NEW YORK CITY — An international coalition of construction experts has announced the publication of a new universal standard for reporting carbon dioxide emissions in the real estate industry.
The International Cost Management Standard (ICMS3) sets out a methodology for construction professionals and developers to account for the amount of embodied carbon their projects will create, stated a release from the Royal Institution of Chartered Surveyors (RICS).
Prior to the launch there were conflicting ways to report carbon, and according to the RICS Global Construction Monitor, 40 per cent of the industry didn’t feel that accurate carbon measurement was understood.
The new standard was developed by the ICMS Coalition and Construction Industry Council.
As well as reporting on embodied carbon, ICMS3 also allows the lifecycle, cost and carbon impacts of a building or infrastructure to be taken into account long after construction is complete.
“De-carbonization of construction is now essential to meet the goals of COP 26,” said Alan Muse, RICS head of construction standards, in a statement. “Critically, to achieve this, we need globally standardized reporting systems – unless we measure it, we cannot manage it.
“The use of ICMS 3 will benefit all construction stakeholders who wish to reduce carbon for a combination of compliance, market and societal reasons and also drive innovation in terms of alternative designs and solutions.”
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