the hybrid disperse and diluted city (complex) and the diluted-centralized local government. The confrontation of flows of power centripetal and centrifugal in the city deepens the socio-spatial and political fragmentation and deterioration of the quality of life, increasing citizens' protests and ingovernability which hinders poverty eradication and, multilevel and urban governance. The evaluation of the VMG urban praxis showed the correlation between governance, the production of formal genes and city by private initiative tended to be positive and, between informal genes-city production and governance negative, due to its autopiethic-self governable character that hinders governance. The urban praxis of the VMG contradicts the formulated governance model and thecentralized dissolution of the local government and hybrid city are socio-spatial and politically unsustainable. Multiscale governance strategies are proposed to recreate social cohesion and a management planning innovative method (EG [PG] + i) to orchestrate, from the Local Governance Council (LGC) and with the participation of sublocal governments and spaces, a shared and sustainable city project.

Risk sharing with Multilateral Financial Institutions in infrastructure and energy project financing : effect on capital relief for commercial banks

(Matsukawa and Habeck, 2007) analyse the main instruments for risk mitigation in infrastructure financing with Multilateral Financial Institutions (MFIs). Their review coincided with the global financial crisis of 2007-08, and is highly relevant in current times considering the sovereign debt crisis, the lack of available capital and the increases in bank regulation in Western economies. The current macroeconomic environment has seen a slowdown in the level of finance for infrastructure projects, as they pose a higher credit risk given their requirements for long term investments. The rationale for this work is to look for innovative solutions that are focused on the credit risk mitigation of infrastructure and energy projects whilst optimizing the economic capital allocation for commercial banks. This objective is achieved through risk-sharing with MFIs and looking for capital relief in project finance transactions. This research finds out the answer to the main question: "What is the impact of risk-sharing with MFIs on project finance transactions to increase their efficiency and viability?", and is developed from the perspective of a commercial bank assessing the economic capital used and analysing the relevant variables for it: Probability of Default, Loss Given Default and Recovery Rates, (Altman, 2010). An overview of project finance for the infrastructure and energy sectors in terms of the volume of transactions worldwide is outlined, along with a summary of risk-sharing financing with MFIs. A review of the current regulatory framework beneath risk-sharing in structured finance with MFIs is also analysed. From here, the impact of risk-sharing and the diversification effect in infrastructure and energy projects is assessed, from the perspective of economic capital allocation for a commercial bank. CreditMetrics (J. P. Morgan, 1997) is applied over an existing well diversified portfolio of project finance infrastructure and energy investments, working with the main risk capital measures: economic capital, RAROC, and EVA. The conclusions of this research show that economic capital allocation on a portfolio of project finance along with risk-sharing with MFIs have a huge impact on capital relief whilst increasing performance profitability for commercial banks. There is an outstanding diversification effect due to the portfolio, which is combined with risk mitigation and an improvement in recovery rates through Partial Credit Guarantees issued by MFIs. A stress test scenario analysis is applied to the current assumptions and credit risk model, considering a downgrade in the rating for the commercial bank (lender) and an increase of default in emerging countries, presenting a direct impact on economic capital, through an increase in expected loss and a decrease in performance profitability. Getting capital relief through risk-sharing makes it more viable for commercial banks to finance infrastructure and energy projects, with the beneficial effect of a direct impact of these investments on GDP growth and employment. The main contribution of this work is to promote a strategic economic capital allocation in infrastructure and energy financing through innovative risk-sharing with MFIs and economic pricing to create economic value added for banks, and to allow the financing of more infrastructure and energy projects. This work suggests several topics for further research in relation to issues analysed. (Matsukawa and Habeck, 2007) analizan los principales instrumentos de mitigación de riesgos en las Instituciones Financieras Multilaterales (IFMs) para la financiación de infraestructuras. Su presentación coincidió con el inicio de la crisis financiera en Agosto de 2007, y sus consecuencias persisten en la actualidad, destacando la deuda soberana en economías desarrolladas y los problemas capitalización de los bancos. Este entorno macroeconómico ha ralentizado la financiación de proyectos de infraestructuras. El actual trabajo de investigación tiene su motivación en la búsqueda de soluciones para la financiación de proyectos de infraestructuras y de energía, mitigando los riesgos inherentes, con el objeto de reducir el consumo de capital económico en los bancos financiadores. Este objetivo se alcanza compartiendo el riesgo de la financiación con IFMs, a través de estructuras de risk-sharing. La investigación responde la pregunta: "Cuál es el impacto de risk-sharing con IFMs, en la financiación de proyectos para aumentar su eficiencia y viabilidad?". El trabajo se desarrolla desde el enfoque de un banco comercial, estimando el consumo de capital económico en la financiación de proyectos y analizando las principales variables del riesgo de crédito, Probability of Default, Loss Given Default and Recovery Rates, (Altman, 2010). La investigación presenta las cifras globales de Project Finance en los sectores de infraestructuras y de energía, y analiza el marco regulatorio internacional en relación al consumo de capital económico en la financiación de proyectos en los que participan IFMs. A continuación, el trabajo modeliza una cartera real, bien diversificada, de Project Finance de infraestructuras y de energía, aplicando la metodología CreditMet- rics (J. P. Morgan, 1997). Su objeto es estimar el consumo de capital económico y la rentabilidad de la cartera de proyectos a través del RAROC y EVA. La modelización permite estimar el efecto diversificación y la liberación de capital económico consecuencia del risk-sharing. Los resultados muestran el enorme impacto del efecto diversificación de la cartera, así como de las garantías parciales de las IFMs que mitigan riesgos, mejoran el recovery rate de los proyectos y reducen el consumo de capital económico para el banco comercial, mientras aumentan la rentabilidad, RAROC, y crean valor económico, EVA. En escenarios económicos de inestabilidad, empeoramiento del rating de los bancos, aumentos de default en los proyectos y de correlación en las carteras, hay un impacto directo en el capital económico y en la pérdida de rentabilidad. La liberación de capital económico, como se plantea en la presente investigación, permitirá financiar más proyectos de infraestructuras y de energía, lo que repercutirá en un mayor crecimiento económico y creación de empleo. La principal contribución de este trabajo es promover la gestión activa del capital económico en la financiación de infraestructuras y de proyectos energéticos, a través de estructuras innovadoras de risk-sharing con IFMs y de creación de valor económico en los bancos comerciales, lo que mejoraría su eficiencia y capitalización. La aportación metodológica del trabajo se convierte por su originalidad en una contribución, que sugiere y facilita nuevas líneas de investigación académica en las principales variables del riesgo de crédito que afectan al capital económico en la financiación de proyectos.