As the world moves towards sustainable development, countries are coming up with innovative strategies and approaches to strike the balance among its three key aspects: economic growth, environmental protection, and social inclusion. Often these three contradict each other — economic growth is often to be taking its toll on the environment, while strict environmental protection is said to harm economic growth and exclude certain social groups, etc. Nevertheless, since the Rio Convention in 1992, the triple bottom line of sustainability – people, planet, profit – has become increasingly accepted in the business community. A key actor in all this is the private sector, which is a primary mover for economic growth. Businesses, whether small, medium, or large corporations, are important allies in providing opportunities for both the conservation of the environment and improvement of human wellbeing. Large companies have committed themselves to universal principles on human rights, labor, environment, and anti-corruption in the United Nations (UN) Global Compact and other initiatives.
