The problems are that what is obviously better for the environment may not be so cost-wise and this creates a dilemma. Also, different forms of energy cannot be equated as their nature and impact is different. However, even when careful analysis is done, some issues like psychosocial distress are hard to account for an quantify through this model.
The triple bottom line (TBL) refers to the concept of considering the social and environmental impact of a business along with the economic. The phrase was coined in 1994 by John Elkington, but has its origins in the ideals of ‘folk, work and place’ which were expounded in the 20th century. TBL seeks to make businesses more responsible by changing their focus from immediate short term profits for the people involved directly in the business, to long term gains accrued from caring about the planet and its people as well.
Such consideration takes into account being responsible about the workforce employed and careful about following rules and regulations regarding working hours and child labor. It also includes using renewable energy resources as far as possible and minimizing waste and production of substance harmful to people and the environment such as chemicals, toxic gases and weapons. By doing so, businesses not only take care of their shareholders but their stakeholders, which are people influenced directly and indirectly by the business.
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