ISO 14008 - Monetary valuation of environmental impacts and related environmental aspects
The area of monetary valuation of environmental impacts and natural resources is huge and complex. The standard does not prescribe a step-by-step instruction of a monetary valuation, rather it provides organizations a common framework including established methods as well as common terms within the field of monetary valuations. Although the deliverable is a requirement standard, in accordance with ISO's neutrality principle, it does not mean that it will be used for the purpose of conformity assessment. The framework ensures 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 Environmental management -- 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 brought much needed transparency and a common language to this work.
Still, as this was a fairly new area within ISO, embarking on such a project requires a larger diversity of experts such as economists and experts not previously engaged in TC 207. Likewise, it required experts from other sub-committees within TC 207 and from external Liaison organizations.
The standard published in March 2019.
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
The standard 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. These aspects are covered in standard still under development ISO 14007.