Triple Bottom Line

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Triple Bottom Line Over the Past 30 years many steps have been taken to further understand, and develop our sustainability and the impact it has on us, our communities, economy, social lives and future. As our understanding and knowledge continues to grow, we continue to see just how important and closely tied our environment is to us. There have been policies made by governments all around the world in order to achieve a sustainable living style, as well as many smaller organizations in comparison to larger meetings by world governments to come up with ideas such as the Kyoto protocol. One such concept that has arisen is the “Triple Bottom Line” which is considered an accounting frame work that takes into consideration Social,…show more content…
The IBR (Indian business review) expresses that problem isn’t “defining what TBL is, but to actually be able to measure it” (Timothy F. Slaper 2011, p.1), since while profits can be measured in dollars, how can social capital, environmental health and ecological health be measured? The fact that TBL is hard to measure becomes one of its strengths however, using an index to measure TBL, means that there is no universal standard method to calculating the TBL, this means that it allows the user to adapt of the general framework to what is required. Over time the TBL has become more popular as companies realise the benefits of becoming more sustainable and incorporating the Triple bottom line. Economic aspects: TBL has become more important over time because not only does it create greater efficiency, and continue to further competitive companies it also gives companies reason to “spark innovation” (Mitch Tyson, 2010 January 8) which in turn drive profitability as well. Environment development was stated as development that provides needs for the current generation without hindering the next generation, the whole point of the TBL is to continue to push our economy without the current hindrance we are creating for the next generation. One example is

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