The triple bottom line (abbreviated as TBL or 3BL, and also known as people, planet, profit or the three pillars) captures an expanded spectrum of values and criteria for measuring organizational (and societal) success: economic, ecological, and social. With the ratification of the United Nations and ICLEI TBL standard for urban and community accounting in early 2007, this became the dominant approach to public sector full cost accounting. Similar UN standards apply to natural capital and human capital measurement to assist in measurements required by TBL, e.g. the EcoBudget standard for reporting ecological footprint.
In the private sector, a commitment to corporate social responsibility (CSR) implies a commitment to some form of TBL reporting. This is distinct from the more limited changes required to deal only with ecological issues.
Read more about Triple Bottom Line: Definition, Bottom Lines, Supporting Arguments, Criticism, Legislation
Famous quotes containing the words triple, bottom and/or line:
“And DANTE searched the triple spheres,
Moulding nature at his will,
So shaped, so colored, swift or still,
And, sculptor-like, his large design
Etched on Alp and Apennine.”
—Ralph Waldo Emerson (1803–1882)
“Many divorces are not really the result of irreparable injury but involve, instead, a desire on the part of the man or woman to shatter the setup, start out from scratch alone, and make life work for them all over again. They want the risk of disaster, want to touch bottom, see where bottom is, and, coming up, to breathe the air with relief and relish again.”
—Edward Hoagland (b. 1932)
“Next to the originator of a good sentence is the first quoter of it. Many will read the book before one thinks of quoting a passage. As soon as he has done this, that line will be quoted east and west.”
—Ralph Waldo Emerson (1803–1882)