People, profit and planet! Social, economic and environmental factors! Can these factors go together well? Sustainable growth and development is the next big thing when it comes to business and enterprises. The sooner global companies realize the importance of sustainable corporate responsibility, the better reputation and risk management credentials are added to them in the market. The United Nations Global Compact is an institution where more than 160 countries and their corporations have consolidated to discuss issues and find solutions that will pertain to the 10 principles they have constituted.
#1. Triple Bottom Line is a circle which deals with the following subject areas:
• Financial Performance
• Product Responsibility
• Consumer Issues
• Community Development
• Waste and Recycle
• Fair Operating Procedures
• Labour Practices
• Human Relations
#2. The possible stakeholders in the company who are liable and answerable to any damage done to these three previous dimensions.
• Shareholders and Investors
• Customers, Public, Media
• Industry Partners, NGOs, Associations
• Suppliers, Distributors, Transportation Agencies
• Governmental Agencies, Law & Policy makers
#3. The Triple Bottom Line primarily defines the agenda of closely coordinating equity and community, economy and ecology together so that the future generation does not have to pay the price of present carelessness. This is precisely the basic definition of sustainability. For a thriving local economy and healthy ecosystem, the archaic methods of supply chain, resource excavation, gender disparity, investment education, wealth creation and income distribution needs to undergo replenishment.
#4. The Ten Principles that can uphold the integrity of Triple Bottom Line:
Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights; and
Principle 2: make sure that they are not complicit in human rights abuses.
Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining;
Principle 4: the elimination of all forms of forced and compulsory labour;
Principle 5: the effective abolition of child labour; and
Principle 6: the elimination of discrimination in respect of employment and occupation.
Principle 7: Businesses should support a precautionary approach to environmental challenges;
Principle 8: undertake initiatives to promote greater environmental responsibility; and
Principle 9: encourage the development and diffusion of environmentally friendly technologies.
Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery.
#5. Global Reporting Initiative is the official reporting agency on an international level with over 5000 business partners and is aligned with the United Nations General Compact to issue guidelines on how to operate, how to manage and what goals to set for the companies.
#6. The root causes of unsustainability that has to be eradicated are:
Excessive excavation of natural resources from the lithosphere that hampers landscape, triggers natural disasters and causes gruesome displacement of millions nearby.
Humans have a habit producing substances that are already present in nature in abundance. One of the quintessential evidence is of Carbon Dioxide which is emitted in excess to what is already present in large quantity in the atmosphere. Several other substances are being generated which cannot be broken down easily.
Anthropological activities not only disrupt the ecological balance but also violate the normalcy of natural cycles in the nature. Deforestation results in replacement of nature with man-made infrastructure and hence there are disruptions.
The needs of human beings are classifiable and can be fulfilled. They are mainly subsistence, protection, participation, affection, understanding, idleness, creation, identity and freedom. The unsustainable practices can cause hindrance in the achievement of these happiness and contentment goals.
#7. For the protection of environment, the prime requirements are adherence to stringent regulations and law on an international scale. Clean Trillion demands for an investment of $1 trillion for 36 continuous years if the global warming has to be contained to 2 degree Celsius rise. Greenhouse emissions has to be exponentially dropped, bio-mimicry has to be introduced in technology in order to maintain the symbiotic relationship between human species and nature, renewable energy has to play a greater role worldwide for which investors and corporate honchos need to collaborate, efficient waste management or recycling, smart transportation making use clean technology and stabilization of biodiversity has to be proliferated.
#8. Economy is directly associated with the lives of millions of people worldwide. The reduction of energy bills, overall costs of carbon, decreased dependence on fossil fuels, less vulnerability to fluctuations in energy price, increased resource productivity, shifting from products to services and reduced capitalism are some of the systematic ways to adjust well to the triple bottom line theory.
#9. Creation of jobs, better employment prospectives, attainment of the gross national happiness, friendly community relationships, educational enhancement, strengthening of society, leadership commitment, transparency and accountability in progress, value to the human rights, decelerating corruption, reduced mortality and environmental benefits are some of the most crucial social aspects that has to be pursued.
#10. The three-dimensional growth of the world is the most ideal and phenomenal situation which might be challenging, but is implemented can produce outstanding results. World’s biggest corporations, powerful governments
and activists have taken profound steps and thus it has to be enlarged on a global scale. Only then we can have a safe future.