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Essay / Sustainability: the three-sphere framework for...
Sustainability and business, the triple bottom line. When a company adopts sustainability principles, as Milne and Gray (2012) argue, it means that it begins to subordinate its production to environmental and social values. This commitment can be communicated through the adoption of the triple bottom line, a term first coined by Elkington (1994), which denotes a new accounting framework that includes not only a company's financial success but also its environmental responsibility and social. What needs to be emphasized is the ethical aspect of sustainable action, which is particularly important for companies that operate in certain dangerous sectors. For example, mining industries could decide to act sustainably in order to avoid or reduce harm to the local population (Bond, 2014). A relevant episode is the one shown by Savitz and Weber (2006) on what happened in 2002 in Kerala. A protest against the Pepsi industry, accused of overexploitation of water, led the company to improve the sustainability of its project. Even though the accusation was false, since the company was not the cause of the water shortage, Pepsi executives decided to improve their technology. Not only did they want to continue their business, but they also realized that it was possible to reduce environmental impacts. The company therefore created basins to recharge the aquifers and developed the community.