Standards Development

Sector: Sustainability

Categories: Finances. Banking. Monetary systems. Insurance | Environmental economics

Overview: Under the direction of SES/1, the subcommittee is responsible for the preparation of British Standards on the subject of assessing and valuing natural capital where it directly relates to environmental management, contributing to the development of guidelines for organizations on determining the environmental costs and benefits associated with their environmental aspects, contributing to the development of a methodological framework for the monetary valuation of environmental impacts and related environmental aspects, and for providing the UK’s input into the ISO/TC 207/SC 1 ‘Environmental management systems’ working group responsible for the development of standards on these topics. In addition, the subcommittee will liaise closely with related national committees and will provide natural capital assessment and valuation input as required to aid and inform the development of other relevant standards on themes such as sustainable or green finance, management of other capitals to the extent this links to joint management of natural capital. The subcommittee’s activities are complementary to external natural capital assessment and accounting initiatives. The term "natural capital" refers to stock of renewable and non- renewable resources of a given quality existing at a point in time that separately or combine to yield a flow of benefits to people.