ISO 14008 - Monetary valuation of environmental impacts and related environmental aspects
The ballot for the standard to progress to Draft International Standard has commenced and it ends on 7 March 2018.
The aim of this project is develop a new standard on Monetary valuation of environmental impacts and related environmental aspects – Principles, requirements and guidelines. The work was initiated in September 2015 following a successful ballot.
Intent of work
The area of monetary valuation of environmental impacts and natural resources is huge and complex. The standard will not prescribe a step-by-step instruction of a monetary valuation, rather it will provide organizations a common framework including established methods as well as common terms within the field of monetary valuations Although the deliverable will be a requirement standard, meaning that it coheirs to the neutrality principle, it does not necessarily mean that it will be used for the purpose of conformity assessment. The framework will ensure a higher degree of transparency regarding the numbers and how impacts and aspects have been valued in monetary terms as requirements relate to documentation and justification of methods chosen.
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 example is the current development of ISO 14007 Determining environmental costs and benefits - Guidance.
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. More Liaison organizations are welcome to join the work of developing the standard.
The aim is for the standard to be published in late 2018.
Frequently Asked Questions and their answers in relation to ISO 14008 can be found here as a PDF and 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.