SIST EN ISO 14008:2020
(Main)Monetary valuation of environmental impacts and related environmental aspects - Principles, requirements and guidelines (ISO 14008:2019)
Monetary valuation of environmental impacts and related environmental aspects - Principles, requirements and guidelines (ISO 14008:2019)
This document specifies a methodological framework for the monetary valuation of environmental impacts and related environmental aspects. Environmental impacts include impacts on human health, and on the built and natural environment. Environmental aspects include releases and the use of natural resources.
The monetary valuation methods in this document can also be used to better understand organizations' dependencies on the environment.
During the planning of the monetary valuation, the intended use of the results is considered but the use itself is outside the scope of this document.
In this document, monetary valuation is a way of expressing value in a common unit, for use in comparisons and trade-offs between different environmental issues and between environmental and other issues. The monetary value to be determined includes some or all values reflected in the concept of total economic value. An anthropocentric perspective is taken, which asserts that natural environment has value in so far as it gives utility (well-being) to humans. The monetary values referred to in this document are economic values applied in trade-offs between alternative resource allocations, and not absolute values.
This document does not include costing or accounting, although some valuation methods have the term "cost" in their name. This document does not include the development of models linking environmental aspects to environmental impacts.
NOTE In this document, what is valued in monetary terms is either environmental impacts or environmental aspects. When valuing environmental impacts of an organization, it is important that links between environmental aspects and environmental impacts are established.
Monetäre Bewertung von Umweltauswirkungen und damit verbundenen Umweltaspekten - Prinzipien, Anforderungen und Leitlinien
Dieses Dokument legt ein methodisches Rahmenwerk für die monetäre Bewertung von Umweltauswirkungen und damit verbundenen Umweltaspekten fest. Umweltauswirkungen beinhalten Auswirkungen auf die menschliche Gesundheit sowie auf die geschaffene und natürliche Umwelt. Umwelt¬aspekte beinhalten Emissionen und die Nutzung von natürlichen Ressourcen.
Die monetären Bewertungsverfahren in diesem Dokument können auch angewendet werden, um die Umweltabhängigkeiten von Organisationen besser zu verstehen.
Während der Planung der monetären Bewertung wird die beabsichtigte Verwendung der Ergebnisse berücksichtigt, aber die Verwendung selbst liegt außerhalb des Anwendungsbereichs dieses Dokuments.
In diesem Dokument ist die monetäre Bewertung eine Art, Wert in einer gemeinsamen Einheit auszudrücken, zur Verwendung in Vergleichen und bei Abwägungen (en: trade-off) zwischen unterschiedlichen Umweltbelangen sowie zwischen Umwelt und anderen Belangen. Der zu bestimmende monetäre Wert beinhaltet manche oder alle Werte, die sich im Konzept des ökonomischen Gesamtwertes widerspiegeln. Es wird eine anthropozentrische Perspektive eingenommen, für die gilt, dass die natürliche Umwelt Wert hat, sofern sie den Menschen Nutzen (Wohlbefinden) bringt. Die monetären Werte, auf die sich dieses Dokument bezieht, sind keine absoluten Werte, sondern ökonomische Werte, die bei Zielkonflikten zwischen Allokationen alternativer Ressourcen angewendet werden.
Dieses Dokument beinhaltet nicht die Kostenermittlung oder das Rechnungswesen, obwohl manche Bewertungsverfahren in ihrem Namen den Begriff „Kosten“ führen. Dieses Dokument beinhaltet nicht die Entwicklung von Modellen, die Umweltaspekte mit Umweltauswirkungen verknüpfen.
ANMERKUNG In diesem Dokument handelt es sich bei dem, was in monetärer Form bewertet wird, entweder um Umweltauswirkungen oder Umweltaspekte. Bei der Bewertung von Umweltauswirkungen einer Organisation ist es wichtig, dass Verknüpfungen zwischen Umweltaspekten und Umweltauswirkungen hergestellt werden.
Évaluation monétaire des impacts environnementaux et des aspects environnementaux associés - Principes, exigences et lignes directrices
Le présent document spécifie un cadre méthodologique pour l'évaluation monétaire des impacts environnementaux et des aspects environnementaux associés. Les impacts environnementaux incluent les impacts sur la santé humaine et sur l'environnement bâti et naturel. Les aspects environnementaux comprennent les émissions et l'utilisation des ressources naturelles.
Les méthodes d'évaluation monétaire de ce document peuvent également servir à mieux comprendre les dépendances des organismes à l'égard de l'environnement.
Pendant la planification de l'évaluation monétaire, l'utilisation intentionnelle des résultats est examinée, mais l'utilisation en elle-même n'entre pas dans le domaine d'application du présent document.
Dans le présent document, l'évaluation monétaire est considérée comme un moyen d'exprimer une valeur dans une unité commune, en vue de l'utiliser pour établir des comparaisons et des compromis entre différents enjeux environnementaux ainsi qu'entre des enjeux environnementaux et d'autres problématiques. La valeur monétaire à déterminer couvre tout ou partie des valeurs reflétées dans le concept de valeur économique totale. Une perspective anthropocentrique est adoptée, laquelle considère que l'environnement naturel n'a de valeur que dans la mesure où il présente une utilité pour les êtres humains (bien-être). Les valeurs monétaires auxquelles il est fait référence dans le présent document sont des valeurs économiques appliquées pour arbitrer entre différentes allocations des ressources, et non des valeurs absolues.
Le présent document n'inclut aucune détermination de coût ni aucun coût comptable, bien que certaines méthodes d'évaluation incluent le terme «coût» dans leur libellé. Ce document ne couvre pas le développement de modèles destinés à établir un lien entre les aspects et les impacts environnementaux.
NOTE Dans le présent document, l'objet de l'évaluation monétaire porte soit sur les impacts environnementaux, soit sur les aspects environnementaux. Lors de l'évaluation des impacts environnementaux d'un organisme, il est important d'établir des liens entre les aspects et les impacts environnementaux.
Denarno vrednotenje vplivov na okolje in povezanih okoljskih vidikov - Načela, zahteve in smernice (ISO 14008:2019)
General Information
Standards Content (Sample)
SLOVENSKI STANDARD
SIST EN ISO 14008:2020
01-oktober-2020
Denarno vrednotenje vplivov na okolje in povezanih okoljskih vidikov - Načela,
zahteve in smernice (ISO 14008:2019)
Monetary valuation of environmental impacts and related environmental aspects -
Principles, requirements and guidelines (ISO 14008:2019)
Monetäre Bewertung von Umweltauswirkungen und damit verbundenen
Umweltaspekten - Prinzipien, Anforderungen und Leitlinien
Évaluation monétaire des impacts environnementaux et des aspects environnementaux
associés - Principes, exigences et lignes directrices
Ta slovenski standard je istoveten z: EN ISO 14008:2020
ICS:
13.020.20 Okoljska ekonomija. Environmental economics.
Trajnostnost Sustainability
SIST EN ISO 14008:2020 en
2003-01.Slovenski inštitut za standardizacijo. Razmnoževanje celote ali delov tega standarda ni dovoljeno.
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SIST EN ISO 14008:2020
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SIST EN ISO 14008:2020
EN ISO 14008
EUROPEAN STANDARD
NORME EUROPÉENNE
August 2020
EUROPÄISCHE NORM
ICS 13.020.20
English Version
Monetary valuation of environmental impacts and related
environmental aspects (ISO 14008:2019)
Évaluation monétaire des impacts environnementaux Monetäre Bewertung von Umweltauswirkungen und
et des aspects environnementaux associés (ISO damit verbundenen Umweltaspekten (ISO
14008:2019) 14008:2019)
This European Standard was approved by CEN on 12 July 2020.
CEN members are bound to comply with the CEN/CENELEC Internal Regulations which stipulate the conditions for giving this
European Standard the status of a national standard without any alteration. Up-to-date lists and bibliographical references
concerning such national standards may be obtained on application to the CEN-CENELEC Management Centre or to any CEN
member.
This European Standard exists in three official versions (English, French, German). A version in any other language made by
translation under the responsibility of a CEN member into its own language and notified to the CEN-CENELEC Management
Centre has the same status as the official versions.
CEN members are the national standards bodies of Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia,
Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway,
Poland, Portugal, Republic of North Macedonia, Romania, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey and
United Kingdom.
EUROPEAN COMMITTEE FOR STANDARDIZATION
COMITÉ EUROPÉEN DE NORMALISATION
EUROPÄISCHES KOMITEE FÜR NORMUNG
CEN-CENELEC Management Centre: Rue de la Science 23, B-1040 Brussels
© 2020 CEN All rights of exploitation in any form and by any means reserved Ref. No. EN ISO 14008:2020 E
worldwide for CEN national Members.
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SIST EN ISO 14008:2020
EN ISO 14008:2020 (E)
Contents Page
European foreword . 3
2
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SIST EN ISO 14008:2020
EN ISO 14008:2020 (E)
European foreword
The text of ISO 14008:2019 has been prepared by Technical Committee ISO/TC 207 "Environmental
management” of the International Organization for Standardization (ISO) and has been taken over as
EN ISO 14008:2020 by CCMC.
This European Standard shall be given the status of a national standard, either by publication of an
identical text or by endorsement, at the latest by February 2021, and conflicting national standards
shall be withdrawn at the latest by February 2021.
Attention is drawn to the possibility that some of the elements of this document may be the subject of
patent rights. CEN shall not be held responsible for identifying any or all such patent rights.
According to the CEN-CENELEC Internal Regulations, the national standards organizations of the
following countries are bound to implement this European Standard: Austria, Belgium, Bulgaria,
Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland,
Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Republic of
North Macedonia, Romania, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey and the
United Kingdom.
Endorsement notice
The text of ISO 14008:2019 has been approved by CEN as EN ISO 14008:2020 without any modification.
3
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SIST EN ISO 14008:2020
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SIST EN ISO 14008:2020
INTERNATIONAL ISO
STANDARD 14008
First edition
2019-03
Monetary valuation of environmental
impacts and related environmental
aspects
Évaluation monétaire des impacts environnementaux et des aspects
environnementaux associés
Reference number
ISO 14008:2019(E)
©
ISO 2019
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SIST EN ISO 14008:2020
ISO 14008:2019(E)
COPYRIGHT PROTECTED DOCUMENT
© ISO 2019
All rights reserved. Unless otherwise specified, or required in the context of its implementation, no part of this publication may
be reproduced or utilized otherwise in any form or by any means, electronic or mechanical, including photocopying, or posting
on the internet or an intranet, without prior written permission. Permission can be requested from either ISO at the address
below or ISO’s member body in the country of the requester.
ISO copyright office
CP 401 • Ch. de Blandonnet 8
CH-1214 Vernier, Geneva
Phone: +41 22 749 01 11
Fax: +41 22 749 09 47
Email: copyright@iso.org
Website: www.iso.org
Published in Switzerland
ii © ISO 2019 – All rights reserved
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SIST EN ISO 14008:2020
ISO 14008:2019(E)
Contents Page
Foreword .v
Introduction .vi
1 Scope . 1
2 Normative references . 1
3 Terms and definitions . 1
3.1 Environmental impacts and environmental aspects . 1
3.2 Environmental economics . 3
4 Principles . 5
4.1 General . 5
4.2 Description of principles . 5
4.2.1 Accuracy . 5
4.2.2 Completeness . 5
4.2.3 Consistency . 5
4.2.4 Credibility . 5
4.2.5 Relevance . . 6
4.2.6 Transparency . 6
5 Planning a monetary valuation . 6
5.1 General . 6
5.2 Goal of the monetary valuation and its intended audience . 7
5.3 Specification of the environmental impact or aspect . 7
5.4 People whose preferences and perspectives are considered . 8
5.5 Elements of the total economic value captured . 8
5.6 Monetary valuation method . 9
6 Requirements and procedures for monetary valuation .10
6.1 General .10
6.2 Market price proxies .10
6.2.1 Market prices of traded goods and labour .10
6.2.2 Cost-of-illness method .11
6.3 Revealed preference methods.11
6.3.1 General.11
6.3.2 Averting cost method .12
6.3.3 Hedonic pricing method .13
6.3.4 Travel cost method .13
6.3.5 Data derived from public referendums .14
6.4 Stated preference methods .14
6.4.1 General.14
6.4.2 Contingent valuation .16
6.4.3 Choice experiment .16
6.5 Value transfer .17
6.5.1 General.17
6.5.2 Spatial value transfer .18
6.5.3 Temporal value transfer .18
6.6 Currency and base year adjustments .18
6.6.1 General.18
6.6.2 Currency adjustments .18
6.6.3 Base year adjustments .18
6.6.4 Simultaneous adjustments of currency and base year .19
6.7 Equity weighting.19
6.8 Discounting .19
6.8.1 General.19
6.8.2 Discounting at a constant rate.20
6.8.3 Discounting at varying rates .20
© ISO 2019 – All rights reserved iii
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SIST EN ISO 14008:2020
ISO 14008:2019(E)
6.9 Analysis of uncertainty and sensitivity .21
7 Linking monetary values of environmental impacts to related environmental aspects .21
8 Quality check .22
9 Reporting .22
Annex A (informative) Flowchart on an application of this document .25
Annex B (informative) Assessing similarities in value transfer — Example of non-timber
forest ecosystem services .27
Annex C (informative) Monetary valuation in welfare economics .28
Annex D (informative) Example of a database format .31
Bibliography .32
iv © ISO 2019 – All rights reserved
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SIST EN ISO 14008:2020
ISO 14008:2019(E)
Foreword
ISO (the International Organization for Standardization) is a worldwide federation of national standards
bodies (ISO member bodies). The work of preparing International Standards is normally carried out
through ISO technical committees. Each member body interested in a subject for which a technical
committee has been established has the right to be represented on that committee. International
organizations, governmental and non-governmental, in liaison with ISO, also take part in the work.
ISO collaborates closely with the International Electrotechnical Commission (IEC) on all matters of
electrotechnical standardization.
The procedures used to develop this document and those intended for its further maintenance are
described in the ISO/IEC Directives, Part 1. In particular, the different approval criteria needed for the
different types of ISO documents should be noted. This document was drafted in accordance with the
editorial rules of the ISO/IEC Directives, Part 2 (see www .iso .org/directives).
Attention is drawn to the possibility that some of the elements of this document may be the subject of
patent rights. ISO shall not be held responsible for identifying any or all such patent rights. Details of
any patent rights identified during the development of the document will be in the Introduction and/or
on the ISO list of patent declarations received (see www .iso .org/patents).
Any trade name used in this document is information given for the convenience of users and does not
constitute an endorsement.
For an explanation of the voluntary nature of standards, the meaning of ISO specific terms and
expressions related to conformity assessment, as well as information about ISO's adherence to the
World Trade Organization (WTO) principles in the Technical Barriers to Trade (TBT) see www .iso
.org/iso/foreword .html.
This document was prepared by Technical Committee ISO/TC 207, Environmental management,
Subcommittee SC 1, Environmental management systems.
Any feedback or questions on this document should be directed to the user’s national standards body. A
complete listing of these bodies can be found at www .iso .org/members .html.
© ISO 2019 – All rights reserved v
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SIST EN ISO 14008:2020
ISO 14008:2019(E)
Introduction
Private and public organizations are facing risks and opportunities due to the beneficial or adverse
environmental impacts and related environmental aspects of their activities. The monetary valuation
of these environmental impacts and related aspects supports organizations in developing business
models and practices that are more sustainable. Using monetary valuation does not mean that money is
the only metric of value.
This document is for all organizations that wish to undertake monetary valuation studies or review,
compile or use the results. Organizations often have experience in assessing at least some environmental
aspects and environmental impacts resulting from their activities in physical units. To further integrate
this information in decisions, it is useful to determine the monetary values of these environmental
impacts and/or of related environmental aspects. Monetary valuations enable comparisons and trade-
offs between different environmental issues and between environmental and other issues. This is
useful in, for example, organizational strategy and investment considerations, product and service
design, management accounting, performance evaluation, environmental monitoring and reporting,
legislation or environmental policy and regulation.
Monetary valuation methods determine monetary values of changes in the environment and not the
absolute value of the environment.
This document supports environmental and risk management methods, such as cost-benefit analysis,
risk and life cycle assessments.
The main purpose of the document is to increase the awareness, comparability and transparency of
the monetary valuation of environmental impacts and related environmental aspects. It demonstrates
the benefits that monetary valuation methods offer to users. To achieve this purpose, standardized
and transparent documentation of the methods, data and assumptions used to derive monetary values
is essential. The multiplicity of monetary values, methods to determine monetary values, and ethical
perspectives on money requires careful consideration and prudent communication.
This document 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. Monetary valuation methods in this document can also be used to value
actual or potential impacts on natural capital, for example, abiotic resources, biodiversity, ecosystems
and ecosystem services. The impacts valued could result from environmental aspects and from the
dependencies of organizations on the environment. Environmental impacts can occur on the stocks and
quality of natural capital, affecting associated flows of benefits (including for human health).
This document focuses on valuation methods and not on costing methods. This means that requirements
and guidance on assessing costs are only given if costs are used as measures of monetary values.
In this document, many methodological requirements or recommendations are intended for people
assessing monetary values. Following these requirements and recommendations enables good practice
of monetary valuation. The requirements in the reporting clause can assist the user of monetary values
in assessing the quality of the monetary valuation study.
This document addresses the planning of a monetary valuation (see Clause 5), the monetary valuation
itself (see Clause 6), the way in which links between environmental impacts valued in monetary terms
and related environmental aspects are established (see Clause 7), checking the quality of the monetary
valuation (see Clause 8) and reporting (see Clause 9).
vi © ISO 2019 – All rights reserved
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SIST EN ISO 14008:2020
INTERNATIONAL STANDARD ISO 14008:2019(E)
Monetary valuation of environmental impacts and related
environmental aspects
1 Scope
This document specifies a methodological framework for the monetary valuation of environmental
impacts and related environmental aspects. Environmental impacts include impacts on human health,
and on the built and natural environment. Environmental aspects include releases and the use of
natural resources.
The monetary valuation methods in this document can also be used to better understand organizations’
dependencies on the environment.
During the planning of the monetary valuation, the intended use of the results is considered but the use
itself is outside the scope of this document.
In this document, monetary valuation is a way of expressing value in a common unit, for use in
comparisons and trade-offs between different environmental issues and between environmental
and other issues. The monetary value to be determined includes some or all values reflected in the
concept of total economic value. An anthropocentric perspective is taken, which asserts that natural
environment has value in so far as it gives utility (well-being) to humans. The monetary values referred
to in this document are economic values applied in trade-offs between alternative resource allocations,
and not absolute values.
This document does not include costing or accounting, although some valuation methods have the term
“cost” in their name. This document does not include the development of models linking environmental
aspects to environmental impacts.
NOTE In this document, what is valued in monetary terms is either environmental impacts or environmental
aspects. When valuing environmental impacts of an organization, it is important that links between
environmental aspects and environmental impacts are established.
2 Normative references
There are no normative references in this document.
3 Terms and definitions
For the purposes of this document, the following terms and definitions apply.
ISO and IEC maintain terminological databases for use in standardization at the following addresses:
— ISO Online browsing platform: available at https: //www .iso .org/obp
— IEC Electropedia: available at http: //www .electropedia .org/
3.1 Environmental impacts and environmental aspects
3.1.1
environment
surroundings in which an organization operates, including air, water, land, natural resources (3.1.5),
flora, fauna, humans and their interrelationships
Note 1 to entry: Environment includes natural capital, ecosystem services (3.2.11), climate, abiotic services and
biodiversity.
© ISO 2019 – All rights reserved 1
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SIST EN ISO 14008:2020
ISO 14008:2019(E)
Note 2 to entry: Natural resources include mineral resources.
[SOURCE: ISO 14001:2015, 3.2.1, modified — A new Note 1 and Note 2 to entry have replaced the
original Notes 1 and 2 to entry.]
3.1.2
good
natural resource (3.1.5), ecosystem service (3.2.11), product or service, marketed or not, that satisfies
human wants or needs
Note 1 to entry: In this document, the term “good” includes human health.
Note 2 to entry: In ISO 14040, the term “product” is defined as “any goods or service”.
3.1.3
environmental impact
change to the environment (3.1.1), whether adverse or beneficial, wholly or partially resulting from an
organization’s environmental aspects (3.1.4)
[SOURCE: ISO 14001:2015, 3.2.4]
3.1.4
environmental aspect
element of an organization’s activities or products or services that interacts or can interact with the
environment (3.1.1)
Note 1 to entry: An environmental aspect can cause (an) environmental impact(s) (3.1.3). A significant
environmental aspect is one that has or can have one or more significant environmental impact(s).
Note 2 to entry: Significant environmental aspects are determined by the organization applying one or more
criteria. This process can be referred to as a “materiality assessment”.
[SOURCE: ISO 14001:2015, 3.2.2, modified — Note 2 to entry has been extended.]
3.1.5
natural resource
part of nature that provides benefits to humans or underpins human well-being
3.1.6
ecosystem
dynamic complex of plant, animal and micro-organism communities, and their non-living environment
(3.1.1) interacting as a functional entity
EXAMPLE Deserts, coral reefs, wetlands, rain forests, boreal forests, grasslands, urban parks, cultivated
farmlands.
Note 1 to entry: Ecosystems can be influenced by human activity.
3.1.7
release
emission to air or discharge to water or soil
[SOURCE: ISO 14040:2006, 3.30, modified — The term has been changed to singular form.]
3.1.8
reference unit of monetary value
unit of environmental change for which the monetary value (3.2.3) is determined
2 © ISO 2019 – All rights reserved
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SIST EN ISO 14008:2020
ISO 14008:2019(E)
3.1.9
environmental impact pathway
series of consecutive, causal relationships, ultimately starting at an environmental aspect (3.1.4) and
ending at an environmental impact (3.1.3)
Note 1 to entry: A synonym for environmental impact pathway is “cause-effect chain”.
Note 2 to entry: It can be considered a system of interlinked environmental mechanisms.
3.1.10
environmental impact factor
quantity of environmental impact (3.1.3) per quantity of environmental aspect (3.1.4)
3.1.11
environmental baseline
state of environment (3.1.1) without the change(s) that is valued
3.2 Environmental economics
3.2.1
willingness to pay
WTP
maximum amount of money an individual is prepared to give up to secure an environmental
improvement or to avoid an environmental loss
Note 1 to entry: In practice, WTP and willingness to accept compensation (WTA) (3.2.2) appear to diverge, often
substantially, and with WTA > WTP. Hence, the choice of WTP or WTA can be of importance.
3.2.2
willingness to accept compensation
WTA
minimum amount of money an individual is prepared to accept as compensation to forgo an
environmental improvement or to tolerate an environmental loss
Note 1 to entry: In practice, willingness to pay (WTP) (3.2.1) and WTA appear to diverge,
...
SLOVENSKI STANDARD
oSIST prEN ISO 14008:2020
01-junij-2020
Denarno vrednotenje vplivov na okolje in povezanih okoljskih vidikov - Načela,
zahteve in smernice (ISO 14008:2019)
Monetary valuation of environmental impacts and related environmental aspects -
Principles, requirements and guidelines
Monetäre Bewertung von Umweltauswirkungen und damit verbundenen
Umweltaspekten - Prinzipien, Anforderungen und Leitlinien
Évaluation monétaire des impacts environnementaux et des aspects environnementaux
associés - Principes, exigences et lignes directrices
Ta slovenski standard je istoveten z: prEN ISO 14008
ICS:
13.020.20 Okoljska ekonomija. Environmental economics.
Trajnostnost Sustainability
oSIST prEN ISO 14008:2020 en,fr,de
2003-01.Slovenski inštitut za standardizacijo. Razmnoževanje celote ali delov tega standarda ni dovoljeno.
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oSIST prEN ISO 14008:2020
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oSIST prEN ISO 14008:2020
INTERNATIONAL ISO
STANDARD 14008
First edition
2019-03
Monetary valuation of environmental
impacts and related environmental
aspects
Évaluation monétaire des impacts environnementaux et des aspects
environnementaux associés
Reference number
ISO 14008:2019(E)
©
ISO 2019
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oSIST prEN ISO 14008:2020
ISO 14008:2019(E)
COPYRIGHT PROTECTED DOCUMENT
© ISO 2019
All rights reserved. Unless otherwise specified, or required in the context of its implementation, no part of this publication may
be reproduced or utilized otherwise in any form or by any means, electronic or mechanical, including photocopying, or posting
on the internet or an intranet, without prior written permission. Permission can be requested from either ISO at the address
below or ISO’s member body in the country of the requester.
ISO copyright office
CP 401 • Ch. de Blandonnet 8
CH-1214 Vernier, Geneva
Phone: +41 22 749 01 11
Fax: +41 22 749 09 47
Email: copyright@iso.org
Website: www.iso.org
Published in Switzerland
ii © ISO 2019 – All rights reserved
---------------------- Page: 4 ----------------------
oSIST prEN ISO 14008:2020
ISO 14008:2019(E)
Contents Page
Foreword .v
Introduction .vi
1 Scope . 1
2 Normative references . 1
3 Terms and definitions . 1
3.1 Environmental impacts and environmental aspects . 1
3.2 Environmental economics . 3
4 Principles . 5
4.1 General . 5
4.2 Description of principles . 5
4.2.1 Accuracy . 5
4.2.2 Completeness . 5
4.2.3 Consistency . 5
4.2.4 Credibility . 5
4.2.5 Relevance . . 6
4.2.6 Transparency . 6
5 Planning a monetary valuation . 6
5.1 General . 6
5.2 Goal of the monetary valuation and its intended audience . 7
5.3 Specification of the environmental impact or aspect . 7
5.4 People whose preferences and perspectives are considered . 8
5.5 Elements of the total economic value captured . 8
5.6 Monetary valuation method . 9
6 Requirements and procedures for monetary valuation .10
6.1 General .10
6.2 Market price proxies .10
6.2.1 Market prices of traded goods and labour .10
6.2.2 Cost-of-illness method .11
6.3 Revealed preference methods.11
6.3.1 General.11
6.3.2 Averting cost method .12
6.3.3 Hedonic pricing method .13
6.3.4 Travel cost method .13
6.3.5 Data derived from public referendums .14
6.4 Stated preference methods .14
6.4.1 General.14
6.4.2 Contingent valuation .16
6.4.3 Choice experiment .16
6.5 Value transfer .17
6.5.1 General.17
6.5.2 Spatial value transfer .18
6.5.3 Temporal value transfer .18
6.6 Currency and base year adjustments .18
6.6.1 General.18
6.6.2 Currency adjustments .18
6.6.3 Base year adjustments .18
6.6.4 Simultaneous adjustments of currency and base year .19
6.7 Equity weighting.19
6.8 Discounting .19
6.8.1 General.19
6.8.2 Discounting at a constant rate.20
6.8.3 Discounting at varying rates .20
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6.9 Analysis of uncertainty and sensitivity .21
7 Linking monetary values of environmental impacts to related environmental aspects .21
8 Quality check .22
9 Reporting .22
Annex A (informative) Flowchart on an application of this document .25
Annex B (informative) Assessing similarities in value transfer — Example of non-timber
forest ecosystem services .27
Annex C (informative) Monetary valuation in welfare economics .28
Annex D (informative) Example of a database format .31
Bibliography .32
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Foreword
ISO (the International Organization for Standardization) is a worldwide federation of national standards
bodies (ISO member bodies). The work of preparing International Standards is normally carried out
through ISO technical committees. Each member body interested in a subject for which a technical
committee has been established has the right to be represented on that committee. International
organizations, governmental and non-governmental, in liaison with ISO, also take part in the work.
ISO collaborates closely with the International Electrotechnical Commission (IEC) on all matters of
electrotechnical standardization.
The procedures used to develop this document and those intended for its further maintenance are
described in the ISO/IEC Directives, Part 1. In particular, the different approval criteria needed for the
different types of ISO documents should be noted. This document was drafted in accordance with the
editorial rules of the ISO/IEC Directives, Part 2 (see www .iso .org/directives).
Attention is drawn to the possibility that some of the elements of this document may be the subject of
patent rights. ISO shall not be held responsible for identifying any or all such patent rights. Details of
any patent rights identified during the development of the document will be in the Introduction and/or
on the ISO list of patent declarations received (see www .iso .org/patents).
Any trade name used in this document is information given for the convenience of users and does not
constitute an endorsement.
For an explanation of the voluntary nature of standards, the meaning of ISO specific terms and
expressions related to conformity assessment, as well as information about ISO's adherence to the
World Trade Organization (WTO) principles in the Technical Barriers to Trade (TBT) see www .iso
.org/iso/foreword .html.
This document was prepared by Technical Committee ISO/TC 207, Environmental management,
Subcommittee SC 1, Environmental management systems.
Any feedback or questions on this document should be directed to the user’s national standards body. A
complete listing of these bodies can be found at www .iso .org/members .html.
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Introduction
Private and public organizations are facing risks and opportunities due to the beneficial or adverse
environmental impacts and related environmental aspects of their activities. The monetary valuation
of these environmental impacts and related aspects supports organizations in developing business
models and practices that are more sustainable. Using monetary valuation does not mean that money is
the only metric of value.
This document is for all organizations that wish to undertake monetary valuation studies or review,
compile or use the results. Organizations often have experience in assessing at least some environmental
aspects and environmental impacts resulting from their activities in physical units. To further integrate
this information in decisions, it is useful to determine the monetary values of these environmental
impacts and/or of related environmental aspects. Monetary valuations enable comparisons and trade-
offs between different environmental issues and between environmental and other issues. This is
useful in, for example, organizational strategy and investment considerations, product and service
design, management accounting, performance evaluation, environmental monitoring and reporting,
legislation or environmental policy and regulation.
Monetary valuation methods determine monetary values of changes in the environment and not the
absolute value of the environment.
This document supports environmental and risk management methods, such as cost-benefit analysis,
risk and life cycle assessments.
The main purpose of the document is to increase the awareness, comparability and transparency of
the monetary valuation of environmental impacts and related environmental aspects. It demonstrates
the benefits that monetary valuation methods offer to users. To achieve this purpose, standardized
and transparent documentation of the methods, data and assumptions used to derive monetary values
is essential. The multiplicity of monetary values, methods to determine monetary values, and ethical
perspectives on money requires careful consideration and prudent communication.
This document 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. Monetary valuation methods in this document can also be used to value
actual or potential impacts on natural capital, for example, abiotic resources, biodiversity, ecosystems
and ecosystem services. The impacts valued could result from environmental aspects and from the
dependencies of organizations on the environment. Environmental impacts can occur on the stocks and
quality of natural capital, affecting associated flows of benefits (including for human health).
This document focuses on valuation methods and not on costing methods. This means that requirements
and guidance on assessing costs are only given if costs are used as measures of monetary values.
In this document, many methodological requirements or recommendations are intended for people
assessing monetary values. Following these requirements and recommendations enables good practice
of monetary valuation. The requirements in the reporting clause can assist the user of monetary values
in assessing the quality of the monetary valuation study.
This document addresses the planning of a monetary valuation (see Clause 5), the monetary valuation
itself (see Clause 6), the way in which links between environmental impacts valued in monetary terms
and related environmental aspects are established (see Clause 7), checking the quality of the monetary
valuation (see Clause 8) and reporting (see Clause 9).
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INTERNATIONAL STANDARD ISO 14008:2019(E)
Monetary valuation of environmental impacts and related
environmental aspects
1 Scope
This document specifies a methodological framework for the monetary valuation of environmental
impacts and related environmental aspects. Environmental impacts include impacts on human health,
and on the built and natural environment. Environmental aspects include releases and the use of
natural resources.
The monetary valuation methods in this document can also be used to better understand organizations’
dependencies on the environment.
During the planning of the monetary valuation, the intended use of the results is considered but the use
itself is outside the scope of this document.
In this document, monetary valuation is a way of expressing value in a common unit, for use in
comparisons and trade-offs between different environmental issues and between environmental
and other issues. The monetary value to be determined includes some or all values reflected in the
concept of total economic value. An anthropocentric perspective is taken, which asserts that natural
environment has value in so far as it gives utility (well-being) to humans. The monetary values referred
to in this document are economic values applied in trade-offs between alternative resource allocations,
and not absolute values.
This document does not include costing or accounting, although some valuation methods have the term
“cost” in their name. This document does not include the development of models linking environmental
aspects to environmental impacts.
NOTE In this document, what is valued in monetary terms is either environmental impacts or environmental
aspects. When valuing environmental impacts of an organization, it is important that links between
environmental aspects and environmental impacts are established.
2 Normative references
There are no normative references in this document.
3 Terms and definitions
For the purposes of this document, the following terms and definitions apply.
ISO and IEC maintain terminological databases for use in standardization at the following addresses:
— ISO Online browsing platform: available at https: //www .iso .org/obp
— IEC Electropedia: available at http: //www .electropedia .org/
3.1 Environmental impacts and environmental aspects
3.1.1
environment
surroundings in which an organization operates, including air, water, land, natural resources (3.1.5),
flora, fauna, humans and their interrelationships
Note 1 to entry: Environment includes natural capital, ecosystem services (3.2.11), climate, abiotic services and
biodiversity.
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Note 2 to entry: Natural resources include mineral resources.
[SOURCE: ISO 14001:2015, 3.2.1, modified — A new Note 1 and Note 2 to entry have replaced the
original Notes 1 and 2 to entry.]
3.1.2
good
natural resource (3.1.5), ecosystem service (3.2.11), product or service, marketed or not, that satisfies
human wants or needs
Note 1 to entry: In this document, the term “good” includes human health.
Note 2 to entry: In ISO 14040, the term “product” is defined as “any goods or service”.
3.1.3
environmental impact
change to the environment (3.1.1), whether adverse or beneficial, wholly or partially resulting from an
organization’s environmental aspects (3.1.4)
[SOURCE: ISO 14001:2015, 3.2.4]
3.1.4
environmental aspect
element of an organization’s activities or products or services that interacts or can interact with the
environment (3.1.1)
Note 1 to entry: An environmental aspect can cause (an) environmental impact(s) (3.1.3). A significant
environmental aspect is one that has or can have one or more significant environmental impact(s).
Note 2 to entry: Significant environmental aspects are determined by the organization applying one or more
criteria. This process can be referred to as a “materiality assessment”.
[SOURCE: ISO 14001:2015, 3.2.2, modified — Note 2 to entry has been extended.]
3.1.5
natural resource
part of nature that provides benefits to humans or underpins human well-being
3.1.6
ecosystem
dynamic complex of plant, animal and micro-organism communities, and their non-living environment
(3.1.1) interacting as a functional entity
EXAMPLE Deserts, coral reefs, wetlands, rain forests, boreal forests, grasslands, urban parks, cultivated
farmlands.
Note 1 to entry: Ecosystems can be influenced by human activity.
3.1.7
release
emission to air or discharge to water or soil
[SOURCE: ISO 14040:2006, 3.30, modified — The term has been changed to singular form.]
3.1.8
reference unit of monetary value
unit of environmental change for which the monetary value (3.2.3) is determined
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3.1.9
environmental impact pathway
series of consecutive, causal relationships, ultimately starting at an environmental aspect (3.1.4) and
ending at an environmental impact (3.1.3)
Note 1 to entry: A synonym for environmental impact pathway is “cause-effect chain”.
Note 2 to entry: It can be considered a system of interlinked environmental mechanisms.
3.1.10
environmental impact factor
quantity of environmental impact (3.1.3) per quantity of environmental aspect (3.1.4)
3.1.11
environmental baseline
state of environment (3.1.1) without the change(s) that is valued
3.2 Environmental economics
3.2.1
willingness to pay
WTP
maximum amount of money an individual is prepared to give up to secure an environmental
improvement or to avoid an environmental loss
Note 1 to entry: In practice, WTP and willingness to accept compensation (WTA) (3.2.2) appear to diverge, often
substantially, and with WTA > WTP. Hence, the choice of WTP or WTA can be of importance.
3.2.2
willingness to accept compensation
WTA
minimum amount of money an individual is prepared to accept as compensation to forgo an
environmental improvement or to tolerate an environmental loss
Note 1 to entry: In practice, willingness to pay (WTP) (3.2.1) and WTA appear to diverge, often substantially, and
with WTA > WTP. Hence, the choice of WTP or WTA can be of importance.
3.2.3
monetary value
amount of money representing willingness to pay (WTP) (3.2.1) or willingness to accept compensation
(WTA) (3.2.2)
Note 1 to entry: What is valued in monetary terms by default is marginal changes in quality or quantity of goods
(3.1.2). It is not the absolute value of any given good or service that is valued. The size of change depends on the
context.
Note 2 to entry: Commonly, the WTP distribution in a given population is skewed. While mean WTP is the
theoretically correct measure to use, for example, in cost-benefit analyses, median WTP can be argued to be
the better predictor of what the majority of people would actually be willing to pay if the WTP distribution is
skewed. This equally applies to WTA.
3.2.4
monetary valuation
procedure for determining monetary value (3.2.3)
3.2.5
use value
monetary value (3.2.3) of a good (3.1.2) in relation to its actual, planned or possible use
3.2.6
non-use value
monetary value (3.2.3) of a good (3.1.2) independent of its actual, planned or possible use
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3.2.7
revealed preference
monetary value (3.2.3) placed by an individual on a market good (3.1.2) from which the individual’s
valuation of a non-market good is inferred
Note 1 to entry: The market of the market good is termed “surrogate market”.
3.2.8
stated preference
monetary value (3.2.3) expressed by an individual through survey-based response for a good (3.1.2) in a
constructed or hypothetical market
Note 1 to entry: The market of the good to be valued does not exist or exists but the change valued is not
experienced. It is therefore termed “constructed” or “hypothetical”.
3.2.9
value transfer
transfer of a monetary value (3.2.3) estimate from a primary monetary valuation (3.2.4) study to
another context
3.2.10
affected human population
group of people whose well-being, utility or values are influenced directly or indirectly by the
environmental impact (3.1.3)
3.2.11
ecosystem service
benefit people obtain from ecosystems (3.1.6)
Note 1 to entry: These are generally distinguished into provisioning, regulating, supporting and cultural services.
Ecosystem services include the provisioning of goods (3.1.2) (e.g. food, fuel, raw materials, fibre), regulating
services (e.g. climate regulation, disease control), and non-material benefits (cultural services) (e.g. spiritual or
aesthetic benefits). The supporting services are necessary for the production of all other ecosystem services (e.g.
soil formation, nutrient cycling, water cycling) and are also referred to as “ecosystem functions”.
Note 2 to entry: Ecosystem services are sometimes called “environmental services” or “ecological services”.
3.2.12
total economic value
net sum of all relevant use values (3.2.4) and non-use values (3.2.5)
Note 1 to entry: Total economic value does not encompass other kinds of values unrelated to human preferences.
3.2.13
discounting
process of calculating the present value of future monetary values (3.2.3)
3.2.14
discount factor
factor applied to future monetary amounts in order to compute their present value
3.2.15
equity weighting
procedure to modify the costs and benefits incurred by people in different social and economic contexts
to reflect their loss of utility
Note 1 to entry: The effect of equity weighting is to make willingness to pay (3.2.1) or willingness to accept
compensation (3.2.2) of different groups (e.g. income) comparable.
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3.2
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