2.2 The Environmental Pillar (Planet)
The environmental pillar of the triple bottom line focuses on a business’s efforts to minimize harm to the environment. This includes strategies like managing resource use, reducing waste, and protecting biodiversity.
- Environmental Management Systems: Standards such as ISO 14001 help companies effectively control environmental impacts.
- Life Cycle Assessment (LCA): A measure or an evaluation of a product from its environmental performance from raw material extraction to disposal.
- Carbon Neutrality & Renewable Energy: Both consumers and corporations are spending money on developing solar, wind, and other renewable energy sources.
- Biodiversity Conservation: Ethical businesses help reforest and protect habitat.
Examples of Innovation:
- Tesla revolutionized e-vehicles and battery technology in transportation.
- IKEA invests in solar energy, sustainable sourcing, and higher energy efficient designs of products
definition
An accounting framework that expands the traditional focus on financial profit to include two additional dimensions: people (social performance) and planet (environmental performance).
The effect a business’s operations have on the natural world.
A measure of a company's success in reducing its ecological footprint
