This viewpoint article examines Environmental Impact Assessment (EIA) practices in developed and transitioning nations, identifies weaknesses, and proposes a new quantitative approach. The literature indicates that there exists little to no standardization in EIA practice, transitioning nations rely on weak scientific impact analyses, and the establishment of baseline conditions is generally missing. The more fundamental issue is that the "receptor"- based approach leads to a qualitative and subjective EIA, as it does not adequately integrate the full measure of the complexity of ecosystems, ongoing project risks, and cumulative impacts. We propose the application of a new framework that aims to ensure full life cycle assessment of impacts applicable to any EIA process, within any jurisdictional context. System-Based EIA (SBEIA) is based on modeling to predict changes and rests on data analysis with a statistically rigorous approach to assess impacts. This global approach uses technologies and methodologies that are typically applied to characterize ecosystem structure and functioning, including remote sensing, modeling, and in situ monitoring. The aim of this approach is to provide a method that can produce quantifiable reproducible values of impact and risk and move EIA towards its substantive goal of sustainable development. The adoption of this approach would provide a better evaluation of economic costs and benefits for all stakeholders.