Abstract:
The beginning of the 21st century has brought society to a crossroads. For the past several centuries, companies have operated under the theme of "business as usual" as they have not only contributed unparalleled prosperity to society, but also waste, pollution and degradation of the natural environment. So what will this turning point in the road bring? One path is the continuation of the status quo, eventually culminating in the demise of the Earth's living systems. The other path is that of change, rethinking how business goes about its activities of creating products or services, and turning business processes into renewing, sustainable activities that have zero impact upon the Earth and its inhabitants.To that end, business is the responsible agent for achieving the goal of cutting waste, reducing resource consumption, and replenishing the natural environment. To begin to reach these goals, business must accurately account for the activities that have a negative environmental impact. At the same time, business should be concerned with the broader social well-being of its employees, community, and the global population. This requires a measurement and reporting process that adequately incorporates all relevant environmental and social-impact activities for which business is responsible. This paper presents several existing frameworks for business to use that bring environmental and social impacts to light and report them to diverse stakeholders. By using these frameworks, business will ultimately become accountable for the negative impact it can have on the Earth and its inhabitants, and may also contribute to a better future for those that will follow us.
