Monetarization

Christoph Scope

Chapter 113 in Elgar Encyclopedia of Life Cycle Sustainability Assessment, 2026, pp 417-419 from Edward Elgar Publishing

Abstract: Monetarization refers to the process of converting environmental impacts caused by harmful substances or the use of natural resources into monetary units. This concept is used to compare the severity of environmental impacts and prioritize reduction efforts. Monetarization in LCA is also motivated for its use in weighting to handle trade-offs between impact categories. Monetarization methods in LCA include approaches such as LIME, MMG-Method, or Trucost. Methods are either based on damage cost or abatement cost. Besides ISO standards 14007 and 14008 providing guidance, a dynamic research stream has evolved over the past years. However, there are limitations to monetarization, e.g. factors such as wealth can influence willingness-to-pay and willingness-to-accept techniques.

Keywords: Monetarization; Monetization; True cost; Natural capital; ISO 14007; ISO 14008 (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035309887
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