Organizations need to know which environmental measures and strategies are economically sound. For example, valuing natural resources and performing environmental cost-benefit analyses are both strategically and tactically important steps in sustainable development programs.

ISO 14007 will enable organizations to determine and communicate the costs and benefits associated with their environmental aspects, impacts and dependencies on natural resources. It tells organizations how to carry out cost-benefit analyses for different environmental options.

The new standard complements ISO 14008, monetary valuation of environmental impacts and related environmental aspects, published in March 2019. It describes methods for valuing environmental aspects and impacts, providing the essential data that feeds into such cost-benefit analyses. Hence, the two standards dovetail with one another.

Source: JIFFA