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 we fairies, that do run
By the triple Hecate’s team
From the presence of the sun,
Following darkness like a dream,
Now are frolic. Not a mouse
Shall disturb this hallowed house.”
—William Shakespeare (1564–1616)
“I am walking over hot coals suspended over a deep pit at the bottom of which are a large number of vipers baring their fangs.”
—John Major (b. 1943)
“The line of separation was very distinct, and the Indian immediately remarked, “I guess you and I go there,—I guess there’s room for my canoe there.” This was his common expression instead of saying “we.” He never addressed us by our names, though curious to know how they were spelled and what they meant, while we called him Polis. He had already guessed very accurately at our ages, and said that he was forty-eight.”
—Henry David Thoreau (1817–1862)