A new global benchmark that will enable businesses to determine the costs and benefits associated with their environmental aspects has been launched by the International Standards Organisation (ISO).
The ISO 14007 addresses the dependencies of an organisation on the environment, for example, natural resources and the context in which it operates or is located – both quantitatively and qualitatively – either as a whole or its supply or value chain.
This is expected to help in better informing an organisation’s decision‐making on sustainability, enabling them to prioritise action on environmental management by key decision makers, in particular, at the board level.
Martin Baxter, Chair of ISO/TC 207’s Subcommittee SC 1, Environmental management systems, adds: “There is a growing drive towards valuing natural capital, as well as a need to undertake a monetary assessment of an organisation’s environmental aspects and impacts. ISO 14007 helps in creating transparent and accurate data, which in turn may remove a hurdle for sustainable development – to understand the value of sustainability.
“Sustainability is about preserving human well-being for present and future generations. And well-being is closely linked to an economy where natural capital plays a critical role for the future.”