As the Bar Gets Higher, Partnerships Become Even More Crucial
Wednesday, September 19, 2007 / AS
The bar is getting set higher and higher when it comes to triple bottom line performance. Whether industries are seeking to avoid onerous regulation or just trying to beat the competition, the drive towards sustainabilty will surely increase.
One strategy that is indicated here is to get into partnership with government. Almost every federal and state regulatory body now invites companies to work with them on a voluntary basis to find better ways to do business. There is no better way to "stay in the loop" when it comes to the likely course of future regulation than to establish strong personal and business connections with the regulators in your industry. It also might put you in the catbird seat when it comes to influencing the course of new requirements.
Partnering with NGOs is another way to both foresee and influence future developments. Companies that have been working with CERES, for example, are plugged in to what the future may hold regading climate-change regulation and how a wide range of NGOs is trying to influence those outcomes.
The very best approach, when it's possible, is to get involved in a project with government and NGOs that offers positive business outcomes for your company or industry. Such projects can be time-consuming and difficult, but read Chapter 7 of our book The Triple Bottom Line to see how they can lead to gigantic win-win-win situations.
In that chapter, we describe how the utility company PPL, the government, and the stakeholders on the Penobscot River in Maine all benefited from an environmental deal that PPL helped create. Rather than waiting to be forced by the government to tear down some dams to protect endangered salmon, PPL negotiated a deal to allow the NGOs to buy two dams for $25 million, which they will then decommission. In return, PPL gets federal approval to replace the lost power and revenues by increasing flows over its remaining dams.
Talk about a sweet spot!
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Add a comment - One strategy that is indicated here is to get into partnership with government. Almost every federal and state regulatory body now invites companies to work with them on a voluntary basis to find better ways to do business. There is no better way to "stay in the loop" when it comes to the likely course of future regulation than to establish strong personal and business connections with the regulators in your industry. It also might put you in the catbird seat when it comes to influencing the course of new requirements.
Partnering with NGOs is another way to both foresee and influence future developments. Companies that have been working with CERES, for example, are plugged in to what the future may hold regading climate-change regulation and how a wide range of NGOs is trying to influence those outcomes.
The very best approach, when it's possible, is to get involved in a project with government and NGOs that offers positive business outcomes for your company or industry. Such projects can be time-consuming and difficult, but read Chapter 7 of our book The Triple Bottom Line to see how they can lead to gigantic win-win-win situations.
In that chapter, we describe how the utility company PPL, the government, and the stakeholders on the Penobscot River in Maine all benefited from an environmental deal that PPL helped create. Rather than waiting to be forced by the government to tear down some dams to protect endangered salmon, PPL negotiated a deal to allow the NGOs to buy two dams for $25 million, which they will then decommission. In return, PPL gets federal approval to replace the lost power and revenues by increasing flows over its remaining dams.
Talk about a sweet spot!
Labels: CERES, Penobscot River, PPL, Role of Government, The Triple Bottom Line
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