The International Cost Management Standard (ICMS) is a standard for cost management of construction projects globally. CEEC is one of the member organisations of 50 professional and not-for-profit organizations from around the world, working together to develop and implement international standards for benchmarking, measuring and reporting construction project cost. The first ICMS was launched on 24th of July in 2018 at the PAQS Meeting in Vancouver and enables, for the first time, better comparison in order to improve investor confidence and attract more private sector funding. In response to industry feedback following the publication of the first edition of ICMS, the ICMS Coalition has worked on a second edition which incorporates life cycle costs. Since ICMS2 the coalition has worked to develop ICMS3, including capital costs, life cycle costs and carbon emissions.
The ICMS3 was published on 29 November 2021 and sets out a methodology for construction professionals and developers to account the amount of embodied carbon their projects will create, whether that’s through the delivery of new roads, schools, offices, housing or railways. The launch of ICMS3 represents the starting pistol being fired for the construction sector to embrace net-zero as a global, interconnected industry, and follows the COP-26 climate conference in Glasgow (UK) where world leaders set bold targets to avert a global disaster.
Go to our ‘Downloads’ page to download the ICMS3.
For more information, please visit the website of ICMS.