ICMS 3, the third edition to the International Cost Management Standard (ICMS), is a
global standard for benchmarking and reporting of construction project cost and
carbon, providing a consistent method to be delivered for carbon life cycle reporting
across construction projects, from buildings and bridges to ports and offshore
structures.
49 non-governmental and not-for-profit professional bodies, part of the ICMS Coalition,
came together to bring consistency in construction project cost reporting standards
internationally by creating ICMS 3 through a transparent and inclusive standard-setting
process.
Research from the World Economic Forum has shown that improvements in the design
and construction process can be achieved by using international standards like ICMS to
gain comparable and consistent data.
Through a high-level structure and format for classifying, defining, measuring,
recording, analysing and presenting carbon and other life-cycle costs, ICMS 3 will
contribute positively to efforts to decarbonise the sector in the most cost-effective way.
By bringing much needed transparency and cross-border comparability, the standard
will allow governments, professionals, firms and financial institutions to benchmark
with similar projects around the worlds and have transparency of costs and embodied
and operational carbon across the life cycle of projects. This will further support
sustainable investment strategies in the construction industry, enabling investors to
make informed decisions and support ESG goals.