ISO 14007 is a standard for calculating the environmental costs and benefits connected with an organization's environmental elements. It covers an organization's reliance on the environment, such as natural resources, as well as the context where the business operates or is positioned. Environmental costs and benefits can be expressed numerically, qualitatively, or in both non-monetary and monetary terms.
The following six principles should be followed when planning, conducting, recording, and reporting the evaluation of environmental costs and benefits:
1-Accuracy: Accuracy should be sought through examining sources and data quality, as well as employing appropriate methodologies. Bias should be avoided, and uncertainty should be kept to a minimum.
2-Completeness: all relevant information for the intended purpose should be constructed in such a way that no other pertinent information has to be tallied, and no more information, to the knowledge of those doing the assessment, would significantly modify the results.
3-Consistency: Unless motivated by relevance, assumptions, methods, and data should be applied consistently throughout the assessment process to reach conclusions that are appropriate for the study's purpose and scope.
4-Credibility: All stages of the assessment should be transparent and unbiased. The information presented to interested parties should be straightforward, factual, substantial, and not misleading.
5-Relevance: the chosen environmental elements and impacts, data sources, concepts, limits (temporal and geographical), and methodologies should be suited to the demands and match the known criteria of the intended users, as indicated in the study's purpose and scope.
6-Transparency: It should be assured that documentation and reports are unrestricted, thorough, and consistent to allow the involved audience to operate the environmental benefits and costs as suitable confidence and/or to support the assessment's replicability.
BENEFIT OF IMPELEMENTING ISO 14007:
-Integrating environmental effects and dependencies into decision-making processes,
-Understanding the financial or economic implications of environmental management decisions,
-Understanding the interaction between the environment and the activities and products of the organization,
-Determining important environmental elements, consequences, and linkages,
-Addressing an organization's environmental risks and possibilities, -Optimizing environmental costs and benefits outside an organization's operational limits (e.g., society, state, complete value chain), possibly extending beyond compliance duties.
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