The Triple Bottom Line Concept The triple bottom line term was coined in the 1990s by business consultant John Elkington to describe economic, environmental, and social value of investment that may accrue outside a firm’s financial bottom line (Elkington, 2004). The TBL approach aims to more accurately value assets and lever- age resources, so that capital is employed as efficiently and effectively as possible. The concept is sometimes referred to as the 3Ps (people, planet, profit), triple value adding (Roberts & Cohen, 2002), and blended value (Emerson, 2003). Triple bottom line thinking is informed by and relates to the concept of sustainable development—the premise that development should occur in ways that meet the needs of cur- rent
Now, the concept of sustainability has been defined as a systematic, long term approach to allow the progress of humanity economically and socially without environmental impacts which was expressed by Filho. (13) It has also been defined by Pascal as a method to cater to the current necessities without creating damages for the future development and without disrupting the needs of the future generations. (9) The concept of sustainability as stated by Pascal was first introduced in the late 1970s as a strategy to protect and reduce environmental impact on ecology. This term sustainability was the result of people’s awareness of the damages made on the environment. (9) However, in 1996, Scott Campbell had redefined the term sustainability.
Definition Sustainable development has been defined in many ways, but the most frequently quoted definition is from “our common future”, also known as the Brundtland report. “Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs.” It contains within it two key concepts: 1. The concepts of needs, in particular the essential needs of the world’s poor, to which overriding priority should be given. 2. The idea of limitations imposed by the state of technology and social organisation on the environments ability to meet present and future needs.
If people were assisted to plan and manage their own affairs, the outcome is more likely to meet their real needs. If the beneficiaries can envision and articulate their needs and expectation, they can ensure their service demand will be met. Participatory monitoring and evaluation (PM&E) process can help build multiple accountability linkage across different institutional level and stakeholder group (Estrella, et al.). At its pinnacle, participation involves a transformation of the traditional development approach towards the enhancement of the capabilities of the local people and communities to define and address their own needs and aspirations (Duraiappah, Roddy, & Parry, 2005). It is also the precondition for the sustainable development initiatives.
Sustainable Consumption: A Demand Side Pathway to Sustainable Development Abstract: Sustainable Development is a widely accepted approach to sustain economic growth without harming the planet or exhausting its resources while improving the quality of life for its current and future inhabitants. . Promoting sustainable consumption and production are important aspects of sustainable development. The term ‘sustainable consumption’ denotes the search for consumption patterns that reduce human pressure on the environment. It is not only about how much is consumed, but also about what is consumed, how it is consumed and who consumes.
Literature review The World Business Council for Sustainable Development in its publication Making Good Business Sense by Lord Holme and Richard Watts, used the following definition. “Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large” A firm’s assignment of CSR begins with economic responsibility and narrows up with legal, ethical and other responsibilities, such as sound judgment. What was found as ethical pursuance and sound judgment in Carroll’s model, it is now indispensible because of the fact that ethical responsibilities are required
Sustainability can not only be a positive but a negative too. Paul James (2015) declares: Positive sustainability can be defined as practices and meanings of human engagement that make for lifeworlds that project the ongoing probability of natural and social flourishing, vibrancy, resilience, and adaptation. (p. 23) Some authors describe sustainability as a “flat” term which is overweighed in the society. These highly educated people prefer to use the term ‘resilience’ as a description of stability for us and our descendants, but on the other hand this term carries some
According to Elkington (1997) there are three main pillars of sustainability, economic, ecological and social systems which benefit the future generation this is known as “triple bottom line” concept. These are characterized as sustainability which is ‘ecological sustainability’ and conceptualisation of sustainable development is a process of change that has sustainability added to its list of objectives (Lele, 1991). According to the World business Council for Sustainable Development stated that sustainability offers business the notion of being able to merge the environmental protection and socio- economic development with improved business performance (WBCSD, 2010). Sustainable development means a potential nascent green-tech venture in order to achieve triple bottom line of combined economic, social, and environmental value (Meyskens & Carsrud,
CHAPTER 7 SUSTAINABILITY INITIATIVES Sustainability: sustainability means the Development that meets the needs of the present without compromising the ability of future generations to meet their own needs." Bruntland Report for the World Commission on Environment and Development (1992). The ecological stability of human settlements is part of the relationship between humans and their natural, social and built environments. Also termed human ecology, this broadens the focus of sustainable development to include the domain of human health. Fundamental human needs such as the availability and quality of air, water, food and shelter are also the ecological foundations for sustainable development; addressing public health risk through investments in ecosystem services can be a powerful and transformative force for sustainable development which, in this sense, extends to all species.
Sustainability in Marketing Domain Sustainability could be defined as a path by which today’s generation could fulfil its demands but leaving enough resources for the future generation to fulfil theirs. Marketing on the other hand is the ability to cater to the needs of generations profitably taking care of the stakeholders. Though profitability is a crucial element of the marketing domain but still sustainable profitability is the practise followed these days. Focus has shifted to TBL (triple bottom line) three important aspects like (Figure 1):- 1. Economic Benefits 2.