 Hello everyone, welcome to this session. I am Priyanka Bansuray and today we are going to learn about perspectives of sustainability. It is a key goal for business ethics. The learning outcomes of this video lecture at the end of this session students will be able to explain how the triple bottom line of sustainability is a key goal for business ethics and second explain different perspectives or you can say different components of sustainability for business ethics. These are the contents of this video lecture. Before moving towards two perspectives of sustainability pause the video for few seconds and you have to think and you have to write down what is sustainable development and what are the different perspectives of the sustainability. Now pause the video and you have to recall. So, sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs. Sustainability has become an increasingly common term in the surrounding business ethics and it has been widely used by corporations, governments, consultants, pressure groups and academic like. There are three perspectives or you can say the components of sustainable development, environmental, second economic and the third one is social. So, these are the three perspectives of the sustainability. We will discuss about TBL that is nothing but triple bottom line. So, triple bottom line is a term coined by invented by the sustainability thought leader John Elkington. Triple bottom line thinking suggests sustainability as a goal for the business ethics and according to Elkington's view of the TBL is that it represents the idea that business does not have just one single goal namely economic value but that it has extended goal which necessitates adding environmental as well as social value also. Now we will study each perspective of the sustainability in detail. So the concept of sustainability is generally regarded as having emerged from the environmental perspective most notably in forestry management and then later in other areas of the resource management. So the basic principle of sustainability in the environmental perspective concern the effective management of physical resources so that they are conserved for the future. So here it involves the managing the oceans, then freshwater systems, land and atmosphere according to sustainability principles while also supporting the ability of future generations to maintain a healthy community. Then all biosystems are regarded as having finite resources and finite capacity. Hence sustainable human activity must operate at a level and that level does not threaten the health of those systems. Then the impacts of industrialization on biodiversity the continued use of non-renewable resources. So non-renewable resources for example oil, steel, coal as well as the production of the damaging environmental pollutants like carbon dioxide and other greenhouse gases also from the industrial plants and consumer products also. So we have managed all these things and conserved for the future. So environmental related things included here. At a more fundamental level though these concerns also raise the problem of economic growth itself. Sustainability is mainly as an environmental concept. Now let us see the second perspective of sustainability that is economical perspective. So in environmental perspective it includes the environmental related issues like that in the economic perspective it includes means it is on sustainability initially emerged from the economic growth without negatively impacting social, environmental and cultural aspects of the community. So for example long-term economical sustainability concerns the present and future value of the natural resources like drinking water as well as the different products then consumption, markets and the global economy. Then it is an important attempt to satisfy the needs of humans but in a manner that sustains the natural resources and the environment for future generations means sustainable economic growth is economic development and that is important because that attempts to satisfy the needs of the humans but in a manner that it sustains the natural resources and environment for future generation. So here examples solar energy, solar energy expansion, then air to water innovations, recycling so these are the some examples. The implications for business ethics of such thinking occur on different levels. So sometimes implications are narrower or sometimes the implications are broader also. Means a narrow concept of economic sustainability it focuses on the economic performance of the corporation itself and the responsibility of management is to develop, produce then market those products that secure the long-term economic performance of the corporation and suppose you have to thinking in a broader view so a broader concept of economic sustainability would include the company's attitude towards and impacts upon the economic framework in which it is embedded. So without an operational profit a business cannot sustain its activities. It's very important thing in that. Now let us see the third perspective of sustainability that is social perspectives. So it is a challenging area of development. Social sustainability is a process that promotes well-being within an organization's own members at the same time they are supported the ability of future generations to maintain a healthy community in between us. So it would be a wrong to assume that this means that this time local community claims on business went unexamined by business ethics scholars. Social sustainability performance issues include human rights, then fair labor practices, living conditions, health related issues, safety, wellness, then diversity. Diversity means understanding each means understanding that each individual is unique and recognizing our individual differences and more. So these issues are not easily measurable. They are easier to identify but it's not easily measurable right. So the key issue in the social perspective on sustainability is that of social justice. It should be critical part of any business because it affects the quality of business relationship with the stakeholders. Social sustainability meets risk then poor social sustainability is a risk to both brand as well as to product quality also. So it's a way of managing and identifying business impacts on employees, then workers, customers and local communities. Again it is attainable why because companies are now doing partnership with social sustainability organizations to become more transparent and make their operations become more ethical. So it is attainable. Now after learn the perspectives of sustainability we will move towards the implications of sustainability for business ethic. Set of expectations place on business according to the TBL of sustainability. There are clearly significant implications for how we should look at business ethics. However to achieve the genuine sustainability in any of the three areas let alone ill all of them. After all with the notion of sustainability widely promoted by governments then businesses, NGOs and academia. So it is clearly said that we understand its full implications and evaluate the business ethics practices according to the principles of sustainability. As Elkington suggests the triple bottom line is less about establishing accounting techniques and performance matrices for achievement in the three dimensions. It concerns how we manage all the physical resources so that they are conserved for the future in this way. These are the references of this video lecture. Thank you.