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Economic Theme Development Now in Progress

2014-08-12 19:54:24
Economic Theme Development Now in Progress

ISCA is grateful for the support from the Australian Government in funding the development of a new Economic theme for the IS rating tool.

The original IS rating scheme framework identified the need for an Economic Theme to be incorporated into the 'economic' aspect of the triple bottom line approach to the IS ratings. Since the launch and use of version 1.0 of the rating tool, ISCA members and stakeholders have indicated that incorporation of an Economic theme would be highly valued.

This theme will focus on the principle that economic sustainability results in the allocation of resources over time in a way that provides the highest level of wellbeing for current and future generations. From an infrastructure asset management perspective, it is about ensuring that infrastructure assets are built to last and continue to provide services to stakeholders.

The broad concept of 'economics' plays a part in almost every aspect of our day to day lives. The consideration of the upfront and ongoing costs and benefits, and how these costs and benefits are quantified and distributed, affects many decisions, including those related to infrastructure. New or existing infrastructure is often viewed within an economic framework that considers this quantification, timing and distribution of costs and benefits. However this process does not always consider the full spectrum of environmental, social and economic forms of capital and this can have a significant influence on the physical assets that result.

aecomThe first stage in the development of the Economic Theme is to undertake a scoping study to confirm the key industry stakeholders and identify the practical boundaries of what the Theme should cover. AECOM, an ISCA member, is supporting ISCA with the scoping study through direct funding, in-kind contribution and technical support drawing on AECOM's internal knowledge and experience as well as broad industry engagement to ensure that the Scoping Study provides a firm foundation for the full development.

Check out the infographic on the IS Rating Theme Development.