To Buy or Not to Buy: Standards and practices of assessing environmental aspects of sites and companies

Abstract: This research set out to describe the current state of Environmental due iligence, how it evolved, current trends, and where it may be headed. The approach taken to accomplish this was a literature review, comparison of international Environmental due diligence standards, in particular ASTM E-1527 00 and ISO 14015, review of six case studies of environmental due diligence assessment reports, and interviews with actors involved in the environmental due diligence process, including those who conduct and those who purchase, the environmental due diligence assessment. The research identified commonalities and differences between the standards, and found that the standards ISO 14015 and ASTM E-1527 are not commonly followed in conducting assessments. Instead, consultancies and companies often have their own standards, but even these are not explicitly followed, but served as guidelines. Interviews as well as case studies indicated that areas covered by environmental due diligence assessments are largely consistent with the exceptions of corporate social responsibility and sustainability issues, which were covered less consistently. The manner in which the consistently covered issues are assessed and reported varies. Trends, potential future direction of the field, and ideas for further research are discussed.