Understanding Sustainability Frameworks PDF

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RespectfulTantalum

Uploaded by RespectfulTantalum

First Asia Institute of Technology and Humanities

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sustainability environmental management business practices sustainable frameworks

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This document explores several sustainability frameworks, including the Triple Bottom Line, Global Reporting Initiative (GRI) Standards, and ISO 14001. It examines the principles, applications, and advantages of these frameworks, providing insights into environmental management and sustainable business practices. This is a PDF file discussing sustainability.

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Understanding Sustainability Frameworks Members: Bernales, Crystel Joy N. Lat, Francis Jimuell B. Salvador, Khyla A Understanding Sustainability Frameworks Triple Bottom Line (TBL): People, Planet, Profit What Is the Triple Bottom Line? The triple...

Understanding Sustainability Frameworks Members: Bernales, Crystel Joy N. Lat, Francis Jimuell B. Salvador, Khyla A Understanding Sustainability Frameworks Triple Bottom Line (TBL): People, Planet, Profit What Is the Triple Bottom Line? The triple bottom line is a business concept that states firms should commit to measuring their social and environmental impact—in addition to their financial performance—rather than solely focusing on generating profit, or the standard “bottom line.” What Are the “Three P’s” of the Triple Bottom Line? The triple bottom line can be broken down into “three P's”: profit, people, and the planet. Firms can use these categories to conceptualize their environmental responsibility and determine any negative social impacts to which they might be contributing. From there, companies can integrate sustainable practices into every facet of their business operations—including supply chains, business partners, and renewable energy usage—to positively impact society and the environment in addition to turning a profit. Profit - The financial return an organization generates for shareholders People - An Organization's commitment to positively impacting society Planet - An organization’s effect on the environment Why Is the Triple Bottom Line Important? To some, adopting a triple bottom line approach may seem idealistic in a world that emphasizes profit over purpose. Innovative companies, however, have shown time and again that it’s possible to do well by doing good. The triple bottom line doesn’t inherently value societal and environmental impact at the expense of financial profitability. Instead, many firms have reaped financial benefits by committing to sustainable business practices. Global Standards Reporting Initiative (GRI) The Global Reporting Initiative (known as GRI) is an international independent standards organization that helps businesses, governments, and other organizations understand and communicate their impacts on issues such as climate change, human rights, and corruption. Since its first draft guidelines were published in March 1999, GRI's voluntary sustainability reporting framework has been adopted by multinational organizations, governments, small and medium-sized enterprises (SMEs), NGOs, and industry groups. Over 10,000 companies from more than 100 countries use GRI. According to the 26 October 2022 KPMG Survey of Sustainability Reporting, 78% of the world’s biggest 250 companies by revenue (the G250) and 68% of the top 100 businesses in 58 countries (5,800 companies known as the N100) have adopted the GRI Standards for reporting. GRI is used as a reporting standard by a majority of the companies surveyed in all regions. GRI thus provides the world's most widely used sustainability reporting standards. Under increasing pressure from different stakeholder groups, such as governments, consumers and investors, to be more transparent about their environmental, economic, and social impacts, many companies publish a sustainability report, also known as a corporate social responsibility (CSR) or environmental, social, and governance (ESG) report. GRI's framework for sustainability reporting helps companies identify, gather, and report this information in a clear and comparable manner. Developed by the Global Sustainability Standards Board (GSSB), the GRI Standards are the first global standards for sustainability reporting and are a free public good. The GRI Standards have a modular structure, making them easier to update and adapt. Three series of Standards support the reporting process. The GRI Universal Standards apply to all organizations and cover core sustainability issues related to a company’s impact on the economy, society, and the environment. The GRI Sector Standards apply to specific sectors, particularly those with the highest environmental impact, such as fossil fuels. The GRI Topic Standards list disclosures relevant to a particular topic area. GRI Standards and reporting criteria are reviewed every three years by the Global Sustainability Standards Board (GSSB), an independent body created by GRI. The most recent of GRI's reporting frameworks are the revised Universal Standards, which were published in October 2021, and came into effect for reporting in January 2023. ISO 14001 and its application (Tel) ​ A global standard for Environmental Management Systems (EMS) is called ISO 14001. It gives the organizations a framework to safeguard the environment, adapt to shifting environmental conditions and incorporate environmental management into their commercial operations as it is their main goal. Through waste reduction and resource efficiency, this standard assists organizations in improving their environmental performance. It is a tactical edge that promotes effectiveness, creativity, and adaptability. By promoting actions that lessen their negative effects on the environment and improve resource efficiency, ISO 14001 promotes sustainability. Organizations may systematically manage their environmental responsibilities, maintain regulatory compliance, and promote an atmosphere of continual enhancement. Organizations can reduce their environmental impact and support long-term ecological balance by aligning with sustainable practices. Key Principles of ISO 14001 1. Environmental Policy: A policy that demonstrates the organization's dedication to environmental protection and adherence to legal requirements 2. Planning: It sets objectives and plan action through environmental aspects, compliance obligations, and risk and opportunities. 3. Implementation and Operation: It is the process in putting procedures and controls to achieve environmental objectives and manage the important environmental aspects. 4. Performance Evaluation: It monitors, measures and evaluates environmental performance for continual improvement. 5. Improvement: Addressing nonconformities and continually improve the EMS ADVANTAGE and DISADVANTAGE of ISO 14001 Advantages of ISO 14001: 1. International recognition 2. Reliable credentials for a firm 3. Provides immediate feedback on a firm's environmental performance 4. Helps reduce waste 5. Can minimize carbon footprint 6. Can lower costs such as energy bills, taxes, and insurance Downsides of ISO 14001: 1. It can be expensive to implement 2. May require extensive administrative work References: https://online.hbs.edu/blog/post/what-is-the-triple-bottomline https://en.wikipedia.org/wiki/Global_Reporting_Initiative https://www.globalreporting.org/standards/ https://www.isms.online/iso-14001/iso-14001-and-sustainability/ https://mark1systems.com/pros-cons-implementing-iso-14001/

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