Followed! Multiple international standards released

Climate change is imminent and costly. Managing the impacts of global warming requires not only funding but significantly more investment to reduce greenhouse gas (GHG) emissions. It is estimated that achieving global net-zero carbon targets will require trillions of dollars in investment.

Green finance or investments related to climate change are seen as solutions, but comprehensive and comparable evaluation and reporting are crucial for any positive environmental impact and attracting more investment. This is increasingly becoming a regulatory requirement. To this end, ISO has just released a new standard designed to provide assistance.

ISO 14097 "Greenhouse Gas Management and Related Activities — Framework including Principles and Requirements for Evaluating and Reporting Investments and Financing Activities Related to Climate Change" helps financiers evaluate and report their actions and understand the true value of their contribution to climate goals.

The framework outlined in this standard specifies the necessary principles, requirements, and guidelines, based on the "theory of change" approach, aimed at identifying the conditions needed for long-term impact. ISO 14097 covers the impact of investment decisions on greenhouse gas emission trends in the real economy, the compatibility of investment and financing decisions with low-carbon transition pathways and climate goals, and the financial asset owners (such as private equity, listed stocks, bonds, loans) influenced by climate goals or policies.

Massamba Thioye, project leader of the ISO expert group that developed this standard, stated: "Green finance investments contribute both to global efforts to reduce greenhouse gas emissions and to the sustainability and long-term profitability of financial assets themselves. Financiers can divest from carbon-intensive activities to manage their exposure to climate-related risks, but unless done widely, the impact on greenhouse gas emissions remains limited. A more effective approach is policy advocacy, engaging with invested organizations, and using influence to promote greening of their investment plans. Therefore, it is crucial for them to measure the impact of these actions on the greenhouse gas emissions of the organizations they invest in. Transparency and measurement are key to the success of green finance, which is also the purpose of this standard."

Thioye is also the head of the Mitigation Division at the United Nations Framework Convention on Climate Change Secretariat, an important partner of ISO.

ISO 14097 is the latest in a new series of standards related to climate change and finance. Other standards under development include the ISO 14030 series for environmental performance evaluation of green debt instruments, ISO 14100 for green finance project evaluation, and ISO 14093 focusing on funding mechanisms for climate change adaptation.

Tourism is one of the industries hardest hit by the COVID-19 pandemic. It provides one-tenth of global employment, accounts for a significant proportion of GDP in many countries, and supports the livelihoods of millions. More importantly, tourism often funds other sectors such as wildlife conservation, culture, and heritage sites.

Recent data shows that since the crisis began, tourism has lost about $1.2 trillion and over 100 million jobs. Therefore, revitalizing this industry is imperative, but it must be done in a context that protects everyone's health and safety. ISO has just released a new publicly available specification (PAS) to assist the tourism sector.

Natalia Ortiz de Zárate, head of the ISO committee that developed ISO/PAS 5643, said: "It draws on published national standards and international guidelines, harmonizing and expanding them into a comprehensive document usable by any country. Reopening tourism is important, but it must be done safely and sustainably. No one can guarantee the world will return to how it was; unpredictability has become the norm. These guidelines aim to support the industry in staying agile and cautious, enabling it to welcome tourists again under the best possible conditions as a means to rebuild trust and ensure everyone's safety."

ISO/PAS 5643 "Tourism and Related Services — Requirements and Guidelines to Reduce the Spread of COVID-19 in Tourism" covers a wide scope and will help all suppliers in the sector (accommodation, museums, transport, experiences, events, and guides) ensure safer services and prevent virus transmission. The standard aims to help tourism suppliers implement best measures to ensure everyone's safety and to give tourists confidence in the effectiveness of these measures.

This PAS has also been adopted by the European Committee for Standardization (CEN) as the European Tourism COVID-19 Safety Label, demonstrating commitment to the guidelines and ensuring their widespread application across the region.

The label is defined by two CEN Workshop Agreements: CWA 5643-1 "Tourism and Related Services — Requirements and Guidelines to Reduce the Spread of COVID-19 in Tourism" (ISO PAS 5643:2021) and CWA 5643-2 "Tourism and Related Services — Requirements and Guidelines to Reduce the Spread of COVID-19 in Tourism — European Visual Identification," focusing on recommendations and requirements specific to Europe.

ISO/PAS 5643 helps industry workers identify and implement measures to reduce the spread of the pandemic while considering different protocols worldwide.

Maria Cruz Cádiz, convener of the PAS working group, said: "This PAS includes not only requirements and recommendations to protect tourists but also those to protect local residents and tourism supplier employees. The standard's flexibility and comprehensiveness are sufficient to accommodate any type of organization, including small and medium-sized enterprises."

These recommendations cover various aspects including accommodation facilities, restaurants, beaches and parks, transport companies, guides, spas, museums and heritage sites, meetings and events industry, tourism and tour operators, among others.

ISO/PAS 5643 was developed by ISO/TC 228 "Tourism and Related Services" technical committee, with the secretariat held by UNE (Spanish Association for Standardization), the ISO member from Spain.

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