Apple, Unilever & Amazon Implementing the Triple Bottom Line
It can be difficult for companies to figure out where best to invest the most time into sustainability strategies.
Triple bottom line has been adopted by some of the biggest companies in the world to help create baseline guidance of what needs to be tackled first.
The focus for several companies now is not only how to make the most profit, but finding ways for sustainability strategies to be implemented alongside it.
What is the triple bottom line?
The term Triple Bottom Line was first introduced by John Elkington in the 1990s, where he suggested that companies should produce a three bottom line report focused on People, Profit and Planet.
The framework is used to design a sustainable business strategy so companies can continue to make money but not impact the future of the planet.
According to the European Investment Bank, the three objectives aim to implement values into a company such as fair hiring practices, not damaging land or disrupting neighbourhoods, reducing carbon footprint and promoting conservation.
There is a growing expectation for businesses to create obligations for the greater good, by turning commitment into actions and building trust within the community alongside getting ahead of the curve in a sustainability driven environment, according to the World Economic forum.
Non profit organisation B Label Global aims to implement the triple bottom line into practice, certifying thousands of companies that are meeting sustainability and environmental performance standards.
Why is the triple bottom line important for acceleration of sustainability strategy?
The triple bottom line is important to improve sustainable strategy as it is a simple business model that companies can be guided by.
The Corporate Governance Institute says that companies must incorporate the triple bottom line as a critical metric to create a well rounded sustainable strategy.
The institute reports that the shift towards sustainability and social inclusion stems from the objectives of consumers, this is reinforced by investors following what consumers want in order to accumulate the most money, essentially meaning it influences companies to be more sustainable.
The triple bottom line can give companies the tools to share health, corporate responsibility, competitiveness and stakeholder engagement through figures, which will appeal to the sustainability driven consumer.
Gelsomina Vigliotti, Vice President of the European Investment Bank says: “Throughout the decades, the EIB Group expanded its business beyond the European Union, funded a subsidiary dedicated to financing small and medium enterprises, the European Investment Fund, and decided to dedicate 50% of its activity to the fight against climate change.
“More missions. More purpose.
“Nowadays, our action is framed by various objectives in the areas of climate and environment, cohesion, digitalisation, human capital, sustainable cities, sustainable energy, and natural resources.
“These targets allow us to develop effective actions and business.
“I am convinced that these missions are our main strength.
“They allow us to evolve over time, while remaining the financing partner of choice for governments, institutions, and companies."
Examples of the triple bottom line in sustainability strategy
Several companies around the world plan sustainability strategies in alignment with the triple bottom line focuses.
Those companies include some of the largest in the world, that are continuing to make high profits alongside improving sustainability efforts.
Apple
Apple is aiming to continue bringing out innovative technologies alongside lowering its carbon footprint.
The company is transitioning to electricity generated by solar, wind and other renewable sources in order to reduce its carbon emissions from the manufacturing of products.
It is also aiming to eliminate the use of plastic by designing smaller more efficient boxes for its products.
It is helping people by investing in reforestation in various countries, providing opportunities for members of the community alongside bettering the planet.
Lisa Jackson, Vice President of Environment, Policy, and Social Initiatives at Apple says: “The Restore Fund is an innovative investment approach that generates real, measurable benefits for the planet, while aiming to generate a financial return.”
“The path to a carbon neutral economy requires deep decarbonisation paired with responsible carbon removal, and innovation like this can help accelerate the pace of progress.”
Unilever
The company is expanding on the triple bottom line by having four core focuses: climate, nature, plastics and livelihood.
Unilever aims to support farmers’ growth and build on resilience throughout the value chain,alongside moving towards a living wage for suppliers and strengthening small retailers.
Since 2021 the company has reduced its Scope 3 forest, land and agriculture emissions by 14%.
Rebecca Marmot, Chief Sustainability Officer at Unilever says: “We've made strong strategic choices about where to focus and have made encouraging early progress against our goals.
“We’re also stepping up our focus on systemic sustainability challenges to drive change that will benefit our business and society.”
Amazon
Amazon is aiming to reach net zero by 2040.
Through its efforts the company has provided 81 million meals globally with the goal to reduce food waste by 50% across Europe and its US operations by 2030.
It provides training for its sourcing and procurement teams to help them improve supplier working conditions.
Amazon also brings the world’s top companies together within its project, the Climate Pledge, aiming to accelerate joint action through responsible change.
Since 2023 the company has been matching 100% of its electricity use with renewable energy sources.
Kara Hurst, Chief Sustainability Officer at Amazon says: “Amazon isn’t just the top corporate purchaser of solar and wind, we’re also prioritising projects in the locations where they can have the biggest impact on curbing emissions and improving the local environment.”
