The latest standard ‘Monetary valuation of environmental impacts and related environmental aspects’ published on 13 March 2019. Discover the details today.
With the publication of this standard there will be more transparency on monetary valuations of environmental impacts by providing a framework that includes principles, requirements and guidance for the valuation of environmental Impacts and related environment aspects.
ISO 14008 focuses on valuation methods and not on costing accounting. Considering that organizations are facing risks and opportunities due to the environmental impacts by their activities, a monetary valuation of these impacts can support organizations in developing business models and practices that are more sustainable. These valuations enable comparisons and trade-offs between different environmental issues, can assist in eco-design of products and services, improve policy design and optimize financial decision making. ISO 14008 is suitable for all organizations that wish to undertake monetary valuation studies or review the results of already performed studies or values.
ISO/TC 207 SC 1 WG 7 has developed this standard between 2015 and 2019 with 32 participating countries.
During the development of this standard, the participants worked closely with the experts that are developing ISO 14007 Environmental management: Determining environmental costs and benefits – Guidance. These two standards are closely linked, ISO 14007 sets out how an organization determines the specific ‘cost and benefits’ associated with its organizational operation in an Environmental Management context, and clarifies why and how monetary valuation can be used and communicated as part of an existing environmental management approach or system. ISO 14007 is expected to publish later this year.
You can now discover more on the ISO page.