“The earth is so green!!”Will it stay so green? At this moment our sweet home, the planet earth is sick, very sick What is happening to our home, the planet earth? Certain terrifying and quite regrettable things are starting to happen. Some of these changes are visible, some are not:
- Global warming
- Destruction of the Ozone layer
- Shrinking of tropical rain forests
- Bio-diversity extinction crisis
- Dioxin pollution
- Acid rain
- Devastating floods
- Severe earthquakes etc
People – in the context of Society
How does an organization impacts on the society? i.e. community or more specifically people. The people may be internal and external who actually carry out the work of the company and who are impacted by the company (i.e. stakeholders). It also includes CSR and other philanthropic activities.
Planet – in the context of Environment and/or Ecology
How does an organization impacts on living and non-living natural systems? i.e. Land, Air, Water, Plant Kingdom, Animal Kingdom, Bio-diversity and/ or Ecosystem of the Planet.
Synergy of Triple Bottom Line (TBL)
Profit – in the context of Finance
How does an organization impacts on the economic conditions to create economic value for the organization after deducting the cost of all inputs in local, national and global arenas.
Evolution of TBL
The term was coined by John Elkington (a British citizen having specialization on corporate responsibility and sustainability) in 1994 as 21st Century Business Sustainability & Development Strategy. In 1998, it was largely publicized by an American Entrepreneur Robert J. Rubinstein. Later, top level CEOs were willingly influenced to implement TBL concept to represent their business successes or failures.
In pharmaceutical arena, currently some reputed overseas companies are also practicing TBL as part of their business philosophy.