Triple Bottom Line in Action: How Schulich is Redefining Business for People, Planet, and Profit
The Schulich School of Business has long been a beacon of excellence in the realm of responsible business practices and sustainability. This commitment is reflected in its numerous initiatives, programs, and accolades that underscore its leadership in this critical area.
The triple bottom line (TBL) framework—which assesses a company’s impact by measuring social, environmental, and financial performance—has long been central to Schulich’s philosophy. This holistic approach encourages organizations to pursue sustainable practices that create value for shareholders, stakeholders, and the planet alike.
At the core of Schulich’s commitment is the Centre of Excellence in Responsible Business (COERB), an internationally recognized hub for research on the social, ethical, environmental, and political responsibilities of business. With over 40 affiliated faculty members from across disciplines, COERB stands as one of the largest and most influential academic centres in the world dedicated to advancing triple bottom line thinking.
“At Schulich, we believe that preparing future business leaders means equipping them with the knowledge and skills to drive sustainable change,” said
Schulich Dean Detlev Zwick. “Through our research, teaching, and community partnerships, we are helping to redefine the role of business in addressing some of the world’s most pressing environmental and social challenges.”
Academic Excellence: The Sustainability Specialization
The Sustainability specialization at Schulich – originally launched in 1991 as the Erivan K. Haub Program in Business & the Environment – equips students with the interdisciplinary knowledge, practical experience, and leadership skills needed to drive sustainability initiatives across a wide range of organizational functions. The program addresses critical global challenges such as decarbonization, decolonization, and diversity, and prepares students to navigate the increasingly complex landscape of sustainability-related disclosure and reporting requirements. Learning is delivered through a mix of in-class instruction, role-playing exercises, experiential learning opportunities—both domestic and international—and direct engagement with sustainability professionals. Through this comprehensive approach, students develop the ability to manage change, collaborate with key internal and external stakeholders, and lead the transition toward more sustainable business practices.
In 2024 several courses were introduced as part of the Sustainability specialization, designed to offer an experiential and global learning experience. The area launched Scaling Climate Innovations (SUST 6152), an experiential learning course. Bringing together MBA, Master of Management (MMGT), and MBA/JD students, the course fosters interdisciplinary collaboration to tackle the complex challenge of scaling sustainability solutions. It features a formal academic partnership with the MaRS Discovery District, enabling students to work directly with stakeholders across sectors—including cleantech startups and government agencies—on real-world climate innovation projects.
“Innovations in sustainability are crucial for addressing pressing challenges such as climate change and resource depletion,” said course instructor Klaudia Watts. “But to make a meaningful impact, widespread adoption is essential. I hope students leave with a deeper understanding of how-to springboard that adoption and drive transformative change.”
Students appreciated gaining hands-on experience. “The Climate Fellowship at MaRS has exposed me to cutting-edge developments in climate tech that go far beyond what we read in textbooks,” said Menka Ahlawat (MBA ’24). “Working alongside leaders from government, non-profits, and industry has deepened my knowledge, expanded my network, and helped me connect theory with real-world impact.”
Another standout course added to the Sustainability specialization is Innovating for Sustainable Impact (SUST 6151), which offers graduate students a unique opportunity to apply their learning in a global and immersive setting. Taught by Professor Geoffrey Kistruck, RBC Chair in Social Innovation and Impact, the course engages MBA, Master of Management (MMGT), and Master of Environmental Studies (MES) students in hands-on, project-based work focused on developing innovative business models in communities facing significant social and environmental challenges. In April 2024, a cohort of 19 students travelled to Costa Rica to collaborate with local youth entrepreneurs as part of the York University Las Nubes Project, aiming to identify sustainable work opportunities and generate meaningful impact.
“This course provides students with an opportunity to experience first-hand the complexities of designing business models in disadvantaged contexts,” said Professor Kistruck. “It also enables them to work directly with individuals in those communities to co-create ideas that offer long-term, sustainable benefits.”
Students echoed the transformational nature of the experience. “I was amazed by the warmth and openness with which we were welcomed,” noted Lauren Viray (MBA/JD ’24). “The trip showed me that successful businesses can be deeply rooted in social innovation and sustainability.”
Building on that sentiment, Raphael Okenyi (MBA ’24) emphasized the unique value of the course: “This course is the perfect blend of academic learning and real-world application. The cultural immersion and cross-disciplinary teamwork made it incredibly enriching.”
These new courses are one of many reasons why Schulich was ranked fifth globally among large MBA programs in responsible business by Corporate Knights, a leading magazine focused on sustainable business practices. This ranking, announced in November 2024, evaluated 174 global MBA programs, including those listed in the 2024 Financial Times Global MBA ranking. The primary metric for this evaluation was the proportion of core MBA courses that included sustainable development content, covering environmental issues like carbon pricing and social, ethical, and diversity issues. Additionally, schools received bonus points for the percentage of recent graduates working in social impact roles or organizations.
Dean Zwick expressed pride in the School’s consistent high ranking in the field of responsible business. He highlighted the school’s forward-looking research and teaching in areas such as sustainable finance, corporate governance, and supply chain management, which are driving business transformation across various industries.
“Schulich is pleased to have once again been rated as one of the world’s top business schools in the field of responsible business,” said Dean Zwick. “Our forward-looking research and teaching is fueling business transformation across a wide range of industries and sectors.”
Driving Innovation: The Climate Finance Index
Further cementing its leadership in sustainability, Schulich recently partnered with Corporate Knights to create one of Canada’s first climate finance indexes. Announced in June 2024, this national index aims to track and measure corporate spending targeted at accelerating decarbonization efforts. The development process involved a session with leaders from the building, transportation, and power sectors, moderated by public policy expert Diane Fox Carney. This session sought to find ways to measure decarbonization across sectors.
Toby Heaps, CEO of Corporate Knights, described the meeting as a gathering of Canadian industry leaders driving the growth of Canada’s clean economy. The index will provide synthesis metrics showing actual annual investments in climate solutions relative to what is required to decarbonize Canada’s transport, power, and buildings sectors.
“The meeting was a gathering of Canadian industry leaders driving the growth of Canada’s clean economy,” said Heaps.
The index being developed will provide synthesis metrics showing actual annual investments in climate solutions in relation to what is required to decarbonize Canada’s transport, power, and buildings sectors.
Professor Olaf Weber, CIBC Chair in Sustainable Finance at Schulich, is leading this initiative. Established in June 2022 through a $1.25-million commitment from CIBC, the Chair supports groundbreaking research aimed at developing practical, actionable solutions for the global finance sector.
Professor Weber emphasized that the index would offer a more objective indicator of companies’ investments in achieving their climate goals, as opposed to general announcements in sustainability reports.
According to Professor Weber, the development of a climate finance index “addresses the uncertainties around what companies really do to achieve their climate goals.” He added, “An index that addresses how much companies invest to achieve their goals presents a more objective indicator than general announcements in sustainability reports.” This commitment to evidence-based analysis and practical solutions extends beyond climate finance. Schulich faculty are also shaping sustainability discourse through influential work in infrastructure and policy.
Thought Leadership: Infrastructure and Policy Impact
The Real Assets area at Schulich is also contributing to Sustainability. Professor Emeritus James McKellar was appointed as Global Affairs Canada’s 2024 International Assistance Visiting Scholar, recognizing his leadership in sustainable infrastructure. In this role, he developed policy papers and led workshops focused on mobilizing private capital, advancing Public-Private Partnerships, and shaping Canada’s infrastructure strategy ahead of the 2025 G7 summit.
McKellar also co-authored a GAC policy brief with Karen Shlesinger of Schulich’s Tim and Frances Price Urban Lab. The briefs outline Canada’s comparative strengths in institutional infrastructure investment and recommend strategies for increasing private capital flows to low- and middle-income countries, including capacity building and investor engagement. “These briefs reflect Canada’s global influence in infrastructure and Schulich’s leadership in sustainable business,” said McKellar.
As Schulich continues to shape global conversations on sustainable infrastructure, it is also forging new ground at the intersection of technology and sustainability—most notably through thought leadership in the rapidly evolving field of generative AI.
AI for Sustainability: GenAI Thought Leadership
In 2024 Schulich hosted Innovating for a Sustainable Future with GenAI at OneEleven, a leading Toronto-based innovation hub that supports growing technology companies through collaborative workspaces and state-of-the-art facilities. The event brought together industry leaders, faculty, students, and alumni to explore how generative AI can advance sustainability in business. The event featured three panels covering AI community-building, marketing strategies, and the integration of AI with sustainability practices. Panelists represented organizations such as DotsLive, Microsoft Reactor, Harvard Business Analytics Program, Loblaw, Manulife, and the Digital Data Design Institute at Harvard.
Organized by Professor Julian Scott Yeomans, Director of Schulich’s Master of Management in Artificial Intelligence (MMAI) and Master of Business Analytics (MBAN) programs, and Anferny Chen (MBA ’12), CEO of DotsLive, the event underscored Schulich’s leadership in AI and sustainability.
“Our goal was to showcase Schulich’s AI/analytics identity by focusing on the future of generative AI (GenAI) on sustainability in business contexts,” said Professor Yeomans. “Clearly if GenAI is the future pathway for implementing corporate sustainability, that future is already well on its way!”
While Schulich’s faculty and alumni are advancing the conversation on AI and sustainability at the institutional level, students are also making a significant impact through grassroots leadership and experiential initiatives.
Student-Led Impact: Net Impact and Case Competitions
One key avenue for student-driven impact is the Schulich Net Impact Chapter, part of a global network of over 300 chapters dedicated to empowering the next generation of leaders to tackle pressing social and environmental challenges. As a grassroots movement of students and early-career professionals, Net Impact fosters a community of individuals seeking to apply their business skills to create meaningful, sustainable change for both people and the planet. The Schulich Chapter advances this mission by offering a range of initiatives and programs that enhance students’ business education, strengthen leadership capabilities, and support professional development—all while building a robust network of values-driven peers and practitioners
Schulich secured first place at the 2024 Net Impact Case Competition hosted by Simon Fraser University in Vancouver—its first time participating in the event.MBA/JD candidates Disha Mittal, Ian Chang, Shelley Zhang, and Abilash Sathyakumar impressed a panel of Aritzia executives with their proposal on how the Canadian fashion retailer could engage customers in responsible consumerism.
Tasked with addressing sustainability challenges in the fast fashion industry, the Schulich team delivered a solution that not only aligned with Aritzia’s brand identity but also encouraged more mindful consumption among its customers. Judges praised the team’s deep understanding of the brand and their ability to craft tailored actionable recommendations.
In 2024, Schulich launched its inaugural Sustainability Supply Chain Case Competition, hosted by the George Weston Ltd. Centre for Sustainable Supply Chains in partnership with Schulich’s Supply Chain and Operations Management Club (SCOMC).
The team 4EverGreen Consultants—comprised of Ansh Dhawan (MF ’24), Gurraj Singh Kohli (MF ’24), Shaili Makwana (MMKG ’24), and Mia (Yutao) Zhu (MMKG ’24)—emerged as the winners of the event, demonstrating innovative thinking and strategic insight into sustainable supply chain practices. The competition brought together graduate students from Schulich, Rotman, Ivey, and Smith to tackle a real-world case focused on the future of sustainable supply chains, with finalists presenting their recommendations to a panel of industry leaders from CN and Walmart Canada on February 15, 2024. Reflecting on the experience, Dhawan noted the challenge of venturing beyond his finance background into the complexities of supply chain sustainability, crediting his team’s collaboration and strategic approach for their success. The Ivey School of Business team earned first runner-up, while two additional Schulich teams tied for third place. The event was made possible through the generous support of Lead Sponsor CN and Partner Sponsor CITT.
From Competition to Catalyst: Building a Sustainable Business Future
Together, these student-led initiatives—alongside Schulich’s world-class research and industry partnerships—illustrate how the School is cultivating a new generation of leaders poised to address today’s most urgent global challenges. Whether through case competitions, academic coursework, or international collaborations, Schulich is providing its students with the tools, mindset, and experiences needed to make a lasting impact.
