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What is the triple bottom line?

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By illuminem briefings 🌎

· 2 min read


illuminem summarizes for you the essential news of the day. Read the full piece on Business.com or enjoy below:

🗞️ Driving the news: The concept of the triple bottom line (TBL), introduced by John Elkington in the 1990s, has gained traction among businesses aiming for sustainability.
• It expands traditional accounting to include environmental and social impacts alongside profits, advocating for a balanced approach to business success

🔭 The context: TBL emphasizes the interconnectedness of profits, people, and the planet, urging companies to measure their performance across these three dimensions. 
• This framework not only reflects a company's financial health but also its contribution to societal well-being and environmental stewardship

🌍 Why it matters for the planet: Adopting the TBL approach encourages companies to minimize their ecological footprint, engage in fair labor practices, and contribute positively to their communities
• This shift towards sustainability can lead to more responsible resource use, reduced pollution, and overall better environmental outcomes

⏭️ What's next: As businesses increasingly integrate TBL principles, the future of capitalism could see a greater focus on sustainable and ethical practices
• This movement towards a more holistic view of business success could drive innovation and lead to more sustainable market solutions

💬 One quote: "The core concept is sustainability here," said Avinash Chandra, founder and CEO of BrandLoom, highlighting the essence of the triple bottom line as meeting present needs without compromising future generations' ability to meet theirs

📈 One stat: Companies like Better World Books, DHL, Glassybaby, Patagonia, and South Mountain Company have exemplified the TBL approach, with initiatives ranging from reducing carbon footprints to supporting social causes, showcasing the practical application and benefits of this framework

Click for more news covering the latest on social responsibility

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