Triple-bottom-line (TBL) framework

at
Categories
Tags

 

 

 

In your textbook, you learned about the triple-bottom-line (TBL) framework and its impact on people, planet, and profit. The TBL concept was initially developed by John Elkington in 1994. In 2018, Elkington wrote an article titled “25 Years Ago I Coined the Phrase ‘Triple Bottom Line’: Here’s Why It’s Time to Rethink It”. He used the article as a call to strengthen how the TBL is used and to put more even more focus on sustainability and less on profit. In the article, he states:

But success or failure on sustainability goals cannot be measured only in terms of profit and loss. It must also be measured in terms of the wellbeing of billions of people and the health of our planet, and the sustainability sector’s record in moving the needle on those goals has been decidedly mixed. While there have been successes, our climate, water resources, oceans, forests, soils and biodiversity are all increasingly threatened. It is time to either step up—or to get out of the way.
Meanwhile, some believe that incorporating this framework into practice raises more questions than it resolves, especially around reporting, regulation, and a deviation from the financial bottom line of businesses.

In your initial post, introduce yourself and then address the following questions:

Do you think that it is the responsibility of businesses to track and manage the social, economic, and environmental impacts of their actions? Why or why not?
What value does using the TBL bring to a business, and is it worth the potential drawbacks of incorporating it?
What value do businesses using the TBL bring to society, and how might society be impacted if TBL were not a common business practice?
In your replies to at least two peers, use the questions below to guide your discussion. Make sure to cite any evidence you use to support your ideas.

Do you agree or disagree with your peer’s initial post? Why or why not?
What examples from the textbook or outside resources (such as news articles) support or dispute your peer’s stance, and how?
Did your peer provide any insight or information that changed your opinion about the TBL? If so, how?

 

Sample Solution

Introduction

My name is [your name], and I am a student in the [course name] program at [university name]. I am passionate about healthcare and social justice, and I am excited to learn more about the triple bottom line (TBL) framework and its impact on people, planet, and profit.

Does it is the responsibility of businesses to track and manage the social, economic, and environmental impacts of their actions? Why or why not?

Yes, I believe that it is the responsibility of businesses to track and manage the social, economic, and environmental impacts of their actions. Businesses have a significant impact on the world around them, and they have a responsibility to ensure that their impact is positive.

Here are a few reasons why businesses should be responsible for their impact:

  • Businesses are a major source of pollution and climate change. Businesses produce greenhouse gases and other pollutants that contribute to climate change, and they also generate waste that can pollute our air, water, and land.
  • Businesses can have a negative impact on workers and communities. Businesses can exploit workers by paying them low wages and providing unsafe working conditions. Businesses can also displace communities when they build new factories or mines.
  • Businesses can have a positive impact on society. Businesses can create jobs, support economic growth, and develop innovative products and services that improve people’s lives.

By tracking and managing their social, economic, and environmental impacts, businesses can reduce their negative impacts and maximize their positive impacts.

What value does using the TBL bring to a business, and is it worth the potential drawbacks of incorporating it?

The TBL framework can bring a number of benefits to businesses, including:

  • Improved reputation and brand loyalty. Consumers are increasingly interested in supporting businesses that are committed to social and environmental responsibility. Businesses that use the TBL framework can demonstrate their commitment to these values, which can improve their reputation and attract loyal customers.
  • Increased innovation. The TBL framework can help businesses to identify new opportunities to innovate and develop products and services that are more sustainable and socially responsible. For example, a business that is using the TBL framework might invest in renewable energy or develop a recycling program for its products.
  • Reduced costs. By reducing their environmental impact, businesses can save money on energy and waste disposal costs. Businesses can also save money by investing in sustainable practices that reduce employee turnover and improve productivity.

There are some potential drawbacks to incorporating the TBL framework, such as the cost and time involved in tracking and managing social, economic, and environmental impacts. However, the benefits of using the TBL framework generally outweigh the drawbacks.

What value do businesses using the TBL bring to society, and how might society be impacted if TBL were not a common business practice?

Businesses that use the TBL framework bring a number of benefits to society, including:

  • A more sustainable future. Businesses that are committed to social and environmental responsibility can help to create a more sustainable future for everyone. For example, businesses that invest in renewable energy can help to reduce greenhouse gas emissions and combat climate change.
  • A more equitable society. Businesses that use the TBL framework can help to create a more equitable society by providing good jobs and supporting local communities. For example, a business that is committed to fair labor practices might pay its employees a living wage and offer them benefits.
  • A more prosperous economy. Businesses that are sustainable and socially responsible are more likely to be successful in the long term. This is because these businesses are better able to adapt to changing market conditions and meet the needs of consumers.

If TBL were not a common business practice, society would be impacted in a number of negative ways. For example, climate change would likely accelerate, and there would be more social and economic inequality.

Conclusion

I believe that the TBL framework is an important tool for businesses to use to manage their social, economic, and environmental impacts. Businesses that use the TBL framework can benefit from improved reputation, increased innovation, and reduced costs. Businesses that use the TBL framework also bring a number of benefits to society, such as a more sustainable future, a more equitable society, and a more prosperous economy.

Peer Responses

Peer Response 1

In your post, you argue that businesses have a responsibility to track and manage the social, economic, and environmental impacts of their actions. I agree with your argument, and I would add that businesses also have a responsibility to be transparent about their impact. By disclosing their social, economic, and environmental impacts, businesses can hold themselves accountable and allow stakeholders to make informed decisions about

 

This question has been answered.

Get Answer