Dear Somashekar
Please consider these:
Activity: Product Design for Energy efficient products (say Eco-design)
Aspect: Less GHG emission during the life (use) of the product
Impact: Lower air pollution due to GHG
Activity: Process improvement leading to the replacement of a toxic substance with a non-toxic substance
Aspect: Elimination of discharges and emissions of the toxic substance
Impact: Lower air pollution, water pollution and soil pollution due to the toxic substance
In both the above examples, significance can be attributed from (a) legal requirements (b) short and long term health effects, (c) potential liability to the organization
In general, as the organization addresses the significant impacts through various means (e.g. Objectives, targets and programmes), the same aspect may turn out to be a positive environmental aspect once properly addressed. Here "positive" means "less" impact than the baseline impact.
Regards,
Ramakrishnan