Environmental Sustainability Kangaroo Realtors Pty. Ltd

Question: Discuss about the Environmental Sustainability for Kangaroo Realtors Pty. Ltd. Answer: Introduction The report focuses on conducting both an empirical and case study based discussion associated with the concept of Triple Bottom Line or TBL and its reporting through the use of the GRI standards. The case of a hypothetical construction company based in Australia would be undertaken for generating needed discussions in an effective fashion. Concept of Triple Bottom Lines (TBL) The concept of Triple Bottom Line (TBL) was rendered by John Elkington during 1994. The concept focuses on measuring and evaluating the performance of a business institution based on three main aspects like the financial profit and loss, responsibility of the company towards the greater society and also the internal people operating within the firm and finally the responsibility of the firm towards the natural environment. The measure of financial profits is coined as the bottom line, social and environmental responsibility as the people and environment account of the firm. The TBL constituted by 3Ps focus on measuring the performance of a firm in meeting the objectives of profit, people and the planet over a specific period. Performance evaluation of a firm based on TBL earns significance in that it helps in reflecting on the total cost incurred by the firm and is viewed as an extension of the Balanced Scorecard(Alhaddi, 2015). Relationship of TBL with SD The Triple Bottom Line (TBL) can be effectively integrated with the sustainable development objectives of a business institution. The social aspect in the TBL aims in measuring the revenue and profitability of the firm attributed to social parameters like existence of fair and effective employment practices and also the increased contribution of the firm in promoting social and community based growth. The business corporations are required for developing effective relationship with both its internal and external stakeholders like employees, customers, social communities and also with the government authorities in the region. Nurturing a positive relationship with the social groups contributes in gaining an effective access to potential customers and employees. The social sustainability parameters essentially focus on development of a congenial and effective work atmosphere that in turn encourages the employees for generating increased productivity(Gold et al., 2012). In terms of the environmental dimension the aspect of integration of TBL with sustainable development initiatives requires the reduction of environmental impacts of the operations conducted by the firm. The reduction in the level of impacts on the natural environment contributes in creating a sustainable future for the business institution. Similarly, it also reflects on the waste management and recycling initiatives and also on the initiatives regarding development of carbon footprint undertaken by the firm. Finally, in terms of economic sustainability the integration of TBL with the sustainability objectives focuses on understanding the impacts of the activities of the firm on promoting economic and financial growth in both the institution and along the region as a whole(Gimenez et al., 2012). Significance of TBL in Sustainable Development The Triple Bottom Line (TBL) efforts of the company need to be effectively integrated with the sustainability development objectives of a business institution. The outcomes of the TBL efforts need to be met based on focusing on the mission and vision of the objectives of the institution. The mission and vision statements of the business institution are required to be generated for aptly meeting the short and long-term business and operational objectives. In the course of integration the vision and mission objectives of the firm with the TBL based reporting activities are required to be carried out in a fashion wherein the company management need to focus on the generation of effective information for taking of decisions in an effective fashion. The information is required to be generated on a priority basis and the management should not focus on withholding information from the fear of facing undesirable results and consequences(Barkemeyer et al., 2014). Further, the information rega rding the sustainability efforts of the company are required to be generated based on following the set TBL standards. Information generated thereof by the company management based on following the guidelines as laid down by TBL standards contributes in enhancing the efficacy, consistency and effectiveness of the reports. Further, the measurement of the cost associated with failure in sustaining the quality standards is considered to be a significant part of TBL reporting. The above activity concerning TBL reporting rightly matches with the sustainability efforts of the company reduction and elimination of costs associated with generation of poor quality of products and services(Liu, 2014). A committee on sustainability is required to be constituted by the business institution and is also required to gain the views of other people not involved in the committee for taking decisions in a unanimous fashion regarding the different reporting topics. Information collected from varied sour ces are required to be checked and verified on principles of accuracy such that the information can be potentially generated through the incorporation of TBL reports. Herein, information that are not required to be furnished in the reports are required to be potentially discarded along with the removal of potential jargons for enhancing the level of simplicity and clarity. The TBL report associated with the sustainability efforts of the firm are required to be generated in a straightforward fashion that would be understandable for both the internal and external stakeholders of the firm(Lozano Lozano, 2014). Significance of TBL in Sustainable Construction The demand for the growth of sustainable construction activities on a global scale has required the effective integration of TBL in regards to the sustainability initiatives carried out in the construction industry. In terms of the social dimension in TBL sustainability initiatives in the construction industry not only focus on generation of investments for development of sustainable residential projects bur also focuses on the development of the streets, aesthetic development of the regions and also the development of community centres in the residential complexes. Reflecting on the environmental dimension the integration of TBL in sustainable construction activities essentially focus on investments generated and costs incurred related to management of waste disposal and recycling initiatives and also associated with the incorporation of energy efficient and hybrid lighting systems(Onat et al., 2014). Use of TBL in sustainable construction also aims to understand the level of revenu e gained by the construction and real estate firms based on attracting potential customers to sophisticated and greener residences. Finally, relating to the economic aspect of TBL in sustainable construction contributes in helping the construction companies source for value based construction resources along with identification of local suppliers for helping in availing construction materials with reduced transportation costs. Similarly, it also focuses on the use of high-star ratings electronics appliances for the residential and commercial properties in that the same would contribute in the generation of increased savings in the long run(Shen et al., 2016). TBL Reporting based on GRI The Global Reporting Initiative or GRI was first developed by Ceres, a non-profit institution based in Boston in terms of operating with the United Nations Environmental Program or UNEP. The GRI contributes in generating criteria for measuring the behaviour of a business institution along the three main pillars of TBL. The GRI system is designed based on the tenets of the Generally Accepted Accounting Principles or GAAP that contributes in both simplifying and thereby in integrating different accounting methods. TBL reporting based on GRI earns needed popularity and significance in that it helps in clarifying, generation of usability, renders ease of comparison and also enhances the level of influence of the inferences obtained(Llena Talalweh, 2015). The reporting of TBL through use of GRI contributes in managing the impact of a business institution on the TBL such that the same can effectively enhance the parameter of quality and transparency associated with the reporting of sustai nability issues and would also help in generating a balanced and reasonable picture of organisational performance. In fact, over the years the GRI program has been recognised as an effective benchmark in the global landscape related to the measurement, monitoring and also the effective reporting of sustainability activities conducted by a business institution. The GRI based reporting of TBL are essentially carried out based on 11 different principles that in turn are dependent on 146 different indicators associated with the economic, social equity and also the environmental pillar. The different types of economic indicators are like revenue attributing from sales, business profits of the company and also the returns expected from the investments generated(Fonseca et al., 2012). Other economic indicators as identified by GRI also reflect on the level of taxes paid, monetary or income flows in the economy and the level of employment generated. In terms of social equity, the GRI progra m focuses on different criteria like labour or employment practices carried out in the region, impacts generated on the different social communities, human and civil rights and also the responsibility of the products in satiating the needs of the consumers. Finally, reflecting on the environmental dimension the GRI reflects on parameters like quality of air and water resources, level of energy consumed for conducting the business operations and also the level of waste generated and recycled by the company. The applicability of the above GRI reporting system helps the public in visualising the pragmatic efforts regarding sustainability claims made by a firm(Stenzel, 2010). Sustainable Development and Reporting of Kangaroo Realtors Strategies and Analysis on Sustainable Development Effective strategies needs to undertaken by the construction company relating to the fulfilment of sustainability initiatives and also based the incorporation of TBL parameters. The analysis of the benefits along with the various strategies that can be undertaken by the company along the environmental, social and economic paradigms is reflected as under. (Lee et al., 2014) Organisational Profile Kangaroo Realtors Pty. Ltd. operates as an effective construction and real estate organisation operating across different regions like Sydney, Perth, Brisbane and Melbourne regions. The companys head quarters is based in Sydney. Kangaroo Realtors conducts construction activities under different segments associated to retail, hospitality, healthcare, residential and other commercial and office properties. Currently, the company is focusing on the development of greener construction projects through the use of renewable energy and recycled construction materials. TBL Reporting Parameters The TBL based reporting parameters essentially focus on understanding the returns gained by the construction companies relating to the investments and costs generated along social, environmental and economic aspects. The economic aspect effectively focuses on understanding revenues and profits generated along the different sectors like retail, hospitality, and healthcare, residential and commercial properties. The environmental performance of Kangaroo Realtors is potentially measured and reported based on the quanta of renewable energy resources utilised by the company. It also reflects on the level or the percentage of GHG emissions reduced by the construction company and the number of green buildings generated by the company. Further, the environmental reporting standards also reflect on the level of recyclable materials and also on the degree of water efficiency generated by the institution along its operational and construction premises. Finally, the TBL reporting parameters from the social dimension would focus on reflecting the amount of investments generated by the construction company in generation of training and skill development initiatives for its workforce. It also needs to focus on understanding the investments generated by the company for enhancing the health standards of its internal workforce. Governance, Commitments and Engagement The sustainability initiatives undertaken by Kangaroo Realtors Pty. Ltd. are essentially governed based on the construction of a Sustainability Management Committee. The committee would be essentially constituted by directors, environmental experts and also the senior managers of the operation department of the institution. The company is required to effectively commit towards the external legislations and regulations concerning environmental, economic and social sustainability. The management of Kangaroo Realtors also requires for engaging different stakeholder groups like customers, employees, suppliers, local communities, potential shareholders and the regional and central government in conducting its construction functions in an effective fashion. Management Approach Kangaroo Realtors Pty. Ltd. needs to essentially focus on the incorporation of a sustainability manager that focuses on the generation of innovative and creative ideas for helping the construction company in aptly meeting its sustainability goals. Challenges and Issues in Reporting Sustainability The main challenges and issues concerning the reporting of sustainability initiatives by the business institutions can be effectively underlined as follows. In the first place, the sustainability initiatives undertaken by a firm gain increased significance in that the same is undertaken on a continual basis along different annual periods. The companies are thus required to carry out continuous discussion and dialogues with the potential stakeholders of a business institution regarding the sustainability initiatives and objectives of the company(Rosen Kishawy, 2012). The communication activities regarding sustainability efforts of the company can be further enhanced based on the use of internet based communication tools like social media platforms and also electronic mails which in turn require effective training to be imparted to the organisational members. Further, sustainability reporting initiatives gain effectiveness in that the same focuses on monitoring and regulating the acti vities of suppliers. The suppliers are required for potentially abiding by sustainability parameters and thereby needs to effectively focus on integrating the different small and large suppliers for meeting the sustainability objectives. Changes in the regulatory climate require the organisations for further disclosing their sustainability initiatives and actions. The same requires the organisations to operate in a conscious fashion in terms of generating potential investments, reporting and monitoring measures that would further help in gaining needed support from potential stakeholders(Bostrm, 2012). Conclusions and Discussions The report effectively analyses the integration of the TBL with the sustainability development approach of the business institutions while also in using the above approach relating to the conducting of operations for a hypothetical construction company, Kangaroo Realtors Pty. Ltd. 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