ISO INTERNATIONAL STANDARD 14008 First edition 2019-03 Monetary valuation of environmental impacts and related environmental aspects Evaluation monetaire des impacts environnementaux et des aspects environnementaux associées Reference number IS0 14008:2019(E) so @ IS0 2019 IS0 14008:2019(E) COPYRIGHTPROTECTEDDOCUMENT @ 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: +4122 749 0111 Fax: +41 22 749 09 47 Email: [email protected] Website: www.iso.org Published in Switzerland ii @ IS0 2019 - All rights reserved IS0 14008:2019(E) Contents Page Foreword ..V Introduction. ...vi 1 Scope. 2 Normative references 3 Terms and definitions. 3.1 Environmental impacts and environmental aspects .1 3.2 Environmental economics 4 Principles .5 4.1 General ..5 4.2 Description of principles .5 4.2.1 Accuracy 5 4.2.2 Completeness 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 5.2 Goal of the monetary valuation and its intended audience. .7 5.3 Specification of the environmental impact or aspect 5.4 People whose preferences and perspectives are considered ..8 5.5 Elements of the total economic value captured 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 @ IS0 2019 - All rights reserved iii