Sustainability accounting links sustainability initiatives to company strategy. The evaluation of risks and opportunities, providing measurement and accounting and performance management skills are all part of sustainability accounting. Sustainability should be embedded into the day-to-day operations of an organization.
No dessert is more time and energy intensive than ice cream hand cranked in an old fashioned, salt-lined churner. When you’re making it at home using this method, a gallon of ice cream is an all-day event made with love and a small gang of helpers. Now, imagine producing more than 12 million gallons. Those making ice cream on such a large scale have a number of additional variables to consider and may choose to incorporate sustainable practices into their business model.
Many companies are embracing the triple bottom line. Rather than solely focusing on financial information, organizations committed to sustainability are taking social and environmental aspects into account as well. Under this model, success is not only defined by a business’s annual profit. The well-being of employees, the environmental impact of the company’s activities and contributions to the community are also part of the overall equation representing the organization’s value.
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It’s 7:05am and I just popped into my local Starbucks for my regular morning fuel: a venti iced chai tea latte. At this hour, the only thing “green” I am looking for is the Starbucks logo on my coffee cup. However, if I pause to take a look around the coffee shop, I notice there are actually quite a number of “green” initiatives happening all around me. Trash cans are split down the middle with half designated for landfill and half for recycling, the wall is covered with options for reusable mugs and the cup in my hand has the recycling logo on it.
Starbucks, like many other dominant players in almost every industry, has taken significant steps to make its business model more sustainable and records these steps in its Global Responsibility Report. Unlike U.S. GAAP-directed financial statements, these reports—often called “sustainability reports” have limited guidelines for form or content. They can include nonfinancial factors ranging from environmental stewardship to employee health initiatives, community involvement and ethical sourcing in supply-chain practices.
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