Draft standard for reporting built-environment carbon emissions opens for consultation

Information from RICS

The International Cost Management Standard (ICMS) Coalition has shared the first draft of a shared format for reporting built-environment carbon emissions. The coalition seek input from industry on this draft before 10 September 2021.

This third edition of ICMS recognises the criticality of consistently reporting carbon emissions if a disaster caused by global climate change is to be averted. By providing a common reporting framework for capital costs, life cycle costs and carbon emissions, it allows their interrelationship to be explored and provides the data to make decisions about the design, construction, operation and maintenance of the built environment that optimises environmental sustainability.

Since publication of the first edition in July 2017, the International Cost Management Standards (ICMS) have provided a single methodology for reporting, grouping and classifying construction project costs.

The Royal Institution of Chartered Surveyors (RICS) has worked with 49 global organisations (including the Africa Association of Quantity Surveyors and the Association of South African Quantity Surveyors) to develop ICMS 3. ICMS 3 will contribute to efforts to decarbonise the construction sector by empowering professionals to deliver a globally consistent method for carbon life cycle reporting across construction projects, from buildings and bridges to ports and offshore structures.

The ICMS can be used for:

  • Global investment decisions
  • Consistent data to go into a building information model (BIM)
  • International, national, regional or state cost comparisons
  • Feasibility studies and development appraisals
  • Project work including cost planning and control, cost analysis, cost modelling and the procurement and analysis of tenders
  • Dispute resolution work
  • Reinstatement costs of insurance
  • Valuation of assets and liabilities

The structural framework of ICMS remains unchanged from the first two editions of the standard allowing comparisons with reports of capital and life cycle costs. In addition to extending the use of ICMS to carbon emissions, the Standard Setting Committee has added five new project types: Offshore structures, Near shore works, Ports, Waterway works and Land formation and reclamation, as well as making minor modifications in response to feedback received from practitioners.

For more information or to comment, visit https://consultations.intstandards.org/icms3/consultationHome

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