Quantification, monitoring and reporting of greenhouse gas emission reductions or removal enhancements
ISO 14064-2 is an international standard that provides guidelines for the quantification, monitoring, and reporting of greenhouse gas (GHG) emissions and removals from specific projects or activities. The standard was first published in 2006 and has since been revised twice, with the latest version released in 2019.
The purpose of ISO 14064-2 is to provide a framework to measure and report the GHG emissions and removals associated with specific projects or activities. The standard is based on the principles of accuracy, completeness, consistency, transparency, and relevance as other GHG programs rely on.
ISO 14064-2 is part of a broader series of standards, including ISO 14064-1, which provides requirements for the quantification and reporting of GHG emissions and removals at the organizational level, and ISO 14064-3, which provides requirements and guidance for the verification and validation of GHG emissions and removals. The standard applies to all types of project activities, regardless of their size, sector or geographical location, and is particularly useful for those seeking to manage the environmental impact of projects or activities.
To conform to ISO 14064-2, organizations must establish a GHG inventory for their project or activity, which involves identifying and measuring all sources of emissions and removals associated with that project or activity and the baseline. The mitigations estimation and achievments shall rely on best practice procedures and be reviewed and updated regularly to ensure accuracy and completeness.
ISO 14064-2 also requires regular reporting of mitigations in a transparent and consistent manner. Reporting can take various forms, including project reports, product declarations, and other forms of communication with stakeholders.
In addition to providing benefits to the environment, ISO 14064-2 can also provide economic benefits for organizations, such as reducing energy and resource consumption, improving operational efficiency, and enhancing reputation and brand value.
The ISO 14064-2 is a valuable tool for projects and organizations seeking to manage the environmental impact of their projects or activities. By establishing a GHG inventory for their project or activity, reporting emissions and removals in a transparent and consistent manner, and verifying their data through an independent third-party, project can gain credibility and demonstrate their commitment to sustainability.
ISO 14064-2 Fundamentals
The basic requirements of ISO 14064-2 are:
- Establishing a project boundary: The projects must define the project boundary, which includes all activities and emissions associated with the project. The boundary must be clear and consistent, and should be based on the specific characteristics of the project.
- Identifying GHG emission sources: The project must identify and quantify all sources of GHG emissions associated with the project and the baseline. This includes direct and indirect emissions from sources such as fuel combustion, electricity consumption, transportation, and waste disposal.
- Establishing a baseline: The project must establish a baseline for GHG emissions associated with the project, which serves as a reference point for future emissions mitigations. The baseline should be conservative using recognized methods, and should be consistent with the project boundary.
- Monitoring and reporting GHG emissions: The project must monitor and report GHG emissions and mitigations on a regular basis, using recognized international units and methods. The reporting should be transparent and consistent, and should include a breakdown of emissions by source and any emissions reductions initiatives or projects.
- Verifying GHG emissions: Projects are validated and GHG emissions mitigation verified by an independent third-party. This involves a review of the project's GHG inventory, data management systems, and reporting procedures, and can provide additional credibility and assurance to stakeholders.
ISO 14064-2 Lacks
The ISO 14064-2 standard however doesn’t specify principles, requirements, and guidelines for the crediting emission mitigations, period of crediting, standard templates, GHG program definitions of additionality etc. It is thus paramount to complement the ISO 14064-2 standard to be be able to use it for crediting of mitigations for use in the voluntary carbon markets. As is done in the ICR requirement document.