Many experts use the principles of the Triple Bottom Line (TBL) to create a sustainability business model. TBL drives corporations to focus on environmental and social values, not just on economic values.
Triple Bottom Line – An approach that measures the economic, social, and environmental impact of an organization’s activities with the intent of creating value for both its shareholders and society.
The concepts of TBL are also sometimes referred to as the three Ps (people, planet, and profit) or three Es (economics, equity, and environment).
Procurement and the Triple Bottom Line
Applying the principles of Triple Bottom Line to procurement would drive actions such as the following:
