Yes, I agree with German Chancellor Angela Merkel that sustainability and econom
ID: 373604 • Letter: Y
Question
Yes, I agree with German Chancellor Angela Merkel that sustainability and economic growth can go hand in hand, sustainability does not necessarily has to come at the cost of economic growth. Instead, sustainability saves costs in long term, and opens new prospects and opportunities to create wealth. Carbon trading can be taken as a shining example of this.
Triple Bottom Line is an accounting framework that integrates three performance dimensions of social, environmental and financial performance of the company. Businesses can apply this framework by measuring the impact of their (organization’s) activities on the world (environmental and social aspects). To measure the social and environmental dimensions, they can be monetized by including social welfare or the environmental damage the company’s actions cause. Another way to incorporate TBL framework to become more sustainable is to calculate the TBL as an index, rather than in monetary values. This approach will eliminate the issue of incompatible units of financial and the social and environmental performance.
Integrating sustainability into strategic planning enables businesses to stay committed towards their sustainability efforts. If done so, sustainability can foster economic growth as it shields the business from the negative impact (negative publicity, loss of customers, etc.) of irresponsible actions (towards economic and social aspects). It also opens new opportunities of growth for the company, as sustainability in itself acts as another platform to foster innovation and new business ideas. Sustainability as a part of strategic planning also helps the company in better branding of the company, which in turn brings in more business for the company, thus adding to its economic growth.
In my professional career, following triple bottom line approach I am ensuring that I am balancing the outcomes of my decisions and actions. I am trying to take responsible decisions in my career to avoid jobs/companies/profiles where my work can have a negative impact on environment or social wellbeing along with searching for new ways my everyday work tasks can be aligned to sustainability intentions of my organization. These efforts can be as small as using less paper in daily work to big efforts like commitment, volunteering and involvement in company’s social upliftment programs.
Explanation / Answer
Do you agree with German Chancellor Angela Merkel on her comment:"Sustainability does not have to come at the cost of economic growth and it can ensure a better world. Sustainable development does not sacrifice economic growth. This is a misunderstanding. Sustainable development gives us a new opportunity to create wealth.”?
How can businesses (small and big) apply the triple bottom line to their daily operations in order to be more sustainable? Does sustainability foster economic growth for businesses who integrate it into their strategic planning? How? What are you going to do to incorporate the concepts of sustainability and the triple bottom line in your line of business, or professional career?
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