The ICMS third and Final edition has been issued recently, and an abridged version of the press release together with a copy of the Standard is attached. The IET Project Controls Network are founder members and part owners of the ICMS Standards.

The second edition of ICMS extended the scope of the first edition to encompass life cycle costs,
reflecting the pivotal role they play in the financial management of construction projects around the
world. This third edition recognises the criticality of reducing greenhouse gas emissions if a disaster
caused by global climate change is to be averted. In ICMS, greenhouse gas emissions are measured
in terms of carbon dioxide (CO2) equivalent, and for simplicity, referred to throughout as ‘carbon
emissions’. By providing a common reporting framework for life cycle costs and carbon emissions, ICMS
allows their interrelationship to be explored, and provides the opportunity to make decisions about the
design, construction, operation and maintenance of the built environment to improve environmental
sustainability.

In addition to extending the use of ICMS to carbon emissions, the Standard Setting Committee (SSC)
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 scope of its
contents. Nevertheless, the structural framework of ICMS remains unchanged, allowing comparisons
with reports of capital and other 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 difference in this third
edition other than the inclusion of carbon emissions and the extension of project types.

Further reading in the attached document.