I recently came across http://stage.sourcemap.org, a pilot site to “crowdource” the supply chain of products and their footprint. You might be interested in taking a look – it goes in the direction you are indicating.

I agree with this but not 100%. Yes we need flexible, real time systems but not common standards.
Common standards imply that everyone holds the same needs and values at the same time, which simply does not happen.
Take emissions for example, the EU and the US can afford to lower their targets and set a lower limit on the total amount, simply because they do not have as much heavy industry. India and China?? not so much.

What may work better is to have a licensed 3rd party comparative rating. For example, product X has a 8/10 on pollution generated while product Y has a 7/10. That makes in-store comparisons extremely easy to make and promotes competition amongst producers.
An additional “clean-up” multiplier for the type of pollution created can be added to give the consumer a sense of the true cost of a product.
This levels the playing field for products such as those that use eco-friendly manufacturing, which most times leads to higher prices but a lower clean-up cost to the environment.