This paper investigates how and to which degree the concept of LCA together with sustainability frameworks can provide an additional dimension to the assessment of corporations’ externalities and thereby fill the gap in classic economic theory by address broader dimensions of societal issues.
The paper assess and compare different frameworks, ‘socio-economic impact assessment, triple-bottom-line’, corporate social responsibility (CSR) and on this background discuss and assess the complementarity role of LCA. The paper concludes by proposing the development of a combined framework for mapping and managing externalities as basis for the formulation of a sustainable business strategy where LCA plays an important role in mapping ‘hot spot’ externalities, ultimately to create shared value.

xternalities; socio-economic impact; LCA; creating shared value; strategy formulation