
Climate change posses the most daunting challenge to humanity, and we need to mobilize actors from all sectors to address it. Industry is by far one of the most relevant stakeholders as we challenge our global economy to reduce green house gases. The International Standard Organization (ISO) announced at the most recent meeting of the UNFCCC and the Kyoto Protocol (COP11MOP1) their international greenhouse gas (GHG) accounting and verification standards (ISO14064). ISO 14064 promises to provide an “unambiguous and verifiable requirements or verifications to support organizations and proponents of GHG emissions reduction projects”. The opportunities behind ISO 14064 are unique. As the emissions trading system develops in the European system and the Chicago Climate Exchange in the Unites States, the need to unify the Certified Emission Reductions (CERs) methodologies has become evident. ISO brings a new aspect to compliance to soft law, as it has been observed with ISO14001. The adoption of ISO14001 in international trade under the “Good Practice for the preparation, adoption, and application of standards” at the WTO provides a reference to the potential of bringing industries in the developed and developing world to the same level. A well-established ISO standard could allow the introduction of carbon credits created by industry. For the establishment of a commonly accepted standard it is necessary to overcome the controversy behind ISO 14001 regarding stakeholder involvement at the Technical Committee 207 (TC207). The work of the TC207 in the development of ISO14001 created a ceiling in accepted practices that has lowered national legislation requirements, and that could be a double edge- sword in the future of CERs. The future of ISO14064 remains uncertain, and its role in filling the gaps in the legal continuum of state and private action in the deployment of norms and regulations needs to be scrutinized. The industry needs standards to move forward, whether under binding or non-binding schemes. International Standards can facilitate the creation of strong international emission trading schemes, but they must be embraced bearing in mind the need to develop revolving systems that push the bar higher and higher. If the transformation of soft law to hard-law continues to happen in the market place, the adoption of ISO14064 deserves profound scrutiny.









