Triple Bottom Line's relevance in current times | (3 Pillars) Sustainability in Business

This video gives basic understanding of Relevance of Triple Bottom Line (Economic, Environmental, Social) in current times.

Elkington's TBL framework helps to realise the goal of sustainability in business practices. Businesses look beyond profits to include environmental and social issues to measure the full cost of doing business.

The language needed to be able to resonate with businesses and corporate, so the term TBL came.

This term was used first in an article in the California Management Review on win win business strategies (Elkington, 1994) and his 1997 book Cannibals with Forks: The triple bottom line of 21st Century.

TBL looks at above three essential elements: 3Ps -People, Planet & Profit
People- It’s about socially responsible operation.
Planet- It’s about environmental conservation & preservation
Profit- It’s about company’s profit & loss.

But, It is difficult for businesses to balance all 3 elements simultaneously. Many experts have expressed that at minimum, you can have progress in two dimensions while third remains unaffected.
Therefore, we need to work around the deployment of the concept and truly essential requirements of social and environmental elements, rather than only short sighted accounting tool. These have to be implemented in true spirit at the larger scale and pace.

#triplebottomline #sustainability #3pillarsofsustainability

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Reference and Source:
1. GRI logo- https://www.globalreporting.org/Pages...
2. Reality of Triple Bottom Line, by Deepak Kumar Tripathi, et. al. In Global Journal of Management & Business Studies
3. HBR article: 25 Years Ago I Coined the Phrase “Triple Bottom Line.” Here’s Why It’s Time to Rethink It by John Elkington
https://hbr.org/2018/06/25-years-ago-...
4. Enter the Triple Bottom Line by John Elkington, pn, 3