“An Environmental Profit and Loss (EP&L) account places a monetary value on a business's environmental impact along the entire supply chain”, explained Jochen Zeitz, Founder of the Zeitz Foundation when announcing PUMA's first results of the company's EP&L on Monday in Munich and London. An EP&L provides an opportunity to build a more resilient and sustainable business model - and this is in line with the Zeitz Foundation's goal to maintain or improve the integrity of ecosystems through effective, sustainable management practices that ensure ecosystems continue to deliver services, such as clean water, for the benefit of mankind. Changing the way businesses operate is a step in the direction of the Zeitz Foundation’s Long Run philosophy of acting today for a better tomorrow.
The world has changed – business must change too (Jochen Zeitz's Op-Ed for the Guardian)
In knowing that the current paradigm does not take businesses' unintended collateral effects on society and the environment into consideration, we need to adapt our thinking to see sustainability not only as a responsibility but also as an opportunity. (...) One way to begin this transition is to adapt the way we account for business impacts – working with nature and society rather than against them, while simultaneously maintaining all the positive benefits that business contributes. This is the new paradigm we need in order to ensure our future and the future of our businesses. Many organizations and individuals have been working for some time in the area of ecosystem valuation and creating an environmental profit and loss account is Puma's contribution. By having more tools available, we believe that there is an opportunity to build a more resilient and sustainable business model. In business to date we have tended not to manage what we do not or have not measured. An EP&L account does just this. It places a monetary value on a business's environmental impact along the entire supply chain.
Read the full Op-Ed in the Guardian:
The world has changed – business must change too
http://www.guardian.co.uk/sustainable-business/blog/puma-ceo-valuing-biodiversity-jochen-zeitz
Puma world's first major company to put a value on its environmental impact
The footwear company and its parent group PPR have launched a groundbreaking initiative which puts an economic valuation on environmental impacts
Puma has become the first company in the world to put a value on the eco services it uses to produce its sports shoes and clothes, signalling a radical change in the way business will account for its use of natural resources. Puma has published an economic valuation of the environmental impacts caused by greenhouse gas emissions (GHGs) and water consumption along its entire supply chain and has committed to the more difficult task of integrating both its social and economic impacts.
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