ABSTRACT
In Chapter 5, the concept of the triple bottom line is introduced, as developed by John Elkington, which conceptualises the three pillars of sustainability for companies – people, planet, and profit. The challenges of sustainable integration are explored. The doughnut economics framework is introduced as another way of conceptualising sustainability across all three aspects of environment, equity, and economy. Each element is then covered in turn. On the environmental side, ecosystem services are explored and how corporate payments for these would change our global price system. Eco-efficiency and eco-effectiveness are introduced as vital components of environmental sustainability that also affect the social element. Under social sustainability, socio-efficiency and socio-effectiveness are covered, and a framework of questions introduced for companies, emphasising the importance of a (social) license to operate. The economic side focuses on the long-term sustainability of companies and the importance of considering not just shareholders but a range of stakeholders. The chapter concludes with a reference to ‘shared value’, focusing on the connections between societal and economic progress in particular, and how the purpose of a corporation needs to be redefined from creating solely monetary value to creating value (collateral benefit) both for the environment and the society for mutual benefit.
