World Religions, Ethics, and the Earth Charter for a Sustainable Future - Earth Stewardship: Linking Ecology and Ethics in Theory and Practice - page 385

environment and climate can no longer be seen as an externality to be ignored.
Methods of cost accounting that disregard the environment are no longer viable.
Instead the bottom line needs to include, not only fi nancial profi t, but also
environmental health and social well-being. New measurements are being devel-
oped for this triple bottom line, such as measuring “ecosystems services.” In 1997,
ecological economists have estimated that it would cost some $33 trillion dollars to
replicate nature's services (Costanza et al. 1997 ). In 2014 their estimate increased to
$145 trillion (Costanza et al. 2014 ).
In addition, the UN Global Reporting Initiative has been formed for measuring
the environmental and social impact of corporations ( http://globalreporting.org ).
The Equator Principles have been created by a Dutch banker, Herman Mulder, for
guiding banks and fi nancial institutions in their investments ( www.equator-
principles.com ). The “ecological footprint” provides a similar opportunity for
individuals or institutions to calculate their environmental impact in a variety of
areas, including use of carbon. This method was fi rst developed by William Rees
and Mathias Wackernagel and is now part of a broad international network ( www.
footprintnetwork.org ). Religious communities have entered this arena through
socially and environmentally responsible investments. Jewish and Christian groups
have collaborated in forming the Interfaith Center on Corporate Responsibility
based in New York ( www.iccr.org ) .
In addition to the triple bottom line of economic profi t, environmental health,
and social well-being, some people are suggesting that spiritual well being is also
an important component of human fl ourishing. They maintain that the full range of
human happiness includes a sense not only of physical health, but also spiritual well
being and happiness. In fact, in Bhutan the Gross National Happiness Indicator has
replaced the Gross National Product Index. Developed with Buddhist principles and
supported by the King, this notion has gained a wider audience than Bhutan. It is
based on a conviction that there is more to social cohesion and individual fulfi llment
than economic competition and profi t making. The Happiness Indicator takes into
account other factors. For example, personal spiritual cultivation is encouraged
along with community building; the quality of life is seen as more important than
the quantity of material possessions; and non-material values, such as cultural and
ecological integrity, are highly prized ( www.grossinternationalhappiness.com ).
Because of this, along with many other projects named above, “progress” is being
redefi ned as more than economic growth.

26.3 World Religions and the Earth Charter

In discussing the topic of creating a sustainable future with a low carbon society we
may need a broader basis for analysis than simply economic indicators of growth.
As defi ned by the Bruntland Commission report , Our Common Future ( 1987 ), it is
development that meets present needs while not compromising the needs of future
generations. This ethics of intergenerational equity is a necessary criterion, but may