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:
“The triple pillar of the world transformed
Into a strumpet’s fool.”
—William Shakespeare (1564–1616)
“The forgotten man at the bottom of the economic pyramid.”
—Franklin D. Roosevelt (1882–1945)
“Our job is now clear. All Americans must be prepared to make, on a 24 hour schedule, every war weapon possible and the war factory line will use men and materials which will bring, the war effort to every man, woman, and child in America. All one hundred thirty million of us will be needed to answer the sunrise stealth of the Sabbath Day Assassins.”
—Lyndon Baines Johnson (1908–1973)