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.

 In addition to extending the use of ICMS to carbon emissions, the Standard Setting Committee has taken this opportunity to add 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.


Considering these changes, the ICMS Coalition has decided to change the title of ICMS to 'International Cost Management Standard', which, while retaining the same acronym, reflects the broader, high-level scope of its contents. Nevertheless, the structural framework of ICMS remains unchanged, allowing comparisons with reports of capital and life cycle costs that have been produced in accordance with the first and second editions. As a result, those familiar with the second edition will find little different in this third edition other than the inclusion of carbon emissions and the extension of project types.


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