to consider different environmental and economic factors. Given the heterogeneity of registered organisations, calculating average benefits and costs of EMAS is nearly unfeasible. The financial benefits of an EMAS registered organisation can differ per country. For example, some countries offer substantial reductions of waste fees, lower permitting costs, faster licensing procedures, etc. Nevertheless, several studies have been undertaken to provide reference points on the benefits and costs. In 2009, the European Commission published the Study on the Costs and Benefits of EMAS to Registered Organisations. The results of this study are summarised in a factsheet. Key benefits Environmental and financial performance through a systematic framework: e.g. increased resource and energy efficiency, waste reduction. Risk and opportunity management: e.g. legal compliance, regulatory relief. Credibility, transparency and reputation: e.g. environmental statement, key performance indicators, verification and validation through independent environmental verifiers. Employee empowerment and motivation: e.g. improved involvement of staff, higher awareness, often leading to innovations. Costs Fixed costs: validation/verification fees, registration fees, integrating EMAS logo into corporate design. External costs: consultancy expertise to support implementation and reporting, even if not mandatory, is often necessary. Internal costs: personnel and technical resources needed for implementing, administering and reporting. EMAS Awards The EMAS Awards praise efforts on environmental protection made by EMAS registered organisations. The European Commission has handed out these awards every year since 2005. EMAS Awards in environmental management are handed out annually companies and public authorities in six categories. EMAS Awards have a different focus every year. Each year, the EMAS Awards winners are cited for their achievements in a specific area of their environmental performance. Past themes have encompassed a variety of topics, including resource efficiency and waste management. The theme of the 2011 EMAS Awards is Stakeholder involvement leading to continuous improvement. Development The first EMAS Regulation (EMAS I) was adopted in 1993 and became operational in 1995. It was originally restricted to companies in industrial sectors. With the first revision of the EMAS Regulation in 2001 (EMAS II), the scheme opened to all economic sectors including public and private services. In addition, EMAS II was strengthened by the integration of the environmental management requirements of ISO 14001; by adopting a new EMAS logo to signal engagement to stakeholders; and by considering more strongly indirect effects such as those related to financial services or administrative and planning decisions. The latest revision of EMAS came into effect on 11 January