Challenges and Practical Approaches to Implementing Triple Bottom Line Strategies : From Theory to Practice

Abstract

This thesis examines the implementation of the Triple Bottom Line (TBL) framework within businesses, emphasizing its integration with the Sustainable Development Goals. Understanding the strategies, challenges and practical approaches to TBL becomes crucial, as corporations are increasingly adopting sustainability as a core aspect of their operations. The methodology of the study combines a literature review with case studies of companies like Toyota, Tokmanni and Safaricom, offering insights into the diverse application of TBL across different sectors and regions. These case studies highlight the practical challenges and innovative strategies companies employ to balance economic, social and environmental goals. Each of these three companies has adopted a unique approach to sustainability, tailored to their specific circumstances, including their size and geographic location. Toyota North America, for instance, invests millions to restore rivers and ecosystems across the United States. On the other hand, Safaricom contributes with funds and technology to enhance access to educational and healthcare services in Kenya. Although this might seem like an uneven comparison, it is important to recognize that each company addresses the Triple Bottom Line based on the community needs they aim to serve. While Safaricom's environmental sustainability efforts might be less noticeable, both Toyota and Tokmanni primarily focus on environmental initiatives. Nonetheless, they all share a common commitment to fostering a better environment. The findings reveal that while Triple Bottom Line provides a valuable framework for performing sustainability, there are significant challenges in measurement, reporting, and aligning corporate financial strategies with sustainability goals. Moreover, the integration of TBL with SDG showcases the potential for businesses to contribute meaningfully to global sustainability efforts but also underlines the need for improved measurement tools and greater transparency in sustainability reporting. This thesis contributes to the academic discussion on sustainable business practices by exploring the effectiveness and limitations of the framework and proposing areas for further research in measurement techniques.