Credit Suisse Group – Joshua Torres – 2022

Goals

As a global financial institution, Credit Suisse (the Bank) recognizes the important role it plays in combating climate change through support of the transition to a low-carbon and climate-resilient global economy. With this, the Bank has committed to achieve net zero emissions by 2050. Joshua has been tasked to explore various tools including an internal carbon price to support the Bank to achieve its sustainability target.

Solutions

Joshua tackled the challenge through a three-phased approach:

Phase 1: Connect with relevant stakeholder – The job required being able to think in systems, balancing between big picture strategy and project-level milestones. In this challenge, Joshua interviewed relevant stakeholders and collected data to kick off the project.
Phase 2: Establish the benchmark – Joshua identified several use cases of corporate carbon price and scoring in operations and across valued chain. He conducted a gap analysis in the existing practices.
Phase 3: Build the roadmap – Joshua took the learnings of his external industry study and contextualized it to internal processes. From this exercise, he concluded that different parts of the business required a bespoke approach.

With his findings, Joshua developed a carbon pricing playbook to help the Bank grow its practice and establish an effective carbon pricing system in the long term.

Potential Impact

Through Joshua’s study and proposed operationalization model, Credit Suisse now possesses a technical roadmap to drive organizational transformation to become best-in-class in carbon pricing. This would enable: