Explain the concept and need to apply the Triple Bottom approach for CSR.

Within the broader concept of corporate social responsibility, the concept of Triple Bottom Line (TBL) is gaining significance and becoming popular amongst corporates. Coined in 1997 by John Ellington, noted management consultant, the concept of TBL is based on the premise that business entities have more to do than make just profits for the owners of the capital, only bottom line people understand. "People, Planet and Profit" is used to succinctly describe the triple bottom lines. "People" (Human Capital) pertains to fair and beneficial business practices toward labour and the community and region in which a corporation conducts its business. "Planet" (Natural Capital) refers to sustainable environmental practices. It is the lasting economic impact the organization has on its economic environment A TBL company endeavors to benefit the natural order as much as possible or at the least do no harm and curtails environmental impact. "Profit" is the bottom line shared by all commerce. The need to apply the concept of TBL is caused due to – Increased consumer sensitivity to corporate social behaviour Growing demands for transparency from shareholders/stakeholders Increased environmental regulation Legal costs of compliances and defaults Concerns over global warming Increased social awareness Awareness about and willingness for respecting human rights Media's attention to social issues Growing corporate participation in social upliftment