ISO 14008 - Monetary valuation of environmental impacts from specific emissions and use of natural resources
Following a ballot that ended in September 2015, a new project has been initiated. It will aim at developing a new standard on Monetary valuation of environmental impacts from specific emissions and natural resources – Principles, requirements and guidelines.
Intent of work
The area of monetary valuation of environmental impacts and natural resources is huge and complex. The proposed standard will only address some basic parts of this area, namely to provide a common framework and common terms. The standard will not prescribe what shall be included in a valuation. Thus, such a framework is not intended to be used for certification of for example a company’s monetary valuation. Nevertheless, a framework will make it more transparent what is behind the numbers and how they have been determined.
Consequently, it is not a standard that is expected to sell in large numbers. However, with such a framework more specific standards could be developed in the area. One such possible guidance standard on accounting for environmental costs and benefits was for example presented by BSI during the ad-hoc group meeting during the TC 207 plenary in Delhi.
The rationale for ISO to engage in this area is that there is already a strong trend in monetary assessments by government (i.e. the polluter pays principle), private sector (in reporting, risk assessment etc.) and academia. ISO can bring much needed transparency and a common language to this work. Several other important initiatives exist in the field and will be invited to join the work. However, ISO has a unique platform in engaging a broad range of stakeholders and countries which will bring an added benefit to other initiatives.
Still, as this is a fairly new area within ISO, embarking on such a project would require a larger diversity of experts such as economists and experts not presently engaged in TC 207. Likewise, it would require experts from other sub-committees within TC 207. It is hoped that several Liaison organizations will join the work of developing the standard.
The proposed time plan is for the standard to be published in late 2018.
Frequently Asked Questions and their answers in relation to ISO 14008 are being collated and answers will be added to as applicable
Possible future developments
The above new work does not set out how an organization determines the specific ‘cost and benefits’ associated with its organizational operation in an Environmental Management context, nor clarify why and how monetary valuation can be used and communicated as part of an existing environmental management approach or system. It is expected that these aspects could be covered in future standards within the Environmental Management System family, should such be proposed. The feasibility of such additional standardisation in a wider Environmental Management System context has been highlighted during the preparation of the new work proposal.