25 Years Ago I Coined the Phrase Triple Bottom Line. Here's Why It's Time to Rethink It

Introduction

• Author: John Elkington
• Published: June 25, 2018
• Source: Harvard Business Review

Overview

• Concept of Triple Bottom Line (TBL) coined by John Elkington 25 years ago.
• Intended as a tool for radical rethinking of capitalism, focusing on people, planet, and profit.
• Over time, has been reduced to an accounting tool rather than a transformative approach.

Key Concepts

Triple Bottom Line (TBL)

• Originally aimed to expand business responsibility beyond profit to include social and environmental considerations.
• Consists of three Ps:
  • People: Social equity
  • Planet: Environmental sustainability
  • Profit: Economic value
• Goal: To balance these three elements.

Current Issues with TBL

• TBL has been diluted from its original purpose.
• Used as a way to balance trade-offs instead of driving significant change.
• The initial radical intentions have been forgotten over time.

Call for a Management Concept Recall

• Elkington suggests a need for a "recall" of the TBL concept.
• Argues for businesses to step up their sustainability efforts.
• Emphasizes urgent action to address planetary boundaries that continue to be exceeded.

Reflections

• Few management concepts are often recalled by their creators.
• Highlights the importance of revisiting and adapting concepts to stay relevant and effective.

Related Topics

• Capitalism: Reimagining its structure and values.
• Corporate Social Responsibility (CSR): Integrating ethical practices in business.
• Sustainable Business Practices: Long-term strategies for environmental and social sustainability.

Conclusion

• Urges businesses to either fully commit to sustainable practices or step aside.
• Calls for a revitalized approach to TBL, moving beyond traditional accounting to achieve genuine progress.

About the Author

• John Elkington: Chairman and Chief Pollinator at Volans.
• Author of "Green Swans," reflecting on sustainable development and innovation.