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:
“Their martyred blood and ashes sow
O’er all the Italian fields where still doth sway
The triple tyrant; that from these may grow
A hundredfold, who, having learnt thy way,
Early may fly the Babylonian woe.”
—John Milton (1608–1674)
“The reason why men do not obey us, is because they see the mud at the bottom of our eye.”
—Ralph Waldo Emerson (1803–1882)
“For almost seventy years the life insurance industry has been a smug sacred cow feeding the public a steady line of sacred bull.”
—Ralph Nader (b. 1934)