Bristol 2015 Green Capital of Europe, impact report Assignment

Bristol 2015 Green Capital of Europe, impact report - Assignment Example These three classifications are also popular as the three Ps i.e. people, profit and planet (Slaper & Hall, 2011). The term ‘TBL’ was first initiated by John Elkington in the year 1995 but it was not so popular since the publication of his book on the topic of TBL. In 1997, he published his book namely â€Å"Cannibals with Forks: The Triple Bottom Line of 21st Century Business† in order to focus on the significances of TBL within an organisation. According to John Elkington, TBL not only focuses on the economic value of the organisation but it reveals the social and environmental value. Nevertheless, in the initial stages of its invention, most of the organisations refused its adoption as they were acquainted with the traditional reporting structure. The report presented by Vandenberg (2002) said that a survey was conducted within 32 organisations and the result found was that most of them were puzzled regarding the philosophies laid down by the term TBL. However, in the later period of 2002, Frank Vanclay stated that almost 160 international organisations along with numerous government organisations have strongly adopted the philosophy of TBL. These companies that adopted the philosophy of TBL stated that the TBL should be implemented within the organisation as a particular business ethic but not as an accounting framework. It was recommended by them as a part of the best accounting structure for the company. Joanna Dickson Holmes agrees with John Elkington regarding the utility of the TBL as she also believes that the TBL of an organisation is measured not only on the basis of economic value but also the social and environmental value. He states that it is not always necessary that the environmental and social factors may be the value that it adds but it might be those factors which can cause damage to the organisation (Holmes, n.d). One of the renowned organizations, Cascade Engineering also states the utility of the TBL on the basis of e nvironmental capital, social capital and financial capital. They affirm that in their organisation, TBL serves as an instrument for accounting all the efforts of sustainability (Cascade Engineering, 2013). From the above definitions stated by the different authors, it has been observed that the TBL serves as an accounting structure and a sustainability effort in terms of social, economical and environmental factors. William McDonough and Michael Braungart state that the TBL is considered as a vital tool for maintaining a balance in the economic objectives of the organisation along with a desire to improve the environmental factors affecting the organisation. The TBL minimises the social and environmental liabilities owed by an organisation such as waste management and the efficiency of resources. It facilitates the managers of the organisation to identify the problems and to set up the strategies for mitigating the negative effects of those problems occurring within the organisation (McDonough & Braungart, 2002). The overall definition of TBL lies as the structure which measures the activities within the organisation on the basis of social, economical and environmental norms. It is generally used by the top management of the organisation in mitigating the negative effects of the organisation and setting up strategy for the growth and development of the organisation. The philosophy of TBL is related with the sustainability of the organisation. According to the business perspective of the organisatio