ISO 14064-2: Specification with project-level guidance for quantifying, monitoring and reporting on the reduction of greenhouse gas emissions or enhancing their removal.

ISO 14064-2 is a specification with project-level guidance for quantifying, monitoring and reporting on the reduction of greenhouse gas emissions or enhancing their removal, thereby contributing to climate change mitigation strategies. Provide guidance on the process of validation and verification of project data on greenhouse gases.

 

What is involved

 

This standard provides the background and requirements for GHG Projects. GHG Projects either reduce emissions (e.g. installation of alternative energy systems) and/or enhance their removal. The requirements of ISO 14064-2:2019, include both implementation principles and requirements for project baseline identification, monitoring, quantification and reporting on project performance. In addition, validation and verification requirements are addressed. As it is an ISO standard, it can be linked to other voluntary standards, such as the GHG Protocol for GHG Projects or other EU Kyoto mechanisms, such as the Clean Development Mechanism (CDM).

 

Advantages of applying ISO 14064-2

 

The strategic benefits for Companies and Organisations that comply with ISO 14064-2 are as follows:

• They demonstrate that their documentation of GHG emissions is reliable, avoiding errors, omissions or misstatements (Inventory, Statements and Reporting of GHG emissions).
• Validation of the baseline scenario, which is defined as the benchmark for the emission reductions caused by the GHG project.
• Demonstration of the significance of the emissions avoided during the project period.
• The application of the standard demonstrates credibility and transparency in the organisational efforts of the Enterprise or Organisation against climate change through emission reduction efforts. These reductions are confirmed by accurate, concrete and verified results.
• Regulatory compliance, by adhering to recognized standards, so Businesses and Organizations can avoid penalties and environmental fines associated with non-compliance with environmental regulations and stakeholder requirements.
• Carbon credits: Businesses and organisations that effectively reduce their emissions can benefit from trading carbon credits in emissions trading schemes.

In addition to the environmental benefits, ISO 14064-2 can also provide economic benefits to Businesses and Organisations:

• Identification of emission reduction opportunities
• Reduction of energy and resource consumption leading to cost savings,
• Improving operational efficiency; and
• Improving brand reputation and value.

 

Who it concerns

 

Stakeholders for ISO 14064-2 primarily include Businesses and Organizations involved in quantifying, monitoring and reporting on GHG emissions. This standard is particularly relevant for industries subject to environmental regulations and those participating in voluntary emission reduction or trading schemes and offsets. It is also of interest to Companies and Organisations, environmental consultants, environmental auditors and competent authorities that oversee compliance with environmental standards and sustainability objectives.