Triple bottom line is defined as “a corporation’s ultimate success or health can and should be measured not just by the traditional financial bottom line, but also by its social/ethical and environmental performance” (Norman and MacDonald, 2003). There are many advantages when it comes to being a triple bottom line corporation. While incorporating the triple bottom line, you are also incorporating sustainability you’re your business. Therefore, becoming a triple bottom line corporation means it is one step higher towards helping save the planet. Becoming sustainable is cost efficient. Although it may cost a significant amount of money to convert, it will pay itself off in the long run. Additionally, it will help reduce expenses while saving …show more content…
This company has come a long way into the sustainable and triple bottom line world. “Four wind turbines were erected in 2013 to reduce the use of diesel fuel, which had to be trucked in on a 550-km ice road at a cost of $70 million a year” (Hamilton, 2016). Wind turbines are put into place to create electricity through the spinning of the propellers. Mines are underground therefore it is extremely crucial to have electricity through renewable energy to create light for the miners underground because of the darkness being created. More importantly, if every corporation were to include the triple bottom line in their business goals, it would aid with climate change and global …show more content…
(2016, October 05). Mining industry starts to dig renewables. Retrieved November 03, 2017, from http://www.corporateknights.com/channels/mining/mining-industry-starts-to-dig-renewables-14648472/
Kirby, J. (n.d.). Diavik Diamond Mine powers up with wind. Retrieved November 03, 2017, from http://www.miningandenergy.ca/sustainability/article/diavik_diamond_mine_turns_to_wind/5th%20Annual%20Saskatchewan%20Mining%20Forum/5th%20Annual%20Saskatchewan%20Mining%20Forum/
Lins, C., & Horwitz, E. (2007). Sustainability in the Mining Sector. Retrieved November 6, 2017, from http://www.fbds.org.br/IMG/pdf/doc-295.pdf
Norman, W., & MacDonald, C. (2004). Getting to the bottom of the "triple bottom line". Business Ethics Quarterly, 14(2), 243-262. http://dx.doi.org/10.5840/beq200414211
Santarossa, B. (2004, January 13). Diamonds: Adding lustre to the Canadian economy. Retrieved November 06, 2017, from https://www.statcan.gc.ca/pub/11-621-m/11-621-m2004008-eng.htm
The Positive Impact of Diamond Mining in the Northwest Territories - 1998-2012. (n.d.). Retrieved November 3, 2017, from
Copper mining has had a huge impact on Michigan throughout history. Copper mining has had such an impact that the Upper Peninsula of Michigan has a region referred to as “The Copper Country” because of its involvement in the copper-mining industry. The copper-mining industry has also led to technological developments necessary for hoisting and drilling as well as the development of towns and cities in the Keweenaw. In addition, it led to the creation of many potential jobs for residents of the towns that were developed to support these mines.
Deep within African mines, elusive diamonds lay enveloped in the Earth’s crust. Possessing much influence, beauty, and tension, nature’s hardest known substance causes parallel occurrences of unity and destruction on opposite sides of the globe. Diamonds, derived from the Greek word "adamas", meaning invincible, are formed deep within the mantle, and are composed entirely from carbon. Moreover, only under tremendous amounts of heat and pressure can diamonds form into their preliminary crystal state. In fact, diamonds are formed approximately 150km- 200km below the surface and at radical temperatures ranging from 900-1300 C°. When these extremes meet, carbon atoms are forced together creating diamond crystals. Yet how do these gems, ranking a ten on Moh’s hardness scale, impact the individual lives of millions of people besides coaxing a squeal out of brides-to-be? These colorless, yellow, brown, green, blue, reddish, pink, grey and black minerals are gorgeous in their cut state, but how are these otherwise dull gems recognized and harvested? Furthermore, how and why is bloodshed and violence caused over diamonds in Africa, the supplier of approximately 65% of the world’s diamonds? (Bertoni) The environmental, social, and economic impact of harvesting, transporting, and processing diamonds is crucial because contrary to popular belief, much blood has been spilled over first-world “bling”.
It's difficult not to be cynical about how “big business” treats the subject of ethics in today's world. In many corporations, where the only important value is the bottom line, most executives merely give lip service to living and operating their corporations ethically.
A business should make sure its methods of production are not negatively affecting its employees and that all the people in the business are happy and willing to work. Also, a business should make sure that its methods of production are not producing any waste on land or water or air pollution, for these negatively affect society. A business that cares about it’s influence on the environment, and its consumers is bound to make a difference. For example: General Mills wants to reduce the amount of energy it uses. In order to do this, they had energy monitors installed into some of their equipment in one of their manufacturing plants. The result: General Mills saved around six hundred thousand dollars (James). Profit can be obtained faster by a business that is looked upon as a positive influence on the environment and its employees. Overall, a business should be careful about how it produces its products and think about society’s health before it makes a decision, for if it doesn’t, the liability for damage is a much greater price to
Trevino, L. K., & Nelson, K. A. (2011). Managing business ethics: Straight talk about how to do it right. New York: John Wiley.
Schlosser, K. (2013). Regimes of ethical value? landscape, race and representation in the Canadian diamond industry. Antipode, 45(1), 161-179. doi:10.1111/j.1467-8330.2012.00996.x
An estimated 1 million diamond miners in Africa earn less than $1 a dollar a day (Brilliant Earth n.d.) Children as young as 8 forgo school for daily wages ranging between $0.15- $0.60 (The International Human Rights Clinic at Harvard Law School 2009). According to Adele Farquhar, a man fighting for legal ownership of a diamond mine, the problem isn’t people mining for precious diamonds, it’s those buying the diamonds originating in conflict areas; "People think it's a Zimbabwe problem but they forget that there is huge international complicity. You can't stop the Zimbabweans until you stop the money men. The people in Zimbabwe are getting next to nothing for these diamonds. The guy with the pick and shovel is literally earning $5. The guy to go and find is the one making $1,000. Go and look at the money and see who else is benefiting. That's why there's no momentum to stop this thing” (Cahill 2009). According to Time, the owner of the mines usually takes around 70% of the value when diamonds are sold to
Many people in society today take for granted all the things they have been constantly consuming for generations. They all see the final product, but hardly ever notice what goes on into making it and where it goes when they’re done using it. In this report, the diamond commodity chain is followed from beginning to end and an explanation of some of the issues faced by the people associated with this product at each state of the commodity chain will also be addressed. Moreover, this report analyzes the working conditions and practices of diamond miners. Many workers, children, and communities are exploited in the industry of diamond mining. The health and well being of these people are constantly at risk and an effort to address this significant issue needs our immediate attention. Luxury commodities come with a cost. Some cost are higher than others. In a world where the rich and poor are countless, and the middle class are few, labor practices in less fortunate countries should be questioned.
Ferrell, O. C., Fraedrich, J., & Ferrell, L. (2013). Business ethics: Ethical decision making and cases: 2011 custom edition (9th ed.). Mason, OH: South-Western Cengage Learning.
In conclusion, even though mining is an important aspect in the Canadian economy; are all the health risks and environmental risks worth it? Some who sees the immediate rewards of mining, such as money and status may say ‘yes.” However if we continue to over mine, one day we will not have things we use every day such as electricity. This might not happen in our lifetime but the future generations will be affected. Isn’t it ironic that the Earth has given us livelihood and sustains us; we in turn abundantly and viciously take from the Earth? The effects of taking too much will kill us. As my mother says “if you take, you need to give” My way of giving will be educating my generation and my peers who are the future.
Treviño, L. K., & Nelson, K. A. (2007). Managing business ethics: Straight talk about how to do it right Fourth ed., Retrieved on July 30, 2010 from www.ecampus.phoenix.edu
Shaw, W. & Barry, V. (2010). Moral issues in business (11th ed.). Belmont, CA: Wadsworth, Cengage
Shaw, W. H., & Barry, V. (2011). Moral Issues in Business (Eleventh ed., pp. 230-244).
Warhurst, A. (1999). Mining and the environment: case studies from the Americas. Ottawa, ON, Canada: International Development Research Centre.
Mining is the process or industry of obtaining minerals from the earth. Topics in this paper I’ll be specifically discussing are pros and cons of mining, structures of a mine, mining in general, California gold rush, diamonds in Africa, and comparison of diamond and gold mines.