  We investigate Georgi-Glashow model in terms of a set of explicitly SO(3)
gauge invariant dynamical variables. In the new description a novel compact
abelian gauge invariance emerges naturally. As a consequence magnetic monopoles
occur as point like "defects" in space time. Their non-perturbative
contribution to the partition function is explicitly included. This procedure
corresponds to dynamical "abelian projection" without gauge fixing. In the
Higgs phase the above abelian invariance is to be identified with
electromagnetism. We also study the effect of $\theta$ term in the above
abelian theory.
