| Summary: | General public, companies and public organizations in Iceland, as elsewhere in the world, meet increased demand for more emphasis on environmental issues and protection of nature. The requirements for minimizing the impact on the environment (by reducing energy usage, increasing environmental awareness, and reducing general waste, for example) have become a serious issue worldwide. The environmental management system ISO 14001 is a procedure that some companies have adopted in order to reduce their environmental impact. The purpose of this research is to estimate the potential financial benefit of adopting ISO 14001, specifically for companies in Iceland. The research is conducted in three parts, using both quantitative and qualitative methods. The first part compares the annual reports from all the companies and public organizations certified with ISO 14001 before and after certification. The second part consists of interviews and questionnaire with some of the companies/public organizations that have adopted ISO 14001. The third part consists of an internet survey that was sent to all of the certified companies in Iceland. The results of the study showed there is no statistically significant financial benefit for the Icelandic companies after implementing ISO 14001.
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