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Understanding Business Sustainability: The What, the Why, and the How of
Sustainable Business Practices

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24
Indian Journal
IndianofJournal
Sustainable
5 (1 & 2) 2019, 24-37
DevelopmentDevelopment
of Sustainable Volume 5 Issue 1 & 2 2019
http://publishingindia.com/ijsd/

Understanding Business Sustainability: The What,

the Why, and the How of Sustainable Business
Practices
Wangchuk Chungyalpa*
education, rampant poverty, changing climate, habitat
Abstract
loss, species loss, ecological loss etc. Much of these
In the past three centuries human progress and problems can be addressed if the private sector adopts
development have been remarkable such that even more sustainable business practices. These problems
the poorest and the least developed countries have are especially acute in developing and less developed
realized substantial improvements in living standards, countries. In 2015 the United Nations declared 17 goals
health care and access to education. However, these for the global community to achieve. These came to be
developments have come with minimum regard to social known as the Sustainable Development Goals (SDGs) and
evolution and environmental protection. In the long replaced the Millennium Development Goals (MDGs)
run such form of development is unsustainable. The set two decades earlier (UNDP, n.d.). The 17 goals are
private sector is a key stakeholder having significant aimed at addressing these very same issues afflicting the
impact on the sustainability effort. This paper consists
global communities today. Various stakeholders have
of three sections. The first section examines the
taken up the responsibility to address these issues at the
concept of sustainable practices - its origin, definition
local, national and international levels. They include the
and taxonomy. The second section explains ‘why’ the
focus on sustainable business practices. The final government, non governmental organizations, non profit
section explores ‘how’ sustainability can be practiced organizations, educational institutes, research institutes,
by businesses. It provides a comparison of the various consumer bodies, scientific and technological community
frameworks, guidelines, standards and tools by asking and the private sector (business and industry). Of these
twelve questions. The aim of this paper is to make a stakeholders, the private sector is viewed to be one of
case for sustainable business practices. the most influential and dominant force having the most
significant impact in achieving these goals (Lucci, 2012).
Keywords: Sustainable Business Practices, Indeed much of the current problems has its roots in the
Sustainable Business Framework, Sustainable practices and policies of the private sector so much so that it
Business Tools, Sustainable Business Guidelines
has called into question the entire notion of capitalism and
free markets (Daood & Menghwar, 2017). It is beyond the
purview of this paper to discuss the merits and demerits of
Introduction the prevailing form of capitalism. What is certain without
a shred of doubt is the enormous impact of the private
Sustainable business practices is quickly gaining sector on these issues. Climate science has clearly linked
popularity and becoming a mega trend, particularly in industrial activities with the change in global climate
the western developed countries. The reason behind it which has wide repercussions in so many areas - global
is simple. A wide range of social and environmental warming, fresh water scarcity, ecological damage, loss
problems afflicts the global community today – social of species etc. Hence, business cannot continue as usual.
inequality, unequal distribution of wealth, failing There is a profound need to re-examine, re-assess, and re-
economics, war and conflict, gender inequality, lack of think, business values, priorities and practices.

*
Assitant Professor (Sr. Gd), SRM University Sikkim, Department of Management, Gangtok, Sikkim, India.
Email: [email protected]
 Understanding Business Sustainability: The What, the Why, and the How of Sustainable Business Practices 25

This paper focuses on sustainable business practices. The Organizations vary widely in their idea of sustainability.
paper consists of three sections. The first section defines Some view sustainability from a very narrow perspective
what is sustainable business practices. It examines the looking only internally into the organization and its
concept of sustainable business practices – its definition, practices. Such organizations may consider themselves
taxonomy and principles governing sustainable business sustainable by engaging in practices such as going
practices. The second section explains ‘why’ the focus on paperless, upcycling, recycling, monitoring their energy
sustainable business practices. It specifically examines the consumption, using green products etc. While others
role of the private sector. The final section focuses on the take a broader view of sustainable practices that extends
‘how’ of business sustainability. It provides a comparative beyond the organizational boundaries to include suppliers
analysis of various frameworks, guidelines, standards and and partners. Their notion of sustainability goes much
tools by asking twelve questions. To that end this paper is deeper and farther.
aimed at understanding business sustainability, making a
case for sustainable practices and a call for action towards One of the most comprehensive methods for classifying
more sustainable business practices. sustainability commitment is proposed by Dyllick and
Muff. They propose four ways of classifying businesses
in terms of their sustainability efforts as either (i) business
Defining Sustainable Business Practices
as usual (ii) business sustainability 1.0 (iii) business
– Examining its Values and Principles sustainability 2.0 (iv) business sustainability 3.0. If
we imagine a sustainability pyramid with increasing
Understanding sustainable business practices requires sustainability commitment and effort as we move up the
defining the concept and examining the values and pyramid, the bottom layer is the business as usual layer
principles governing the concept. There is no single and the top layer will be organizations prescribing to
definition for sustainable business practices. It means business sustainability 3.0.
many different things to many different people. The
general consensus is that a sustainable business is one
that is economically viable, socially responsible, and
environmentally friendly (Beal et al., 2017) (KPMG, 2011)
(Daood & Menghwar, 2017) (Bocken et al., 2014) (Clarke
& Roome, 1999). In other words the business is financially
sound and self-reliant; tries to improve the social impact
(championing equal opportunity, human rights, caring
for the community) of its actions on key stakeholders
(employees, customers, government, society); and
ensures that its activities (production to consumption
of its goods and services) do not adversely impact the
environment. The social and environmental dimensions
are particularly important and are key differentiating factor Figure 1: Dyllick and Muff business sustainability typology according to their commitment to sustainability
distinguishing a sustainable business from a traditional Fig. 1: Dyllick and Muffefforts Business Sustainability
for profit businesses. In his publication entitled ‘Social Typology According to their Commitment to
Audit - A Management Tool for Co-operative Working,’The four business sustainability Sustainability
typology (BST)Effortsare compared and differentiated along the
Freer Spreckley first mentions the need for enterprises tofollowing parameters:
report on the three dimensions - financial performance, where the primary concern of the business lies
The four business sustainability typology (BST) are com-
social wealth creation, and environmental responsibility. for whom the business is primarily creating value for and
pared and differentiated along the following parameters:
However, it is John Elkington who made the concept
 the organizational perspective of each business
popular through his 1997 book ‘Cannibals with Forks: the ● where the primary concern of the business lies.
Concerns refer to the three dimensions of sustainability – economics, environment and society.
Triple Bottom Line of 21st Century Business’ published ● for whom the business is primarily creating value
Value here means wealth and well being. Organizational perspective reflects firm’s
in 1997 (Wikipedia, n.d.). for and,
commitment and dedication to sustainable practices. Organizational perspective is categorized
as either inside out or outside in and is explained below (Dyllick and Muff, 2016).
Table 1 highlights the difference between the four business sustainability typologies.

Business Concerns Values Created Organizational

26 Indian Journal of Sustainable Development Volume 5 Issue 1 & 2 2019

● the organizational perspective of each business. Organizational perspective is categorized as either inside
out or outside in and is explained below (Dyllick & Muff,
Concerns refer to the three dimensions of sustainability
– economics, environment and society. Value here means 2016).
wealth and well being. Organizational perspective reflects Table 1 highlights the difference between the four
firm’s commitment and dedication to sustainable practices. business sustainability typologies.
Table 1: Four Business Sustainability Typologies – A Comparison (Dyllick & Muff, 2016)

Business Sustainability Concerns Values Created Organizational

Typology (BST) (What?) (What for?) Perspective (How?)
Business as usual Economic concerns Shareholder value Inside-out
Business Sustainability 1.0 Three dimensional concerns Refined shareholder value Inside-out
Business Sustainability 2.0 Three dimensional concerns Triple bottom line Inside-out
Business Sustainability 3.0 Three dimensional concerns Creating value for the common good Outside-in
The key shifts involved 1st shift: broadening the busi- 2nd shift: expanding the value created 3rd shift: changing the
ness concern perspective

By far the majority of the businesses in existence ● Reduction and disposal of waste
today belong in the ‘business as usual’ category. Such ● Wise use of energy
businesses are largely driven by economics i.e. profit
● Risk reduction
motive. Their primary aim is to create shareholder
wealth ‘complemented by value for the management and ● Marketing safe products and services
customers.’ Business activities of such entities results in ● Damage compensation
significant ‘externalized costs that are neither understood, ● Disclosure
measured or declared.’ Their organizational perspective
is inside-out ‘with the business and its objectives as the ● Environmental directors and managers
starting point and main reference for all planning and ● Assessment and audit
action.’ On the sustainability scale such entities ranks the
Although the above principles have been framed by
lowest. As we progress up the sustainability scale business
concerns, values, and perspective undergo significant Coalition for Environmentally Responsible Economies
changes. The most progressive of the companies belong (CERES), it has universal application for all entities
to business sustainability 3.0 classification where there is adopting sustainability practices (IISD, n.d.).
a marked difference in organizational perspective from
‘inside out’ to ‘outside in.’ Rather than look towards the Why Sustainable Business Practices?
market these companies pursue opportunities presented
by social challenges and environmental issues. Rather To understand why the emphasis on sustainable
than focusing on reducing or offsetting the negative business practices, we need to understand the role
externalities, their aim is to create a positive impact on played by private sector. The private sector is a critical
social and environmental dimensions and address the stakeholder in the developmental cycle and can act as a
sustainability issues for the common good. Hence, these major contributing force in addressing developmental
companies have been termed as ‘truly sustainable’ by challenges and issues. Today the trend is for companies
Dyllick and Muff. to align their core business objectives and activities with
social and developmental goals. For example, companies
The following are some guiding principles governing the are leveraging their supply chain and production process
thinking and practices of sustainable businesses: to use raw materials and supplies from local suppliers
● Protection of the biosphere and suppliers with responsibly sourced raw materials. In
● Sustainable use of natural resources this way they contribute towards developmental goals.
 Understanding Business Sustainability: The What, the Why, and the How of Sustainable Business Practices 27

Likewise companies are using their ‘business innovation influence public policy and engage and contribute in
capacity to target the needs of low-income consumers, developmental activities (Lucci, 2012).
tackle complex development challenges or fill funding
gaps.’ They aid in social development by providing The United Nations along with other prominent
quality healthcare and training and education to their international organizations are making tremendous efforts
employees. By adopting Social, Environmental and to engage the private sector in developmental decision
Human Rights standards they aid in social development making process. This marks a change in strategy from
while preserving the local environment and ecosystems. the earlier approach where the private sector was largely
Such standards define rules of conduct on a wide range of viewed as an external stakeholder. This time around post
ethical and good governance issues such as, transparency Millenium Development Goals (MDGs) the aim is to
and anti-bribery, tax and social, environmental and human include the private sector in the design and development
rights issues. In this way they promote good practice while of developmental agenda and decision making process.
minimizing negative impacts. Another way private sectors The private sector is key to economic growth and this is
contribute towards development and growth is through evidenced by China’s remarkable economic growth and
philanthropic acts and Corporate Social Responsibility poverty reduction achievements (Lucci, 2012).
(CSR). By supporting local community projects, aiding At the organizational level, the arguments for sustainable
in resource mobilization, and contributing in cash or kind business practices are many. Table 2 lists some of the key
to various local, national, and international causes they benefits and advantages associated with sustainable practices:
Table 2: Benefits from Sustainable Business Practices Defined at Organizational Level (Whelan & Fink, 2016)
(Callan, 2012) (GRI, n.d.)

Benefits Associated with Sustainable Business Practices

● Access to new markets.
● Streamlining processes, reducing costs and improving overall organizational efficiency.
● Benchmarking and assessing sustainability performance with respect to laws, norms, codes, performance standards, and vol-
untary initiatives.
● Comparing performance internally, and between organizations and sectors.
● Controlling and reversing negative environmental, social and governance impacts.
● Meeting expectations and demand by key stakeholders for responsible, moral and ethical conduct on the part of businesses.
● Building brand image, goodwill, excellent reputation, and loyalty.
● Secure national and local government favours by aligning company objectives with development objectives thus engaging
more explicitly with the development agenda.
● Deliver better solutions and achieve higher valuations and higher margins through close collaboration with local NGOs and
donors.
● Emphasize and stress the link between financial and non financial performance.
● Align companies with current trends concerning environment and social concerns and ensure long term management strategic
and policy success.
● Streamline processes, reduce costs and improve efficiency.
● Enable external stakeholders to understand the organization’s true value and tangible and intangible assets.

How do We Practice Sustainability? cated standards and frameworks transforming the entire
value chain of the business and the very nature of the
products and services companies offer. This section of the
There exists a plethora of literature on how to adapt
paper organizes and categorizes these literature into three
and embed sustainable practices. Solutions range from broad areas. The primary aim here is to provide relevant,
adopting simple green practices to embracing sophisti- up to date information on sustainability practices. One of
28 Indian Journal of Sustainable Development Volume 5 Issue 1 & 2 2019

the challenges concerning adopting sustainable practices by experts and organizations concerning adoption of
by businesses is the lack of organized information that sustainable business practices. This category repre-
is available to start-ups and businesses (Schick et al., sents such frameworks and guidelines.
2002). This section aims to address this gap. The three
categories under which the literature has been organized ● Systems and Standards – This category refers to sys-
are as follows: tems and standards. Systems and standards provide
a benchmark for performance. Many include certi-
● Business Tools – Much like the SWOT analysis or
fications and other forms of recognition and can be
Porter’s Five Force Industry analysis tool, this
national, international or regional (i.e. pertaining to
category refers to specific tools or concepts that
include tools that can aid businesses in adopting the EU countries) in scope.
more sustainable practices. For each category a set of key question/s has been framed.
● Framework/General Guidelines – Numerous frame- The questions along with their rationale are depicted in
works and general guidelines have been proposed Table 3 below.
Table 3: Evaluative Questions Concerning, Tools, Frameworks, and Standards

Category Q. No. Question Rationale

Business Q1 Does it specify tools (mea- A wide range of tools have been developed to aid businesses in
Tools sures) for making products and their sustainability efforts. This column includes tools itself or
services and the processes that concepts that introduce tools that can be leveraged by businesses to
deliver them more sustainable? carry out a job. Only one question is listed for this category.
One of the most comprehensive tool database has been developed
by SDG Compass. The database includes more than 50 tools de-
signed specifically to tackle sustainability issues (SDG Compass,
n.d.).
Framework Q2 Does it provide detailed frame- Frameworks vary widely in the depth and detail that they provide.
/General work/methodology for imple- This question is aimed at distinguishing frameworks along these
Guidelines menting sustainable business parameters.
practice?
Q3 Does it focus on all three di- This question refers to the three dimensions of sustainability –
mensions of sustainability? economic, social and environment. Many of the frameworks have
a specific focus and do not address all three dimensions. Variations
normally occur in whether a framework also focuses on social and
environmental dimension. Economic dimension is generally com-
mon to all frameworks.
Q4 Does it provide general guide- Many ideas have not been developed into a detailed framework.
lines to practice and implement Rather they are presented as general guidelines.
sustainable business practices?
Q5 Does it specify how to embed This question puts specific emphasis on value chain. Sustainability
sustainability in the value chain practices largely concerns value chain activities – both for manu-
of the company? facturing as well as service firms. Frameworks emphasizing value
chain are of particular significance.
Q6 Does it specify how to measure Sustainability is concerned with measuring the impact of producing,
the impact of a company’s distributing, consuming and disposing of products/services on the
product or service on the envi- environment and society. This question specifically asks whether a
ronment and society? particular framework addresses this issue.
Q7 Does it specify how to mea- Sustainability is about reducing waste and conserving resources,
sure and reduce in house waste particularly fresh water. This question specifically asks if a particu-
(effluents) and resource (i.e. lar framework addresses this issue.
water) usage?
 Understanding Business Sustainability: The What, the Why, and the How of Sustainable Business Practices 29

Category Q. No. Question Rationale

Systems Q8 Does it specify areas for report- This question specifically asks if a given system/standard specifies
and Stan- ing (generic)? generic (common) set of indicators that reflects an organization’s
dards commitment to sustainability.
Q9 Does it specify industry spe- This question specifically asks if a given system/standard speci-
cific areas for reporting? fies industry specific set of indicators that reflects an organization’s
commitment to sustainability.
Q10 Does it specify guidelines/pro- Some of the standards/systems merely list the indicators without
cess on how to implement the guidance on how to report on the indicators while others provide a
areas of reporting? detailed framework / methodology on how to report on the indica-
tors – going so far as to provide specific templates and documents.
Q11 Does it provide trainings and Some of the standards/systems provide trainings and certificates.
certificates for implementing Majority of these trainings and certification programs require pay-
sustainable practices? ment - though not all.
Q12 Does it recommend ways to Reporting on environmental and social indicators and measuring
measure business value from business value from sustainable practices are two different things.
sustainable practices? This question specifically asks if a standard/system also measures
business value from its sustainable practices.

Each literature is than evaluated against the above listed make a subjective assessment of how well each literature
questions. A Likert scale (listed in Table 4) is used to satisfy/meet the criteria stated by each question.

Table 4: Likert Scale for Rating Questions

Rating Scale Description

3 Provides detailed information on the topic.
2 Mentions the topic and provides some information on the topic.
1 Provides no information on the topic.
0 Don’t know (information unavailable - proprietary method/framework.)

The findings from the analysis is presented in Table 4.

 Table 5: Comparative Evaluation of Concepts and Ideas
30
Business Tools Guiding Framework/methodology Systems and Standards
Sr. No Topic Q1 Q2 Q3 Q4 Q5 Q6 Q7 Sub Q8 Q9 Q10 Q11 Q12 Sub Total
points Points Points
1 Eco-Management and Audit Scheme (EMAS) (Euro- 3 3 3 3 3 3 3 18 3 3 3 3 3 15 36
pean Commission, n.d.)
2 ISO 260009 (ISO, 2018) 3 3 3 3 3 3 3 18 3 3 3 3 3 15 36
3 Institute for Sustainability (Loew et al., 2019) 3 3 3 3 3 3 2 17 3 3 3 3 3 15 35
4 ISO 14001 (Martin, 1998) 3 3 2 3 3 3 3 17 3 2 3 3 3 14 34
5 SDG Compass (Compass, 2015) 3 2 3 3 3 3 3 17 3 3 3 2 3 14 34
6 GRI standards (GRI, 2018) 3 3 3 3 2 3 2 16 3 3 3 3 3 15 34
7 Green House Gas (GHG) protocol (WBCSD and WRI, 3 2 3 3 3 3 2 16 3 3 3 3 3 15 34
2004)
Indian Journal of Sustainable Development

8 Life Cycle Assessment (Klöpffer,and Grahl, 2014) 3 3 2E♦ 3 3 3 3 15 3 3 3 3 3 15 33

9 Circular Transition Indicators (WBCSD, 2020) 3 3 2E 3 3 3 2 14 3 3 3 3 3 15 32
10 Assessing Low Carbon Transition (ACT) initiative 3 3 2E 3 2 3 2 13 3 3 3 3 3 15 31
(Assessing Low Carbon Transition, n.d.)
11 Sustainable Stock Exchanges Initiative (SSE, n.d.) 2 2 3 3 1 3 1 13 3 3 3 3 3 15 30
12 Carbon Disclosure Project (CDP, 2019) 3 3 2E 2 2 3 2 12 3 3 3 3 3 15 30
13 Triple Bottom Line (TBL) (Group of 100 incorporated, 3 2 3 2 2 3 1 13 3 3 3 1 3 13 29
2003)
14 Sustainability Asset Valuation (SAVi) (MAVA Founda- 3 2 2E 3 2 3 2 12 3 2 3 3 3 14 29
tion Pour La Nature et. al., n.d.)
15 Carbon Productivity Tool (SYSTEMIQ, 2017) 3 3 2E 3 3 3 3 15 2 3 1 2 3 11 29
16 Dow Jones Sustainability index (Wikipedia b., n.d.) 2 1 3 2 1 3 1 11 3 3 3 3 3 15 28
17 Science Based Targets (Science Based Targets, 2020) 2 2 2E 2 3 2 3 12 3 3 3 3 2 14 28
18 IRIS+ (IRIS+, n.d.) 3 1 3 1 1 3 1 10 3 3 3 2 3 14 27
♦
19 Poverty Footprint (UN Global Compact, n.d.) 3 3 2S 3 1 3 1 11 3 3 3 1 3 13 27
20 Hot Spot Analysis (Liedtke, 2013) 3 2 2E 3 3 3 3 14 2 3 2 1 2 10 27
21 EcoDesign Strategy Wheel (Brezet and Hemel, C.V, 3 2 2E 3 2 3 3 13 2 3 2 1 2 10 26
1997)
22 Sustainable Business Score Card (SBSC) (Figge et. al., 3 2 3 2 0 3 0 10 3 2 3 1 3 12 25
2002)
Volume 5 Issue 1 & 2 2019
 Business Tools Guiding Framework/methodology Systems and Standards
Sr. No Topic Q1 Q2 Q3 Q4 Q5 Q6 Q7 Sub Q8 Q9 Q10 Q11 Q12 Sub Total
points Points Points
23 Circular Business Model (OECD and RE-CIRCLE, 2 3 2E 3 3 2 3 14 2 2 2 1 2 9 25
2018).
24 Global Alliance for Banking on Values (Global Alli- 2 1 3 3 1 1 1 10 3 2 3 2 3 13 25
ance for Banking on Values, n.d.)
25 Corporate Carbon Footprint (CCF) (TUV Nord Group, 3 1 2E 1 2 3 1 8 3 3 2 3 3 14 25
n.d.)
26 B Corporation, B Corp, B Lab (B Corporation, n.d.) 0 3 3 3 0 0 0 9 3 2 3 3 3 14 23
27 Material Intensity Per Service Unit (MIPS) (Schmitd- 3 2 2E 2 2 3 2 11 3 1 2 1 2 9 23
Bleek, 1999)
28 Shared Value (Daood and Menghwar, 2017) 1 2 3 3 2 2 2 14 2 1 1 2 6 21
29 Green procurement (OECD, 2015) 3 1 2E 1 1 3 1 7 3 1 2 3 2 11 21
30 Impact Investing (The GIIN, n.d.) 1 1 3 1 1 3 2 11 3 2 1 3 9 21
31 Base of the Pyramid Impact Assessment Framework 1 2 3 3 1 2 1 12 1 1 1 1 2 6 19
(BoP IAF) (London, 2009)
32 UN Global Compact guidance on corporate 1 2 3 3 2 1 1 12 1 1 1 1 2 6 19
sustainability (UN Global Compact, BerkeleyLaw, and
Linklaters, 2019)
33 Biomimicry (Biomimicry Institute, n.d.) 3 1 2 2 0 0 0 5 1 1 1 3 0 6 14
Understanding Business Sustainability: The What, the Why, and the How of Sustainable Business Practices
31
32 Indian Journal of Sustainable Development Volume 5 Issue 1 & 2 2019

● 2E or 2S indicates that not all the three dimen- all three sustainability dimensions are the core focus
sions are stressed. 2E indicates that the focus is on areas.
Environmental dimension and 2S indicates the fo-
cus is on Social dimension. A rating of 3 indicates Table 6 classifies the literature in accordance of relevance
according to Business Tools.
Table 6: Classification of Literature According to Business Tools Criterion

3 2 1
Eco-Management and Audit Scheme (EMAS) Sustainable Stock Ex- Shared Value
changes Initiative
ISO 260009 Dow Jones Sustainability Impact Investing
index
Institute for Sustainability Science Based Targets Base of the Pyramid Impact Assessment
Framework (BoP IAF)
ISO 14001 Green House Gas (GHG) UN Global Compact guidance on corpo-
Protocol rate sustainability
SDG Compass Circular Business Model B Corporation, B Corp, B Lab
GRI standards Global Alliance for Bank-
ing on Values
Together for Sustainability
Life Cycle Assessment
Circular Transition Indicators
Assessing Low Carbon Transition (ACT) initiative
Carbon Disclosure Project
Triple Bottom Line (TBL), 3Ps (People, Profit, Planet)
Sustainability Asset Valuation (SAVi).
Carbon Productivity Tool
IRIS+
Poverty Footprint
Hot Spot Analysis
Eco Design Strategy Wheel
Sustainable Business Score Card (SBSC)
Corporate Carbon Footprint (CCF)
Design for Environment
Material Intensity Per Service Unit (MIPS)
Green procurement
Biomimicry

Table 7 classifies the literature in accordance of relevance

according to Frameworks/General Guidelines.
 Understanding Business Sustainability: The What, the Why, and the How of Sustainable Business Practices 33

Table 7: Classification of Literature According to Frameworks/General Guidelines Criterion

S.r No Topic Q2 Q3 Q4 Q5 Q6 Q7 Total

1 Eco-Management and Audit Scheme (EMAS) 3 3 3 3 3 3 18
2 ISO 260009 3 3 3 3 3 3 18
3 Institute for Sustainability 3 3 3 3 3 2 17
4 ISO 14001 3 2 3 3 3 3 17
5 SDG Compass 2 3 3 3 3 3 17
6 Life Cycle Assessment 3 2E 3 3 3 3 17
7 IRIS+ 3 2E 3 3 3 3 17
8 GRI standards 3 3 3 2 3 2 16
9 Together for Sustainability 2 3 3 3 3 2 16
10 Circular Transition Indicators 3 2E 3 3 3 2 16
11 Design for Environment 2 2E 3 3 3 3 16
12 Biomimicry 3 2E 3 3 2 3 16
13 Assessing Low Carbon Transition (ACT) initiative 3 2E 3 2 3 2 15
14 Material Intensity Per Service Unit (MIPS) 2 2E 3 2 3 3 15
15 Green House Gas (GHG) Protocol 2 2E 3 3 2 3 15
16 Triple Bottom Line (TBL), 3Ps (People, Profit, Planet) 3 2E 2 2 3 2 14
17 Carbon Productivity Tool 2 2E 3 2 3 2 14
18 Hot Spot Analysis 2 2E 2 3 2 3 14
19 Global Alliance for Banking on Values 2 3 3 2 2 2 14
20 Carbon Disclosure Project 2 3 3 1 3 1 13
21 Sustainability Asset Valuation (SAVi). 2 3 2 2 3 1 13
22 EcoDesign Strategy Wheel 2 2E 2 2 3 2 13
23 Corporate Carbon Footprint (CCF) 3 2S 3 1 3 1 13
24 Circular Business Model 2 2E 2 2 3 2 13
25 Base of the Pyramid Impact Assessment Framework (BoP IAF) 2 3 3 1 2 1 12
26 UN Global Compact guidance on corporate sustainability 2 3 3 2 1 1 12
27 Poverty Footprint 1 3 2 1 3 1 11
28 Impact Investing 1 3 1 1 3 2 11
29 Sustainable Business Score Card (SBSC) 1 3 1 1 3 1 10
30 Green procurement 2 3 2 0 3 0 10
31 Sustainable Stock Exchanges Initiative 1 3 3 1 1 1 10
32 Dow Jones Sustainability index 1 2E 1 2 3 1 10
33 Science Based Targets 3 3 3 0 0 0 9
34 Shared Value 1 2E 1 1 3 1 9
35 B Corporation, B Corp, B Lab 1 2 2 0 0 0 5

Table 8 classifies the literature in accordance of relevance

according to Standards/Systems.
34 Indian Journal of Sustainable Development Volume 5 Issue 1 & 2 2019

Table 8: Classification of Literature According to Standards/Systems Criterion

Sr. No Topic Q8 Q9 Q10 Q11 Q12 Total

1 Eco-Management and Audit Scheme (EMAS) 3 3 3 3 3 15
2 ISO 260009 3 3 3 3 3 15
3 Institute for Sustainability 3 3 3 3 3 15
4 GRI standards 3 3 3 3 3 15
5 Together for Sustainability 3 3 3 3 3 15
6 Life Cycle Assessment 3 3 3 3 3 15
7 Circular Transition Indicators 3 3 3 3 3 15
8 Assessing Low Carbon Transition (ACT) initiative 3 3 3 3 3 15
9 Carbon Disclosure Project 3 3 3 3 3 15
10 Triple Bottom Line (TBL), 3Ps (People, Profit, Planet) 3 3 3 3 3 15
11 Poverty Footprint 3 3 3 3 3 15
12 EcoDesign Strategy Wheel 3 3 3 3 3 15
13 ISO 14001 3 2 3 3 3 14
14 SDG Compass 3 3 3 2 3 14
15 Carbon Productivity Tool 3 2 3 3 3 14
16 Hot Spot Analysis 3 3 3 3 2 14
17 Sustainable Business Score Card (SBSC) 3 3 3 2 3 14
18 Dow Jones Sustainability index 3 3 2 3 3 14
19 Science Based Targets 3 2 3 3 3 14
20 Sustainability Asset Valuation (SAVi). 3 3 3 1 3 13
21 Corporate Carbon Footprint (CCF) 3 3 3 1 3 13
22 Sustainable Stock Exchanges Initiative 3 2 3 2 3 13
23 Green procurement 3 2 3 1 3 12
24 IRIS+ 2 3 1 2 3 11
25 Shared Value 3 1 2 3 2 11
26 Design for Environment 2 3 2 1 2 10
27 Material Intensity Per Service Unit (MIPS) 2 3 2 1 2 10
28 Biomimicry 2 2 2 1 2 9
29 Circular Business Model 3 1 2 1 2 9
30 Impact Investing 3 2 1 0 3 9
31 Green House Gas (GHG) Protocol 1 1 1 2 2 7
32 Global Alliance for Banking on Values 2 1 1 2 6
33 Base of the Pyramid Impact Assessment Framework (BoP IAF) 1 1 1 1 2 6
34 UN Global Compact guidance on corporate sustainability 1 1 1 1 2 6
35 B Corporation, B Corp, B Lab 1 1 1 3 0 6

Conclusion Only through partnerships resulting in coordination

and cooperation amongst the key stakeholders -
Sustainable development requires the explicit governments, NGOs, multilateral organisations and
participation and contribution of the private sector. the private sector - will the global community achieve
 Understanding Business Sustainability: The What, the Why, and the How of Sustainable Business Practices 35

sustainable development. Till date business engagement Biomimicry Institute. (n.d.). Retrieved January 9, 2020,
in the development agenda and decision making has from https://biomimicry.org/
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