In past posts I have explored various ways consumers can make more informed decisions about the products they buy. It seems that we are slowly emerging from the dark ages. For instance, companies like GoodGuide are compiling detailed environmental and social impact information on thousands of products. Similarly Wal-Mart is rolling out a Sustainability Index which will ultimately inform consumers about the products they buy.

Other retailers as well as producers are catching on. In August, U.K. grocer Tesco became one of the first to display carbon footprint information for one of its most popular products (milk). The company plans to label up to 500 other items by the end of the year. Product makers such as PepsiCo are also leading the way. The company’s popular Walkers branded chips have had carbon footprint labels for the past two years. Max, a Swedish burger chain, displays emissions calculations on its menus.

While all these efforts are commendable, and perhaps indicative of emerging consumer demands for more information, none are widespread or accurate enough to make a significant impact. Part of the problem is that the market for consumer information still lacks standards. For instance there is no single way to calculate a product’s carbon footprint or a set definition for “organic”. The practical measurement issues are also significant. With global supply chains, similar products may be produced in two different parts of the world and have widely different impacts on society and the environment.

Flexible, real time systems based on common standards are needed to truly revolutionize the way people make purchasing decisions. The tools already exist – sensors, RFID, supply chain management software and new analytics tools allow us to collect and analyze vast amounts of data about products including materials, components, sourcing and transportation. The information can be used to calculate the environmental impacts through life cycle assessment. Accounting and reporting standards are being developed by organizations such as The Greenhouse Gas Protocol Initiative to provide a common set of frameworks and practices.

We are still a few years away from having all relevant information about our purchases at our fingertips. After all, even retailers and producers don’t have that single view yet. However, with ongoing initiatives at multiple levels, things seem to be moving in the right direction.