What is ISO 14008 about?
When evaluating the environmental impact of our activities, we need to quantify the data for assorted reasons. Calculating the monetary impact of these activities is one such reason.
ISO 14008 specifies a methodological framework for the monetary valuation of environmental impacts and related environmental aspects. Environmental impacts include impacts on human health, and the built and natural environment. Environmental aspects include releases and the use of natural resources.
Who is ISO 14008 for?
ISO 14008 on the monetary valuation of environmental impacts applies to all organizations that wish to undertake monetary valuation or review, compile or use the results. Specific users can be:
- Census authorities
- Human resource departments of organizations
- Risk management teams in organizations
- Environmental management teams in organizations
- Government bodies
- Survey departments/ organizations
Why should you use ISO 14008?
ISO 14008 provides a framework that includes principles, requirements, and guidance for the monetary valuation of environmental impacts and related environmental aspects, following the principles of welfare economics and can increase the awareness, comparability, and transparency of the monetary valuation of environmental impacts and related environmental aspects.
Monetary valuation methods in ISO 14008 can also be used to value actual or potential impacts on natural capital that can result from environmental aspects and from the dependencies of organizations on the environment. These requirements enable the good practice of monetary valuation.
ISO 14008 helps you express the environmental changes of a region like water quality, loss of forest cover, migration of population, etc. in monetary terms as they affect the overall economic behavior of that region. This will help you identify the risks and opportunities of operating in that region and assist you in decision-making.
